Keyboard, Application Fraud

Sophisticated Attacks Shift Away From FIs in Second Half of 2020: NuData

Credit Union Times | March 31, 2021 – However, application fraud is expected to cost financial institutions $4.1B by 2023, a new report says.

Consumers have been shifting to online banking during the pandemic. As a result, online login traffic increased by 10% year over year in the financial industry in 2020, leading to an increase in application fraud. This type of fraud is expected to cost financial institutions $4.1 billion by 2023.

For the complete article, see Sophisticated Attacks Shift Away From FIs in Second Half of 2020: NuData