Data: The new causes of mobile payments fraud
Account takeover (ATO) fraud currently drives the largest fraud losses at North American financial institutions within digital channels, according to a new report from Aite Group and Early Warning, the bank organization that operates the Zelle payment network brand. And according to data from RSA, phishing remains a vital part of this scam.
ATO fraud occurs when a scammer impersonates a consumer to steal from an account. The tactic is on the rise following widespread data breaches exposing personally identifiable information, combined with weak customer authentication methods, and the rise of mobile devices used for payments and e-commerce.