North America sees social engineering scams multiply by a factor of 10 | PR Newswire [Video]

Money laundering accounts increase 94%; GenAI tools and deepfake threats growing

, /PRNewswire/ — New research released today shows North American financial institutions fielded 10 times more reports of social engineering scams in 2024 than they did a year ago. The data shows scams now represent 23% of all digital banking fraud. BioCatch – the global leader in digital fraud detection and financial crime prevention powered by behavioral biometric intelligence – published these findings in its 2024 Digital Banking Fraud Trends in North America report, which also details a staggering 94% uptick in reported money mule (or money laundering) accounts.

“Reports of North American mule accounts have almost doubled in the last year,” BioCatch Director of Global Fraud Intelligence Tom Peacocksaid. “This not only hints at the massive scope and scale of the money mule problem plaguing the world’s financial institutions but also – more hopefully – the positive steps North American banks have taken in the last year to …