November 7, 2024 at 05:33PM
In 2024, Canadian banks report a 34% decrease in fraud cases, but customers may still lose as much as $569 million, mostly due to high-value impersonation scams. BioCatch notes fraud strategies are shifting towards targeting fewer individuals for larger amounts, with younger victims emerging as primary targets.
### Meeting Takeaways from BioCatch Press Release
1. **Fraud Case Reduction**: In 2024, Canadian banks reported a 34% decrease in fraud cases compared to 2023. Despite this decrease, losses from fraud may match or exceed the $569 million lost in 2023.
2. **Changing Fraud Tactics**: Fraudsters are targeting fewer individuals but with higher monetary losses per scam, indicating a shift in strategy towards more significant scams, particularly social engineering scams like impersonation.
3. **Victim Demographics**: The profile of fraud victims has shifted, with more victims now aged 20-49, contrary to the belief that the elderly are more susceptible to fraud.
4. **Impact of AI on Fraud**: The use of artificial intelligence is enabling fraudsters to enhance and scale their scams using advanced techniques such as deepfakes.
5. **Remote Access Trojans (RAT)**: One in seven scam sessions in Canada shows signs of either active or passive remote access trojans, with fraudsters manipulating victim sessions for fraudulent actions.
6. **Upcoming Event**: BioCatch experts Tom Peacock and Seth Ruden will discuss the rise of social engineering scams and other fraud trends in an upcoming live session on November 14.
7. **Company Overview**: BioCatch specializes in digital fraud prevention utilizing behavioral biometric intelligence and is widely trusted by major financial institutions globally.
8. **Access to Report**: The full report, “2024 Digital Banking Fraud Trends in Canada,” can be accessed through BioCatch’s resources.
### Next Steps
– Consider attending the live session on November 14 to gain deeper insights into current fraud trends.
– Review the full report for comprehensive analysis and data on fraud patterns in Canada.