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Complete Story
12/14/2022
Information Sharing Helps Banks Fight Consumer Identity Fraud
PYMNTS.com
Increasing online fraud threatens businesses and consumers, and both are aware of the growing problem. Fraudsters use leaked credentials in 95% of credential-stuffing attacks on retail websites. Automated threats are responsible for 62% of security incidents in eCommerce, with 64% of automated account takeover (ATO) attempts utilizing an advanced bad bot.
Despite the threats, bad habits remain among account users, with 85% of high-net-worth individuals and 69% of millennials still using pets’ names or other easily identifiable information as passwords. Governments are responding with efforts to stop fraud before it happens, with the Federal Trade Commission (FTC) aiming to reduce fraud targeting older Americans. In 2021, adults 60 and older were nearly five times as likely as their younger counterparts to report losing money to a technology support scam and twice as likely to report losses to a prize, lottery or sweepstakes scam.
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