Study: Fraud attempts rise 41% in 2021

Fraud attempts shot up 41% year-over-year in 2021, according to a new survey released by NICE Actimize. In an analysis of fraud data, the survey—which analyzed fraud data from banking and payments transactions representing more than $110 trillion in value—found that fraud attempts increased most rapidly among P2P payments, with P2P transactions seeing a 38% increase in the volume of attempted fraud transactions and a 63% increase in the dollar values involved with fraud attempts. Fraud attempts were most prevalent in instances where a card was not present (46.9%) and when a mobile app was used (21.2%).

As mobile apps continue to gain popularity with consumers, the survey also found that 61% of fraud attacks perpetrated through mobile apps occurred via account takeover. Additionally, fraudsters are also targeting older devices, with cell phones using older operating systems or made before 2016 having three times more fraud attempts associated with them than newer devices or operating systems.