Infographic: Sharp Rise in Cyber Fraud During the Pandemic
Scamsters are increasingly prying on unsuspecting first-time digital users.
COVID-19 has significantly accelerated the adoption of digital technologies across industries. Be it digital account opening, mobile banking, multiplayer gaming, e-commerce, or mobile payments—the pandemic has forced organizations and consumers to go digital.
The explosive growth in digital engagement has also led to an undesirable outcome: a sharp increase in cyber fraud. Scamsters are increasingly prying on unsuspecting first-time digital users. Identity fraud—derived on the back of credentials stolen through a massive number of phishing attacks—has gone up significantly compared to previous years. SIM swaps and account takeovers are now more common than ever before.
Here are some telling numbers on cyber fraud seen rising since the onset of COVID-19.
Get in touch with us!
The modern
way of proving identity
Trusted by 2500+ leading companies to reduce fraud and improve consumer
Keep reading
Read the article: The Silent Drain: How SMS Pumping Is Bleeding Digital Marketplaces DrySMS pumping fraud is silently increasing verification costs for digital marketplaces by exploiting OTP workflows. Explore how these attacks operate, why traditional SMS authentication is failing, and how proactive phone intelligence can prevent fraud before an SMS is sent.
Read the article: Prove and Baselayer Partner to Bring Real-Time Business Verification to ProveXProve and Baselayer simplify business verification by combining trusted identity, real-time KYB intelligence, and seamless onboarding into a single workflow without requiring additional verification steps.
Read the article: Account Takeovers: The Silent Revenue Killer in Digital MarketplacesWhat is account takeover fraud, and why are marketplaces increasingly vulnerable? Discover the financial impact of ATO attacks on gig platforms, including chargebacks, refund abuse, customer attrition, and the identity-driven strategies leading companies use to prevent fraud.
Trusted by 2000+ leading companies to reduce fraud and improve consumer experiences, Prove is the world’s most accurate identity verification and authentication platform.
