Cyberattacks almost doubled from 2021 to 2022 in the US and UK according to SEON
Analyze how companies in the financial services and fintech industries are handling growing avenues of fraud following new ways to access, buy and exchange money online, SEONcybersecurity organization, released a report titled “Global Banking Fraud Index: The Cost of Fraud to Banks & Organizations.”
The new report, which was authored by SEON’s product evangelist, Gergo Varga assessed the impact of fraud on banks, organizations and individuals in the US and UK. Use of data from S&P Global, LexisNexis, Guide, Identity Fraud Research Center, KPMG and Stock Fraudthe report paints a picture of the cost of fraud for financial institutions in 2022.
Through this research, SEON found that the total cost of fraud has steadily increased over the past three years in the United States. In the UK, bank fraud has seen similar growth, with this type of attack occurring 66% more in 2021 than in 2020. As part of its efforts to help mitigate the effects of online fraud, SEON’s report concluded with several relevant elements of fraud. prevention best practices that individuals and businesses should follow.
Speaking on the report, Varga commented, “Fraud continues to be a costly problem, particularly in the banking and financial services industry. Every dollar lost to fraud costs businesses in the United States about $3.60, for US financial services specifically, that figure is closer to $4. With growing economic pressures, it is now paramount that businesses do everything possible to avoid incurring these costs before they arise.
“As well as documenting some of the most significant increases in different forms of fraud, the new report highlights the general direction in which fraud is moving in the US and UK. As the report explains, the pandemic has clearly pushed consumers and fraudsters towards digital transactions, which has, in turn, led to a surge in mobile fraud that needs to be recognized by businesses and consumers alike.
The new report is available on the SEON website. The document is part of the company’s comprehensive and growing content portfolio, which contains articles, case studies and guides that cover a myriad of topics in the world of online fraud prevention and cybersecurity. The company is currently actively working on several additional reports, which will further break down the threat of online fraud in 2022.