Key Points
- U.S. and Canadian banks reported a ten-fold surge in digital scams this year as criminals flock to techniques that rely on duping customers into sending them money, according to cybersecurity firm BioCatch.
- The sharp rise in reported scams comes as banks have put in place more controls to prevent account takeovers and other forms of fraud, according to BioCatch Director of Global Fraud Intelligence Tom Peacock.
- BioCatch, a Tel Aviv-based firm that uses behavioral data from mobile apps and websites to help banks distinguish between real users and criminals, provided its findings to CNBC ahead of a report that culled information from 170 U.S. and Canadian institutions.
