Officials warn of spike in phishing attacks,
ticket and rental scams, mobile device theft, and more
PARIS, July 18,
2024 /PRNewswire/ -- A new report released today
examining digital banking fraud and financial crime
trends in France identifies this
summer's Olympic Games as a potential hub for cybercrime. Citing
warnings from the French government, the International Olympic
Committee, and the Paris
Prosecutor's office, BioCatch – the global leader in digital
fraud detection and financial crime prevention powered
by behavioral intelligence – outlines the many opportunities for
fraud created by the gathering of 10,000 athletes and
millions of fans from more than 200 nations, in Paris at the end of July.
"Paris expects to play host to
more than 15 million tourists during this summer's Olympic games,
generating an estimated $3.75 billion
in economic benefits," BioCatch Director of Global
Fraud Intelligence Tom
Peacock said. "This creates fertile grounds for fraudsters,
who will look to take their cut. The spectacle of the Games has the
potential to distract both Parisians and visitors from best
security practices, making them more vulnerable to
fraud."
Paris' chief prosecutor has
warned of European and South American gangs specializing in street
theft flooding the streets of Paris for the Games. BioCatch warns this could
lead to an increase in stolen device fraud – already a
growing problem on the continent.
"London experienced a 151%
increase in mobile device fraud last year," Peacock
said. "Most of these stolen devices end up in China, where they're stripped for parts. But
in other instances, thieves have turned into digital banking
fraudsters, logging into online banking apps and wreaking
havoc."
Consumers should also expect to see (if they aren't already
seeing) a deluge of Olympics-related phishing attacks, where
cybercriminals fill our inboxes with promises of last-minute ticket
sales.
"Fraud is a natural selection process," BioCatch
France Pre-Sales Manager Matthew
Platten said. "The less skilled fraudsters have already been
eliminated from the herd, leaving only the smart ones. We cannot
underestimate the creativity of these cybercriminals. They won't
just look to impersonate the Olympic brand. The Games' sponsors –
Coca-Cola, Samsung, and Visa, to name a few – offer fraudsters a
wealth of additional phishing and impersonation scam
opportunities."
Other key report findings:
- A decline in total fraud losses in France means French banks are winning, right?
Not so fast: Total digital banking fraud losses
rose 9% in France last year,
accounting for more than 70% of all large-value fraud
in the nation.
- Social engineering No. 1 threat: Fake bank advisor scams
and other social engineering attacks pose the greatest challenge to
French banks in 2024.
- Scams vastly underreported: The Observatory for the
Security of Payment Means estimates less than half of known
fraud in France is
reported to French police.
- Digital banking dominant: Already 94% of the French
population use digital banking, increasing the nation's risk and
exposure.
"Fake bank advisor scams play on the emotions of their victims,"
BioCatch France Sales Manager Dominique
Ango said, "offering retail-banking customers convincing –
but fake – warnings their hard-earned money is in danger if they
don't take some action immediately. Naturally, we all want to
protect our money wherever and whenever possible, but those who
follow the advice of these scammers unwittingly transfer their
money away to a criminal, often to lose it for good."
Click here to access BioCatch's complete 2024 Digital
Banking Fraud Trends in France report.
About BioCatch:
BioCatch stands at the forefront of digital
fraud detection, pioneering behavioral bintelligence
grounded in advanced cognitive science and machine learning.
BioCatch analyzes thousands of user interactions to support a
digital banking environment where identity, trust, and ease
coexist. Today, more than 30 of the world's largest 100 banks and
196 total financial institutions rely on BioCatch Connect™ to
combat fraud, facilitate digital transformation, and
grow customer relationships. BioCatch's Client Innovation Board –
an industry-led initiative featuring American Express, Barclays,
Citi Ventures, HSBC, and National Australia Bank – collaborates to
pioneer creative and innovative ways to leverage customer
relationships for fraud prevention. With more than a
decade of data analysis, 92 registered patents, and unmatched
expertise, BioCatch continues to lead innovation to address future
challenges. For more information, please visit
www.biocatch.com.
Media contact:
Jay Jones
Jay.jones@biocatch.com
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SOURCE BioCatch