Account-Takeover Fraud Totals On the Rise, KPMG Reports

Law360, London (August 20, 2019, 5:34 PM BST) -- The amount of money criminals plundered from bank and credit card accounts rose 57% in the first half of this year, bucking a trend for falling sums in other kinds of fraud, according to a report published Tuesday.

Fraudsters pocketed £9.6 million ($11.7 million) by duping unwary customers with so-called account-takeover scams in the first six months of 2019, compared to £6.1 million in the same period the year before, data compiled by KPMG International and released Monday shows.

The practice, in which scammers gain access to accounts through subterfuge, feature a range of techniques. These include use of email and text...

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