The Anti-Fraud Lifecycle

It is a known fact that cybercriminals choose the path of least resistance. Naturally, easy cashout methods with good returns are much more favorable than methods that are high risk, complicated or yield small profits. While this is not the only factor in determining how much fraud is committed through a certain vector (for example, it takes time for cashout methods to become public knowledge in cybercriminal circles and thus become widely adopted), it is a major aspect.

If a certain financial institution is dramatically more targeted than its counterparts by cybercriminals, it is usually because it is the easiest prey. If fraudsters find a way to reliably circumvent anti-fraud measures (i.e. the bank automatically approves all transactions under a certain sum), or in more rare instances, a vulnerability in the processing parameters, criminals will set their sights on that particular bank. 

The dynamic digital world provides criminals with more vectors than ever to commit fraud. The rise of fintech, digital currency and e-commerce solutions have opened up new cashout methods and enabled fraudsters to diversify fraud, extending their work to more than carding and online banking.

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