Officials warn of spike in phishing attacks,
ticket and rental scams, mobile device theft, and more
PARIS, July 18, 2024 /PRNewswire/ -- A new report
released today examining digital banking fraud and financial crime
trends in France identifies this
summer's Olympic Games as a potential hub for cybercrime. Citing
warnings from the French government, the International Olympic
Committee, and the Paris
Prosecutor's office, BioCatch – the global leader in digital fraud
detection and financial crime prevention powered by behavioral
intelligence – outlines the many opportunities for fraud created by
the gathering of 10,000 athletes and millions of fans from more
than 200 nations, in Paris at the
end of July.
"Paris expects to play host to
more than 15 million tourists during this summer's Olympic games,
generating an estimated $3.75 billion
in economic benefits," BioCatch Director of Global Fraud
Intelligence Tom Peacock said. "This
creates fertile grounds for fraudsters, who will look to take their
cut. The spectacle of the Games has the potential to distract both
Parisians and visitors from best security practices, making them
more vulnerable to fraud."
Paris' chief prosecutor has
warned of European and South American gangs specializing in street
theft flooding the streets of Paris for the Games. BioCatch warns this could
lead to an increase in stolen device fraud – already a growing
problem on the continent.
"London experienced a 151%
increase in mobile device fraud last year," Peacock said. "Most of
these stolen devices end up in China, where they're stripped for parts. But
in other instances, thieves have turned into digital banking
fraudsters, logging into online banking apps and wreaking
havoc."
Consumers should also expect to see (if they aren't already
seeing) a deluge of Olympics-related phishing attacks, where
cybercriminals fill our inboxes with promises of last-minute ticket
sales.
"Fraud is a natural selection process," BioCatch France
Pre-Sales Manager Matthew Platten
said. "The less skilled fraudsters have already been eliminated
from the herd, leaving only the smart ones. We cannot underestimate
the creativity of these cybercriminals. They won't just look to
impersonate the Olympic brand. The Games' sponsors – Coca-Cola,
Samsung, and Visa, to name a few – offer fraudsters a wealth of
additional phishing and impersonation scam opportunities."
Other key report findings:
- A decline in total fraud losses in France means French banks are winning, right?
Not so fast: Total digital banking fraud losses rose 9% in
France last year, accounting for
more than 70% of all large-value fraud in the nation.
- Social engineering No. 1 threat: Fake bank advisor scams
and other social engineering attacks pose the greatest challenge to
French banks in 2024.
- Scams vastly underreported: The Observatory for the
Security of Payment Means estimates less than half of known fraud
in France is reported to French
police.
- Digital banking dominant: Already 94% of the French
population use digital banking, increasing the nation's risk and
exposure.
"Fake bank advisor scams play on the emotions of their victims,"
BioCatch France Sales Manager Dominique
Ango said, "offering retail-banking customers convincing –
but fake – warnings their hard-earned money is in danger if they
don't take some action immediately. Naturally, we all want to
protect our money wherever and whenever possible, but those who
follow the advice of these scammers unwittingly transfer their
money away to a criminal, often to lose it for good."
Click here to access BioCatch's complete 2024 Digital
Banking Fraud Trends in France
report.
About BioCatch:
BioCatch stands at the forefront of digital fraud
detection, pioneering behavioral bintelligence grounded in advanced
cognitive science and machine learning. BioCatch analyzes thousands
of user interactions to support a digital banking environment where
identity, trust, and ease coexist. Today, more than 30 of the
world's largest 100 banks and 196 total financial institutions rely
on BioCatch Connect™ to combat fraud, facilitate digital
transformation, and grow customer relationships. BioCatch's Client
Innovation Board – an industry-led initiative featuring American
Express, Barclays, Citi Ventures, HSBC, and National Australia Bank
– collaborates to pioneer creative and innovative ways to leverage
customer relationships for fraud prevention. With more than a
decade of data analysis, 92 registered patents, and unmatched
expertise, BioCatch continues to lead innovation to address future
challenges. For more information, please visit
www.biocatch.com.
Media contact:
Jay Jones
Jay.jones@biocatch.com
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