Fintech payment fraud attack rate jumped 70% in 2021

Sift’s report revealed sophisticated tactics cybercriminals leverage to commit payment fraud.

The 70% increase in payment fraud correlated with massive 121% growth in fintech transaction volumes, making this sector an attractive target for cybercriminals.

These rising attacks were aimed primarly at alternative payments like digital wallets, which saw a 200% increase in payment fraud, along with payments service providers (+169%), and cryptocurrency exchanges (+140%).

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