RATs and push payment scams on the rise in EMEA bank fraud: BioCatch report
Behavioral biometrics provider BioCatch has found that scams are the most effective tool used by cybercriminals across Europe, the Middle East and Africa, accounting for 52 percent of reported 2022 digital retail banking fraud cases.
The finding comes from its inaugural annual EMEA Digital Banking Fraud Trends report. The disproportionate total is attributed to the current high cost of living and more new sophisticated scams targeting vulnerable people.
In 2022, BioCatch says fraud losses surpassed $41 billion globally, making remote access scams increasingly popular among criminals and fraudsters.
“Our report emphasizes the need for financial institutions to recognize the pivot cybercriminals have made away from attacking systems to now focus on humans,” says Gadi Mazor, the CEO of BioCatch.
This information in the report is based on aggregated data from financial institutions and insights from BioCatch’s Global Advisory and Threat Analyst teams for the period of January 2022 to December 2022.
The report found that Authorized Push Payments (APP) scams are the leading cause of fraud losses in the UK, and 12 percent of all fraud in EMEA comes from Remote Access Trojan (RAT) attacks. Biocatch also reported cases of stolen devices are used for fraud in Spain, a tactic that is spreading across Europe, BicCatch says.
That said, remote access fraud is rising in the region, with cybercriminals using RAT attacks to execute fraud and commit social engineering attacks. Over 70 percent of these scams originated from a phone call, with 85 percent targeting seniors, according to the company.
“It is tragic when anyone is scammed and suffers the associated humiliation and financial losses, especially when those victims are afraid, trusting, and vulnerable,” adds Mazor.
Last fall, banking fintech firm Lumin Digital reported that it was incorporating BioCatch’s behavioral biometrics into its services platform to prevent fraud.