Mobile Banking Fraud: Protect Your Customers Faster payments have become a challenge for both consumers and fraudsters alike, with fraudsters aiming to scam and steal your customers’ hard-earned money as quickly as possible, by whatever tactic necessary. Faster Payments = Faster Fraud With the widespread adoption of faster payments options such as Zelle, FIs need to assess fraud risk as soon as a user opens a mobile payment app on their device. Real-time detection stops fraud before money is stolen. The First Line of Defense is a Real-Time Defense The shift to digital is here, with consumers leaning more on mobile banking apps. Protect your customers and their assets in real-time – it’s time to accelerate your fraud prevention strategy to match the speed of digital acceleration. Protecting Customers, The Weakest Link Protect Your Customers Today NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked as number one in the space, NICE Actimize experts apply innovative technology to protect institutions and safeguard consumers and investors assets by identifying financial crime, preventing fraud and providing regulatory compliance. The company provides real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions that address such concerns as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading. © Copyright 2021 Actimize Inc. All rights reserved. [email protected] | www.niceactimize.com/blog | @nice_actimize | linkedin.com/company/actimize | facebook.com/NICEActimize Ensure your customers’ digital banking experiences and assets remain secure. Javelin Strategy and Research. (2021). Javelin Strategy and Research. https://www.javelinstrategy.com/ Credit Union Times. (April 2020). Zelle Reports Big Spike in Enrollment & Uses Across Age Groups. Credit Union Times. https://www.cutimes.com/2020/04/30/zelle-reports-big-spike-in-enrollments-use-across-age-groups/ Infosecurity Group. (April 2020). Zelle: A New Door Opens, But is Crime Walking In? Infosecurity Group. https://www.infosecurity-magazine.com/opinions/zelle-crime-walking/ 1 2 3 25% More than of Consumer Fraud occurs through P2P payments and transfers 1 . 7,000 Nearly banks offer Zelle as a payment option 2 . % that have used a digital wallet % that have used a P2P service 40% 45% 50% 55% 60% 65% 2018 2019 2020 43% 56% 58% 60% 44% 48% Zelle fraud is the fastest growing area of account takeover fraud in the U.S. banking sector 3 . Adoption of digital payments has steadily increased The person(s) who committed the scam convinced me to... Scams have evolved into a criminal puppetry show Made purchases online P2P payments and transfers Made ACH/wire transfers Another way Withdraw cash from an ATM Made purchases over the phone International money transfers 0% 10% 20% 30% 30.3% 21.5% 18.5% 16.6% 16.6% 15.7% 1.0%
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Mobile Banking Fraud:Protect Your Customers
Faster payments have become a challenge for both consumers and fraudsters alike, withfraudsters aiming to scam and steal your customers’ hard-earned money as quicklyas possible, by whatever tactic necessary.
Faster Payments = Faster Fraud
With the widespread adoption of faster payments options such as Zelle, FIs need to assess fraud risk as soon as a user opens a mobile payment app on their device.
Real-time detection stops fraud before money is stolen.
The First Line of Defense is a Real-Time Defense
The shift to digital is here, with consumers leaning more on mobile banking apps. Protect your customers and their assets in real-time – it’s time to accelerate your fraud prevention strategy to match the speed of digital acceleration.
Protecting Customers,The Weakest Link
Protect Your Customers Today
NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked as number one in the space, NICE Actimize experts apply innovative technology to protect institutions and safeguard consumers and investors assets by identifying financial crime, preventing fraud and providing regulatory compliance. The company provides real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions that address such concerns as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading.
© Copyright 2021 Actimize Inc. All rights reserved.
[email protected] | www.niceactimize.com/blog | @nice_actimize | linkedin.com/company/actimize | facebook.com/NICEActimize
Ensure your customers’ digital banking experiences and assets remain secure.
Javelin Strategy and Research. (2021). Javelin Strategy and Research. https://www.javelinstrategy.com/
Credit Union Times. (April 2020). Zelle Reports Big Spike in Enrollment & Uses Across Age Groups. Credit Union Times. https://www.cutimes.com/2020/04/30/zelle-reports-big-spike-in-enrollments-use-across-age-groups/
Infosecurity Group. (April 2020). Zelle: A New Door Opens, But is Crime Walking In? Infosecurity Group. https://www.infosecurity-magazine.com/opinions/zelle-crime-walking/
1 2
3
25%More thanof Consumer Fraud occursthrough P2P payments andtransfers1.
7,000Nearlybanks offer Zelle as a payment option2.
% that have used a digital wallet % that have used a P2P service
40%
45%
50%
55%
60%
65%
2018 2019 2020
43%
56%
58%
60%
44%
48%
Zelle fraud is the fastest growing area of account takeover fraud in the U.S. banking sector3.
Adoption of digital payments has steadily increased
The person(s) who committed the scam convinced me to...
Scams have evolved into a criminal puppetry show
Made purchases online
P2P payments and transfers
Made ACH/wire transfers
Another way
Withdraw cash from an ATM
Made purchases over the phone
International money transfers
0% 10% 20% 30%
30.3%
21.5%
18.5%
16.6%
16.6%
15.7%
1.0%
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