June 3, 2021
COVID-19 has led to a surge in the adoption of digital technologies across industries. Consumers and organizations now rely heavily on digital technologies for digital account opening, mobile banking, multiplayer gaming, e-commerce, and mobile payments.
The turbocharged digital engagement, however, has significantly increased cyber fraud. Scamsters are increasingly targeting gullible first-time digital users. Identity fraud, SIM swaps, and account takeovers have now become common fraudulent activities.
Here are some numbers showing how cyber fraud has been growing exponentially since the onset of the pandemic:
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