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"Huge" surge in fraudulent applications for current accounts, claims Experian

 

Systems Affected


Current Accounts at Banks

Threat Level


High


Overview


A surge in fraudulent applications for current accounts at banks has been recorded by creditreference agency Experian, as cyber criminals use more sophisticated methods in an attempt to conceal their identities, it claims.


Description


In a new report, the organization said that "large scale targeted fraud attacks" had increased significantly, and that fraudulent applications had almost doubled, from 81 in every 10,000 during the first quarter of 2015, to 151 in every 10,000 applications by the end of the second quarter.

Experian claimed that the majority of these attacks relied heavily on identity theft. In the first quarter of the year, fewer than half (49 per cent) of all current account fraud was attributable to identity theft, but this had risen to 69 per cent by the second quarter.

Data is obtainable in a number of ways for these fraudsters, such as hacking databases for personal information, using phishing scams on email, implementing malware on corporate systems, or even buying the data on the so-called darknet.


Impact



Solution/ Workarounds



References


http://www.computing.co.uk/ctg/news/2422987/huge-surge-in-fraudulent-applications-for-current-accounts


Disclaimer


The information provided herein is on "as is" basis, without warranty of any kind.


 
     

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