Online payment fraud has doubled over the past few years, with the largest jump happening between 2020 and 2021. Here's how and why it's happening more.
Online payment fraud increased 137% over the past seven years according to research conducted by SEON, a UK-based fraud prevention service.
There is a lot of data to surf through, but there are some interesting details. For one, despite an overall decline in data compromises through online payments between 2018-2020, the amount between 2020 and 2021 skyrocketed. That year alone saw a 62% increase in fraud activity, higher than any other point in the seven years measured.
The types of attacks are also evolving. While phishing scams are still the most common form of online payment fraud, ransomware is on the rise. Between 2020 and 2021, the number of ransomware attacks alone doubled.
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