pointblankarcade| Figure: Financial fraud will cause global losses of US$485.6 billion in 2023, equivalent to Singapore's GDP

According to the 2024 Global Financial Crime report released by NASDAQPointblankarcadeIn 2023, financial fraud caused global losses of nearly 500 billion US dollars.PointblankarcadeWhich is roughly equivalent to Singapore's GDP.

With the development of financial technology in the world, cyber criminals use a variety of platforms to carry out complex attacks. Often, they steal customers' account information on digital payment systems and online banking websites as a lucrative form of attack.

The most common types of financial fraud

Financial fraud caused a total of $485.6 billion in losses in 2023, and here are the specific scams that caused the biggest losses:

Payment fraud is the biggest financial scam.

Payment fraud accounts for 80% of total financial fraud. This type of fraud occurs when the method of payment is illegally manipulated to deceive or steal a person or business.

One of the key risk points of payment fraud is real-time payment, and fraudsters take advantage of the payment system by changing the transfer route of funds. Subsequently, cyber criminals will use the "bank Trojan horse" as the main weapon for hackers to attack account information. This type of attack can entice users to click on malicious PDF files, websites, or applications to steal information on the device.

Another analysis shows that Brazil has the largest number of bank Trojan horse scams in the world. Between June 2022 and July 2023, there were 1.8 million attempted attacks.

In addition, commercial e-mail fraud is also a form of payment fraud, causing a loss of $6.7 billion in 2023. These types of fraud include fraudsters pretending to be legitimate companies and deceiving unsuspecting customers into remitting money to fraudulent accounts.

Credit card fraud

Another key source of financial losses is credit card fraud.

In fact, one of the most common forms of this type of fraud is "skimming", in which an electronic device is placed on an ATM to illegally copy credit or debit card information.

On average, profiling costs American consumers and financial institutions $1 billion a year.