New data shows, the ratio of payment frauds have drastically increased in the recent years

A new report by Sift gives us detailed information about the increase of advanced automatic strategies used by hackers to do payment fraud.

Data obtained from the network around the world of approximately +30,000 websites, applications, and a survey conducted by over a thousand people, it is revealed that the ratio of payment scams has drastically increased to almost seventy percent last year. The hike made payment scams the most increased ratio around in the network.

The jump in fraud is also linked to the enormous growth of 121 percent in the financial technology on the network in recent years, which has attracted hackers this quarter.

According to the report, the increasing attacks were made on alternative payment methods like digital wallets, which showed an increased amount of attacks of almost 200 percent. Alongside that, payment methods like; different paying service providers saw an increase of 169 percent and digital currencies saw an increase of 140 percent.

The illegal activities targeted mostly credit services like ‘buy now, pay later which saw a growth of 54 percent over the years. Just last year, the company’s trusted designers noticed the increasing amount of scams on the free-for-all instant text messaging app; Telegram. The scams were primarily done on credit transactions with forged credentials.

With the increase in the volume of daily transactions in every industry, noticed a 23 percent increase in payment blockage last year.

Right now, according to the reports, almost 49 percent of the people who responded to the survey report said that they have been the victim of scams in the past years, out of which 41 percent were targeted recently.

Out of the percentages, 33 percent said that payment service providers presented the highest risk and the main cause of distrust among consumers about the industry.
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