Fintech

Fintech companies face unique fraud challenges across various aspects of their operations. Below are the most critical fraud scenarios they must address to maintain trust and security.

• Payment Fraud: Fraudsters exploit vulnerabilities in digital payment systems to conduct unauthorized transactions, often using stolen credentials, compromised accounts, or synthetic identities.
• Card Fraud: Cybercriminals use stolen card details to make unauthorized transactions online, at physical stores, or withdrawing cash from ATMs.
• Authorized Push Payment Fraud: Scammers deceive victims into willingly transferring money to fraudulent accounts, often by impersonating trusted entities such as banks, suppliers, or government institutions.
• Money Mule: Fraudsters recruit individuals, often unknowingly, to move illicit funds through their bank accounts, making it harder to trace and recover stolen money.
• New Account Fraud: Criminals create fake or synthetic identities to open new accounts, which they use for fraudulent transactions, money laundering, or applying for credit.
• Account Takeover: Attackers gain unauthorized access to a customer’s banking account through phishing, credential stuffing, or malware, enabling them to steal funds or sensitive data.
• Financial Malware: Malicious software is deployed to intercept banking sessions, steal credentials, or manipulate transactions without the user’s knowledge, often through infected devices.
• Shell Game Malware: Fraudsters manipulate inter-account transfers by targeting both traditional banks and neobanks, exploiting vulnerabilities in security systems and devices once considered safe.