The level of attempted fraud in financial services has soared as the pandemic has shifted many people to do their banking and investing online.
Analysis by credit reference agency TransUnion, found the number of suspected fraud attempts in financial services rose 149.44 per cent annually between January and May this year compared with the same period of 2020.
The most common financial fraud was identity theft.
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Across all industries such as travel and gaming, the rate of suspected digital fraud attempts globally rose 24 per cent over the same period.
TransUnion, which also has its own fraud detection software, said scammers are ramping up their efforts in the financial services industry.
A survey by TransUnion found one in 10 banking customers have been protected from losing money by their bank.
“Incidents of attempted fraud are on the rise internationally, with financial services seeing a particularly dramatic jump,” John Cannon, managing director of fraud and ID at TransUnion in the UK.
“Fraudsters have been quick to target a sector which has seen online transactions surge over the last year due to the pandemic.
“As we continue to recover from the uncertainty seen over the last year, businesses must ensure they are continually reviewing and updating their fraud prevention strategies to help them deliver secure and seamless customer journeys.”