SUSPECTED digital fraud attempts from
This is according to a Trans-Union quarterly fraud analysis released on Tuesday, showing that the rate of suspected digital fraud attempts originating from
One of the affected financial institutions is
"Take note that scammers are using the name of one of our employees,
"Be reminded that we will never ask you for any bank account credentials, internet banking user ID, one-time passwords (OTPs), or to confirm your bank balance/activities over the phone," the bank says.
Minister of defence and veterans affairs Frans Kapofi recently lost N$200 000 to alleged fraudsters after he confirmed his
Many other people have fallen victim to financial fraud, with many cases going unreported.
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Their clients include some of the largest banks and microfinance, some of the largest insurance and fintech companies, and telecom providers.
The global insurance industry saw a year-on-year suspected digital fraud attempt rate increase of 159% in the second quarter of 2022, while this increased by 13% in the global logistics sector.
"For transactions originating from
The other industry to see a big increase in the rate of suspected digital fraud coming from
"We observed interesting trends in the first half of 2022 with suspected fraudulent activity in the insurance industry continuing to be elevated," says
"In recent years, we have seen fraudsters shift their industry focus each quarter. At this time, we believe the insurance industry is seeing more 'soft fraud', because some consumers may be representing their policies incorrectly in an effort to save money, especially in a high inflation environment that places more pressure on their wallets."
The analysts say globally, industries seeing the largest declines in the rate of suspected digital fraudulent activity from the second quarter of 2021 to the second quarter of 2022 included gaming (-63%), travel and leisure (-28%), and retail (-28%).
"The focus across industries has been on identifying more of the good transactions and customers to allow them to pass with less friction,"
"Strong fraud and authentication practices decrease false positives and focus fraud-fighting resources on the minority of interactions that warrant scrutiny.
"By reducing the pool of manual reviews and customer interrogations, organisations can dramatically reduce costs, increase revenue, and improve the overall customer experience," Reddy says.
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