Fraud picks up as the economy goes digital during the pandemic, studies find

More than $1 trillion was stolen in 2020 due to cybercrime, according to the Sift report. As online and digital transactions increased due to stay-at-home orders, fraudsters had a new avenue to exploit consumers. 

Fraudsters targeted e-commerce, digital wallet transactions, and digital currency transactions the most in 2020. Professional marketplace transactions saw a 66% increase in fraud attempts with a 20% rise in average order value whereas digital wallet transactions experienced a 33% increase with a 9% jump in average order value, according to the March Sift reportRead more….

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