Employment Scam Victims Surge 258% at Financial Institutions in 21 Countries
Summary
BioCatch reports employment scam victims rose 258% across more than 370 financial institutions in 21 countries. Most scam sessions start on mobile; investment scams cause the highest average losses, while sextortion poses severe risks.
Key points
- Employment scam victims rose 258% over 12 months; reported scams overall increased 35%.
- Nine in ten scam sessions began on mobile devices.
- Investment scams had the highest average loss, at $6,600 per case; purchase scams were most common.
- A described 15-minute scam session showed warning signs including an active call, remote-access software, unusual payee entry, and an atypical payment.
- Financial sextortion reports remain a serious concern, with NCMEC logging 137 reports per day.
- Former prosecutor Erin West urged banks to monitor receiving accounts for mule activity as well as sending accounts.
Article Details
- Event Type
- Report of a sharp increase in employment scams affecting customers of financial institutions.
- Impact
- BioCatch reported a 258% increase in employment-scam victims over 12 months across more than 370 financial institutions in 21 countries. The report also highlights mobile-first scam activity, high average losses from investment scams, and severe harm from financial sextortion.