The Surge of On Device Fraud (ODF) in 2024 and why you should care about it
Summary
A burgeoning threat which has grown significantly in the last 12 months in the digital landscape, ODF is driven by several key factors which we’ll look into below before delving into some of the best ways to combat it. On-device fraud in the context of online banking refers to fraudulent activities that occur directly on the user’s device, such as a computer, smartphone, or tablet. Over 10 terabytes of data are stolen monthly, ransomware is one of the leading cyber threats in Europe, and more specifically phishing is now identified as the most common initial avenue for these attacks. Similarly, identity checks such as two-step verification (2FA) are essential to identify unauthorized modifications such as rooting or dangerous access rights granted to third-party apps. By leveraging the latest advancements in AI, behavioural analytics, and predictive modelling, organizations can stay one step ahead of fraudsters and protect both their assets and customers from harm