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UNDERSTANDING MOBILE FRAUD MOTIVATIONS



MOBILE FRAUD MOTIVATIONS

As app technology advances, so are ways of cheating the system and wasting advertisers' campaign budgets on fake app installs. According to Adjust, the rate of fake app installs, clicks, attributions, and other mobile scams doubled in the past year alone. Mobile fraud has gained steam over the last few years harming the mobile marketing ecosystem at a pace and scope that should be alarming for the whole industry.


UNDERSTANDING WHAT MOTIVATES A SCAMMER TO COMMIT FRAUD

We’re taught to be wary of phone calls originating from unknown numbers, to be cautious when sharing financial information online, and to hang up immediately on phone calls offering a free cruise to the Bahamas. And it seems as though the faster we crack down on one scheme, the faster these scammers devise a new way to dupe innocent victims out of their hard-earned dollars. But where do these people come up with this stuff? What makes them tick? What makes somebody wake up one day and steal from innocent people — and even their employers? We know that fraud is a learned behavior, and this knowledge could be obtained from many sources – a disgruntled co-worker, members of the criminal element, or social media, to name a few. The fraudster applies this unique knowledge either in their workplace or to dupe unsuspecting public members, and when their schemes go undetected, the criminal behavior is perpetuated further.


3 MOBILE FRAUD TRENDS TO BE AWARE OF IN 2022


Mobile banking fraud is rising with usage

According to Insider Intelligence's Mobile Banking Competitive Edge Study, 89% of survey respondents said they are using mobile banking to manage their finances. This kind of growth is unprecedented and shows that there is a clear preference for online banking, sometimes through online-only banks.


It's easier than ever for fraudsters to acquire a person's digital information.

Despite advances in cyber security technology, it's become easier than ever to acquire someone's digital information. From rapid advancements in technology to the number of connected devices and accounts a person is interacting with, the gateways to a person's digital information are growing exponentially.


Account takeover fraud (ATO) is a prominent motivation

One of the most prominent forms of fraud is account takeover or ATO. ATO is when a fraudster poses as a customer to gain access to the victim's account, then takes full control of the account after gaining access. With any type of account, this can present an issue. It can give access to other accounts, private information, and in worst-case scenarios, valuable assets. While one might assume that ATO fraud is difficult to pull off, it's one of the leading causes of fraud. 89% of digital fraud losses are due to ATO, and events of ATO fraud have surged 307% since 2019.


PROTECTION AGAINST MOBILE FRAUD STARTS HERE

Mobile Fraud framework has created key services to help businesses protect their customers against these types of fraud and others. Each is a preventative measure, designed to keep your customers and their assets secured with automatic systems.

As any fraud scheme starts with motivation from an attacker group, it mainly seems like fraud but other motivations can arise after a successful fraud scheme

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