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12/03/2020
How Criminals Are Leveraging Covid to Get Personal Data From Consumers
Digital Transactions
With consumers shifting more of their transactions online due to the Covid-19 pandemic, criminals continue to target card-not-present transactions and step up their efforts to deceive consumers into giving up their account information, says Feedzai Inc.’s latest quarterly Financial Crime Report.
The three leading factors contributing to the increase in fraud are card cloning, high-speed ordering/spending, and high-risk merchant-category codes, according to San Mateo, Calif.-based Feedzai, a risk-management firm. While these three scams were common paths of attack for fraudsters in recent years, their use has accelerated in 2020, says Jaime Ferreira, senior director of global data science.
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