OpEd: Coronavirus digital pay spike invites account takeover fraud
According to Javelin Strategy & Research, account takeover hit an estimated 3.6 million victims in 2018 – up from 1.4 million victims two years prior.
As digital transactions during the coronavirus crisis surge, account takeover will be used to access goods and services without much resistance. Fraudsters will look to hide in numbers, especially when purchasing in-demand items that they can resell, such as face masks, disinfectants, etc.
With the increase in online activity because of COVID-19, tracking down and investigating red flags might be more difficult given the volume of transactions on existing accounts, unless strict authentication measures are applied.
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