Criminals are taking every opportunity to target unsuspecting victims during these unprecedented times of a global pandemic. Across the banking industry, the number of fraud cases where the account holder transferred funds to an unintended recipient grew 69% within the last year. With more people working from home during the lockdown, banking industry experts are almost certain this could grow. This type of fraud, commonly known as Authorised Push Payment fraud, is due to third parties intercepting emails or invoices and altering banking details to divert funds into a fraudster’s account.
Guest: Kevin Hogan, Fraud Risk Manager, Investec Private Bank
Topics: The rise of a pandemic, sees the rise of banking fraud