BioCatch Report: Digital Banking Fraud Traits in India |

BioCatch has launched a report on digital fraud detection powered by behavioral biometric intelligence. The report findings present account takeover represents greater than half of all fraud circumstances for its clients in India. The findings come on the heels of a suggestion by the Reserve Financial institution of India (RBI) that monetary establishments in that nation abandon text-based one-time-passcodes as a technique of safe authentication.“The existing OTP-based authentication doesn’t protect customers against new-age frauds, including customer-initiated fraudulent transactions,” counter-fraud skilled and former Head of Group Fraud Danger and Investigations at First Abudhabi Financial institution Charanjeet S.Bhatia stated in response to the RBI suggestion.“With the right technology and implementations, banks can do a lot more than what they are currently doing to protect customers.”BioCatch’s 2024 Digital Banking Fraud Traits in India report affords a take a look at the most recent fraud dangers and prevention methods for banks within the nation as they quickly make use of digital transformation methods. The report notes a regarding bump in mule accounts in India, consistent with what BioCatch information reveals as a rising world menace. “The prevalence of mule accounts potentially represents the most under-the-radar trend in the entire fraud space,” BioCatch Director of World Fraud Intelligence Tom Peacock stated. “The mule accounts banks succeed in identifying almost certainly represent just the tip of the iceberg. Indian financial institutions must employ more robust security measures to both detect and then shut down these sprawling mule networks.”Key India Report Findings:• Account takeover assaults nonetheless dominate: Accounting for 55% of all fraud in India, third-party account takeover fraud nonetheless represents a much bigger slice of the fraud pie than the social engineering scams BioCatch sees exploding elsewhere on the planet.• Mules a massively underreported plague: Each system discovered to take part in mule exercise in India logged into a median of 35 accounts every.• Fraudsters seemingly accessing Indian mule accounts from outdoors the nation: Whereas 86% of the primary session of documented mule account exercise got here from inside India, after a month that quantity fell to only 20% – and 16% of these periods used a VPN.• BioCatch clients noticed extra mule exercise (14% of the overall) in Bhubaneswar than wherever else within the nation: Lucknow and Navi Mumbai accounted for 3.4% of recorded mule exercise, two cities in West Bengal – Bhagabatipur and Gobindapur – 1.7% and a pair of.6% respectively, Mumbai 2.2%, Bengaluru 1.8%, and Cuttack 1.6%.“The fraud threats we see in India are a mix of both common threats seen globally and unique threats we find only in this region,” BioCatch’s APAC Vice President of Gross sales Richard Sales space stated.

#BioCatch #Report #Digital #Banking #Fraud #Traits #India