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Mobile Emulators Eclipse Bots in 2023 as Preferred Fraud Vector in North America
Cision PR Newswire
NEW YORK, Dec. 4, 2023 /PRNewswire/ -- BioCatch, the global leader in digital fraud and money laundering detection and response powered by behavioral biometric intelligence, today unveiled its 2023 Digital Banking Fraud Trends in North America report. The report offers a comprehensive perspective of the prevailing fraud landscape and trends in North America leading into Q1 2024, including how the rise of mobile banking has led to corresponding technical and human vulnerabilities for fraudsters to exploit.
For its final report of the year, BioCatch finds that North American fraud trends are rising for both old and new attack vectors. Mobile banking rates increased to 73% in 2023, which in turn has led to a dramatic surge in fraud executed from mobile devices, rising from 47% in 2022 to 61% in 2023, partly due to fraudsters shifting from bots (on web devices) to mobile emulators to avoid traditional banking controls. Aligning with FinCEN's report of an 84% increase in check fraud in 2022, BioCatch provides an in-depth analysis of the re-emergence of check fraud, which is now the number one fraud type across North America.