Fraud in the financial system has remained constant in the last year and even accelerated slightly, according to the Faces of Fraud 2021 survey, presented this Tuesday, October 26, 2021 by the cybersecurity solutions company Appgate.

The information gathering work was carried out in more than 120 financial institutions, mainly in the United States and Canada.
81% of those surveyed stated that the number of fraud incidents involving their organization has remained stable or increased during 2021.

In addition, the entities pointed out that there are three fraud schemes that concern them the most for next year.

The first is account acquisition fraud, with 45%; whereby criminals use a legitimate customer's stolen data or personally identifiable information to access your existing account and conduct illegal transactions.

It is followed by ‘phishing’, with 42%. In this scam, the attacker sends a communication, either by email, by social networks, by SMS or others, in order to persuade the victim to click on a link, download an attachment or send a requested information , or even for you to complete a payment.
And third, business email engagement with 36%. For this fraud, scammers impersonate the communication links of financial institutions, in this case the mail, and make them look almost identical to the official ones so that customers trust and deliver information.
The greatest development of these is carried out by mobile channels. 41% of companies identified an increase in fraud incidents through this medium; 23% recognized an increase in the creation of fraudulent accounts (incorporation of clients) through this same channel and 19% identified SMS attacks with a malicious link.

Nicole Ibarra, Product Marketing Manager, highlighted that fraud in the coming years will continue to grow, mainly through mobile channels (cell phones).