A financial fraud attack uncovered every two minutes in Q4 of 2019

From: RegTech Analyst

The number of financial fraud attacks increased at the end of 2019, according to a new report from RSA, the cybersecurity company.

The company had observed over 225,000 financial fraud attacks between October and December 2019. That boiled down to 30 attacks on average being uncovered every hour. That represents a 7% increase from the fourth quarter of 2018.

Phishing was the most common attack, with 60% of the digital assaults being this type of attack. The number of attacks had increased by 54% from the same period in 2018. This echoes CrowdStrike report RegTech Analyst reported on in early march, which showed that old school hacking was more frequently used in hack attacks than using malware.

The RSA study also showed that the number of fraud and brand abuse attacks also increased by 62% in the last three months of 2019 compared to the year prior.

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