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02/11/2021
Fraudulent transactions owing to account takeover increased significantly in 2020: Report
Business Line
Cybersecurity incidents of fraudulent transactions owing to cybercriminals taking over a user’s account increased significantly in 2020 as compared to 2019 according to a report by cybersecurity firm Kaspersky.
As per the report by Kaspersky Fraud Prevention, every second fraudulent transaction in the finance industry in 2020 was an account takeover incident i.e. when a cybercriminal gains access to user accounts and takes over.
