Digital banking has shown tremendous growth in the past months during the COVID-19 pandemic as more people all over the world turned to online channels for their digital payments and business transactions, propelling record e-commerce sales globally with the surge in online shopping and contactless payments. Unfortunately, this phenomenon also encouraged fraudsters and criminal networks to break through digital channels using advanced and more sophisticated technologies.
This is one of several key findings in a new fraud report released by Javelin Strategy & Research and SAS, titled "The Escalation of Digital Fraud: Impacts of the Coronavirus on Global Fraud Challenges." The report is based on independent interviews of payment and security executives from 20 countries in five regions: North America, South America, Europe, Africa, and Asia Pacific. With Javelin conducting interviews between January and September 2020, the research helped capture the pre-pandemic landscape through the various stages of pandemic shutdowns and early recovery efforts
To further explore the study, experts from Javelin and SAS will examine how COVID-19 has exacerbated digital fraud and how financial institutions can optimally respond via the live webinar "Understanding Your Customer in a Digitalized Landscape" to be held on October 29 at 11:00am (Philippine Time).
The webinar will focus on the transformation of payments, the growth of synthetic IDs and account takeovers, and the cross channel nature of fraud due to the emerging digital payment channels. The presenters will be Alex Kwiathowski, SAS Principal Industry Consultant for Global Banking Practice; and Krista Tedder, Javelin Strategy & Research Head of Payments.
To learn more about fraud analytics from SAS, visit https://www.sas.com/en_us/solutions/fraud-security-intelligence.html.
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