2024

Global Fraud &

Scams Trends
Report

AI-Powered Scams, Malware-as-a-Service,

and Faster Payment Threats
 Table of Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . 3
Fraud Threats & Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Executive Summary . . . . . . . . . . . . . . . . . . . . . . 4

The Fraud Threat Landscape . . . . . . . . . . . . . . . . . . 6

2023 Global Fraud Trends . . . . . . . . . . . . . . . . . . . 7

Global Hosted Phishing Ecosystem . . . . . . . . . . . . . . . 8

Trend #1: AI-Powered Scams . . . . . . . . . . . . . . . . . . 9

The Role of Generative AI for Fraud & Predictive AI for Fraud Prevention . . . . . . . . 9
Scams Using AI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
AI Fueling Scam Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Recent Developments in Generative AI . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
AI for Good . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Trend #2: Malware-as-a-Service . . . . . . . . . . . . . . . . 14

Increase in Malware Attacks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Trojan Surge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Trend #3: Faster Payment Threats . . . . . . . . . . . . . . . 20

The Adoption of Faster Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Faster Payments, Faster Fraud . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
How Do These Scams Work? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Money Mule Contribution to Faster Payments . . . . . . . . . . . . . . . . . . . . . . . . 22
Rising Liability Shifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

How Outseer Is Fighting Fraud . . . . . . . . . . . . . . . . 26

How Can Financial Institutions & Payment Service Providers Mitigate APP Fraud? . . 26
Outseer Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Outseer Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

About Outseer . . . . . . . . . . . . . . . . . . . . . . . 30

2 | 2024 Global Fraud & Scams Trends Report

Introduction
The skyrocketing popularity and widespread availability of AI in the past year has fueled an alarming surge
in scams. Additionally, the increase in consumer accessibility to instant payments has led to a resurgence in
instant payment scams and increasing reliance on money mules. These phenomena can be attributed to
fraudsters’ perpetual quest to enhance the efficiency of their scams and expedite the cash-out process by
capitalizing on emerging technologies and consumer behavior shifts.

As financial crime escalates annually, companies must remain abreast of the latest trends and adapt their
strategies to combat constantly evolving fraud tactics.

The Outseer Global Fraud and Scams Trends Report offers a comprehensive analysis of fraud attacks and
consumer fraud data collected and analyzed by our team of fraud experts. Leveraging our proprietary
insights gained from safeguarding Outseer customers, this report sheds light on the ever-evolving cyber
fraud landscape that affects organizations of all sizes.

Fraud Threats & Trends Methodology

While the fraud landscape, from phishing to This report is based on the analysis of data
malware and brand abuse, remains consistent generated from the Outseer Fraud Action 24/7
year after year, fraudsters persistently refine Anti-Fraud Command Center, established in 2004.
their techniques; prompting the evolution of With 20 years of data gathered from hundreds of
fraud threats and corresponding mitigation clients worldwide, we have gained unique insights
strategies shaped by current events and into the continuously evolving fraud trends.
technological advances.

Outseer sought out to address pressing questions:

200M+ 200K+
URLs checked attacks shutdown
per month per year
What trends have exerted the most
significant influence on fraud threats and
mitigation over the past year? 5.5M+ 15M+
compromised credit cards compromised emails
detected per year detected per month
What nuances require more attention?
In the pursuit of answers, we analyzed our own Outseer’s Anti-Fraud Command Center utilizes
internal data in the context of current technology machine learning algorithms to monitor brand
and shifts in fraudster behavior. This has surfaced abuse and identify rogue attacks. The algorithms
what we believe to be the top three primary detect anomalies and signals indicative of
fraud threats, which we address in the report: fraudulent URLs and compromised credit
cards and emails. Upon detection, our team of
1. AI-Powered Scams
cybersecurity intelligence experts conducts
2. Malware-as-a-Service forensic analysis to examine and authenticate
potential threats, ultimately resulting in the
3. Faster Payment Threats generation of detailed intelligence.

| 2024 Global Fraud & Scams Trends Report 3

 Executive Summary

Key findings from the report include:

1
Trojan attacks experienced the largest year-over-year increase in attack
volumes, driven by refined phishing tactics.
The rise of Malware-as-a-Service emerged as a significant cybersecurity threat as the volume of
malware events surged 120% in the total volume of attacks year-over-year, compared to a 5.5%
increase in phishing attacks and a 25% and 7.7% decrease for rogue mobile app attacks and
brand abuse attacks, respectively. Malware-as-a-Service enables any fraudster with $50–200
dollars to evolve into a complex cyber threat that uses malware to enable their fraud attacks.

Polymorphic malware is not a new concept, but fraudsters are now using generative AI to
reduce the skill level required to spawn malware variants that elude signature-based security
systems, consequently challenging the efficacy of existing security protocols. This has been
seen increasingly in banking Trojans, which intercept notifications and bypass alerts requiring
secure channels. And their persistence easily evades detection on mobile devices.

2
The increase in mobile banking and Malware-as-a-Service have sent malware
attacks to all-time highs.
The role of malware in fraud was a major theme through 2023. Fraudsters have taken an
interest in information-stealing malware, Malware-as-a-Service and other ‘as-a-service’ type
offerings, so much so that while the volume of fraud observed grew 108%, malware attacks
grew by a staggering 4,000% or 40X growth in volume, partially due to the increase in malware
in mobile channels. Part of this can be attributed to the rise in mobile app usage. With the
increased usage, fraudsters are targeting the channel.

4 | 2024 Global Fraud & Scams Trends Report

 Executive Summary

3
The adoption of real-time payments has increased APP scams; some countries
are responding with regulation and liability shifts.
Outseer has seen a significant uptick in unauthorized push payments, mule accounts, and
account takeovers in markets where faster payment adoption is high. Surveyed financial
institutions saw a spike in fraud attacks using real-time rail: 57% reported mule activity was up,
71% reported consumer ATO had increased, and 62% reported APP fraud had increased.

The UK and EU have been on the forefront of change with the introduction of the Payment
Systems Regulator (PSR) and the upcoming Payment Services Directive 3 (PSD3). In late 2024,
the specifics of PSD3 and the implementation of the PSR liability shift will be revealed.

4
Prediction: The rise in AI will fuel scams and corresponding losses in the
coming year.
AI has dominated the headlines over the past year and fraudsters have already begun to
exploit this technology, with several major scams reported globally. With new AI tools and
technology at their disposal, fraudsters are creating varied phishing emails that defeat existing
scam and spam email filters. In addition to improving tried-and-true techniques, fraudsters
are using AI more often on deepfakes, voice cloning, verification fraud, and authorized push
payment (APP) fraud.

While Outseer didn’t see direct fraud losses from generative AI in 2023, we predict that the
scams and corresponding losses will continue to grow. Given the goal of generative AI scams
is to trick people into believing what fraudsters put out there, Outseer does believe that
generative AI contributed to the increased effectiveness of phishing tactics that fueled an even
larger increase in Trojan attacks and malware attacks.

Despite the ways generative AI is being manipulated, predictive AI has also played a pivotal
role in detecting cyber threats such as brand abuse, phishing, Trojans, and rogue mobile apps.
The strength of AI and machine learning in combating these threats lies in their ability to
continuously learn, adapt, and detect evolving patterns of malicious behavior across various
digital landscapes. These technologies enable proactive and adaptive security measures,
ultimately contributing to a more robust defense against cyber threats.

| 2024 Global Fraud & Scams Trends Report 5

 The Fraud Threat Landscape
Rogue Mobile Apps

Digital Payments Trojan Horse

Brand Abuse Real-Time Payments

Fraud
Landscape

Account Takeover CNP Fraud

Scams Phishing

Mule Accounts

Here is a summary of the types of common attacks that Outseer sees year-over-year:

Brand Abuse Rogue Mobile Apps

Brand Abuse,1 also called “brand exploitation” or Rogue apps3 are mobile applications designed to
“brandjacking”, enables opportunists to capitalize impersonate trusted brands with the goal of gaining
on the shift to digital by impersonating your brand unauthorized access to information used to commit
through fake sites, mobile apps, and social media fraudulent transactions. These malicious apps can install
pages. With the shift to digital, this form of fraud malware, ransomware, or trick users into sending their
remains the most common. payment details to attackers. They don’t necessarily fit
the definition of malware since they don’t take control
of your device. However, they are extremely effective in
Phishing
fraud schemes. In a recent study, apps collected upwards
Phishing2 is a form of cyberattack attempting to steal
of $38 million in revenue due to fees from fake apps that
personal information from unwitting end-users under
were cloned from real apps.
false pretenses, either by email, phone (vishing), or
SMS text (smishing). The attackers trick users into
believing they are involved with the company they are Trojan Horse
impersonating so they can get user credentials. Trojan Horses are stealthy malware installed under false
pretenses, attempting to steal personal user information.

6 | 2024 Global Fraud & Scams Trends Report

 2023 Global Fraud Trends
Outseer’s analysis of global fraud trends across various attack vectors in 2023 reveals the year-over-year
changes in the overall volume of attacks.

Rogue Mobile Brand Abuse

App Attacks Attacks
+120% +5.5%
-25% Trojan Horse Phishing
-7.7%
Attacks Attacks

While phishing saw a moderate attack increase, brand abuse and rogue mobile app attacks saw a decrease in
volume. However, Trojan horse attacks saw sizeable increases in the volume of attacks.

9% 19%
Rogue Mobile Apps
Mobile applications using Phishing
an organization’s brand Cyberattacks attempting to steal personal
without permission information from unwitting end-users
under false pretenses—either be email,
phone call (vishing), or SMS text (smishing)

12%
18%

5%
11%
Trojan Horse
Stealthy malware installed under
false pretenses, attempting to
steal personal user information

65%

60%
2023 vs 2022
Brand Abuse
Online content (e.g., social media)
that misuses an organizations’s brand
with the purpose of misleading users

| 2024 Global Fraud & Scams Trends Report 7

 Global Hosted Phishing Ecosystem
T
1
Attacker sends an
ATTACKER VICTIM
email to the victim

Attacker uses 4 2 Victim clicks on the

victim’s credentials email and goes to the
Attacker collects
to access a website phishing website
victim’s credentials
10010100
10100110
10010100

3 Phishing website

Fraud attacks continue to pose a significant threat to individuals and organizations worldwide.
Phishing is notable because it is the entryway for many other attacks and scams. It is also very
difficult to track, and more importantly, difficult to take down fraud rings.

Cybercriminals strategically exploit servers across different regions to carry out their malicious
activities. While specific regions are notorious for hosting these malevolent servers, cybercrime
transcends borders and attacks can originate from servers located in any country.

8 | 2024 Global Fraud & Scams Trends Report

Trend #1
AI-Powered Scams

The Role of Generative AI for Fraud & Predictive AI for Fraud Prevention
AI has dominated the headlines over the past year, sparking numerous discussions and debates over its
merits and potential downfalls. Within fraud prevention, AI assumes a dual role, serving as both an empowering
tool for fraudsters and a defense mechanism for those combating fraudulent activities. Fraudsters consistently
demonstrate agility in exploiting emerging technologies. The rapid adoption of advancements, such as
generative adversarial network (GAN) models,4 coupled with the exponential growth of data, fraudsters
have the means to refine their tactics, crafting increasingly sophisticated cyber threats that evade traditional
detection systems.

The proliferation of generative AI and its ability to generate remarkably realistic content and scenarios has
contributed to the escalation of authorized fraud. For example, earlier this year, a Hong Kong finance employee
thought he received a message from the company’s UK-based chief financial officer asking for a $25.6 million
transfer.5 Though initially suspicious that it could be a phishing email, after a deepfake video call with the CFO
and other colleagues he thought the request was legitimate. It was only after reaching back out to the head
office that he discovered that it was, in fact, a scam. Unfortunately, by then the money was transferred.

In another example, over 50 deepfake videos were posted of well-known celebrities,6 encouraging people to
invest in a non-existent cryptocurrency platform seemingly promoted by Elon Musk. While it is unknown how
much was lost in this instance, the videos had tens of thousands of views when removed.

While Outseer didn’t see direct fraud losses from

generative AI scams in 2023, we predict that the
scams and corresponding losses will continue to Generative adversarial
grow. Given the goal of generative AI scams is to trick
people into believing what fraudsters put out there, networks can create
Outseer does believe that generative AI contributed
to the increased effectiveness of phishing tactics that deep fakes by using
fueled an even larger increase in Trojan attacks and
malware attacks.
large datasets to
While generative AI poses significant challenges,
the deployment of predictive AI and machine generate new content
learning has emerged as a crucial countermeasure
in identifying and taking down fraudulent schemes similar to the original.
including brand abuse, phishing attacks, Trojans, and
rogue mobile apps.

| 2024 Global Fraud & Scams Trends Report 9

Trend #1: AI-Powered Scams

Scams Using AI

Phishing
In the past year, Outseer saw an increase in volume of 5.5%, going
from 18% of attacks identified to 19% of attacks. During this time
5.5%
increase
19% of overall attacks
frame, there was a short-term spike in Q2 and Q3 2023 before
(Second largest in volume )
decreasing slightly in Q4. Trojan and malware attacks have been
the driving force behind this trend. Though they are not new, they
continue to remain popular, as they are effective and are often the
entry point to other scams.

With AI tools such as ChatGPT, fraudsters are creating improved

phishing emails that can instantly create bodies of text that
impersonate the tone and coherence of legitimate messages, for
free. Misspellings, clumsy grammar, and other tell-tale signs of a
fake email can be added or removed on-demand depending on
need. More concerning is the ability to use large language models
to rephrase dozens to hundreds of email variants. Spam and scam
email filters are a major tool used to stop fraud, but they rely on
filtering identical or highly similar emails flagged as scams and
spam. With the ability to use automation and AI to generate so
many variants of the same phishing campaign, these filters are
significantly undermined. This type of software is freely available,
and although ChatGPT has some built-in functions to stop it from
being misused, these can be easily subverted. These emails are
now slipping through conventional security measures and fooling
more users into providing their credentials.

Brand Abuse
Fraudsters have been successful in replicating brand logos and
websites for unsuspecting users to land on through their phishing
7%
decrease
emails and other measures for years, fooling users into providing 60% of overall attacks
(Largest in volume)
credentials to collect money.

When looking across all attack vectors, brand abuse remains the
most prevalent at 60% of all detected attacks. However, overall,
brand abuse has decreased on a quarter-on-quarter basis in the
past two years after peaking in early 2022, for a total decrease of
7%. At the peak in Q1 2022, brand abuse accounted for 81% of
observed attacks. It decreased to 65% in 2022, and to 60% in 2023.

10 | 2024 Global Fraud & Scams Trends Report

 Trend #1: AI-Powered Scams

Trojans & Rogue Apps

Fraudsters are using generative AI to lower the technical skill level
needed to produce malware variants that elude signature-based
120%
increase in Trojans
security systems; therefore, challenging the efficacy of existing
security protocols. This has been seen increasingly in banking Hydra
Trojans, which intercept notifications and bypass alerts requiring
secure channels. And, they are persistent, easily evading detection Octo
on mobile devices.

AI and machine learning play a dual role in Trojans: Alien

• Detect: AI is used to detect and prevent fraudulent activities.
AI algorithms do this by analyzing patterns, anomalies, and Hook
user behavior to identify rogue apps and Trojans.

• Create: AI is used by fraudsters to create more convincing

rogue apps. AI can generate realistic interfaces, simulate user
interactions, and adapt to security measures.

Outseer saw a 120% increase in Trojans this past year, discussed more
in depth with respect to Malware-as-a-Service.

A 5.5% spike in phishing led

to a 120% increase in Trojan
and malware attacks.

| 2024 Global Fraud & Scams Trends Report 11

Trend #1: AI-Powered Scams

AI Fueling Scam Growth

Deepfakes Voice Cloning

In the past few years, fraudsters have harnessed Voice cloning with artificial intelligence can
deepfake technology with remarkable success. accurately reproduce an individual’s tone and
This cutting-edge technique allows them to language. This technology is employed to create
quickly create convincing audio and video the illusion of authentic phone conversations with
content, meticulously mimicking the voices and trusted parties.
appearances of trusted individuals, including
One such example is “grandparent scams” where
celebrities or even CEOs.
the voices of either the grandparent or grandchild
Leveraging machine learning, fraudsters can are replicated.7 By fabricating scenarios like
rapidly and inexpensively train neural networks accidents, voice cloning becomes a successful tool
using footage of their targets. As a result, they for extorting money from unsuspecting loved
achieve uncanny accuracy in replicating not only ones. We also expect to see this increase given the
the person’s voice but also subtle nuances like increasing usage of online banking and call centers.
inflection and tone. The integration of artificial
intelligence further enhances the realism of the Verification Fraud
generated voice and video. Numerous verification methods exist for sensitive
The implications are concerning: these fabricated phone or bank information. Unfortunately,
personas can propagate falsehoods, manipulate these methods are susceptible to exploitation.
unsuspecting victims, and orchestrate fraudulent Recently, voice verification has become a more
schemes. For instance, they might coerce frequent target for fraud, with AI technology being
individuals into transferring substantial sums of employed to undermine security checks. This
money or exploit the trust inherent in relationships poses a significant risk for both consumers and
with the impersonated individual. financial institutions. Once a perpetrator records
a sample of a victim’s voice, they can exploit it
to bypass voice verification mechanisms using
AI-generated content.

Scams Expected to Increase Authorized Push Payment Fraud

AI is increasingly used in Authorized Push Payment
1 Deepfakes (APP) Fraud,8 which includes impersonation scams,
purchase scams, romance scams, and more where
2 Voice Cloning the end goal is getting the victim to execute an
instant payment. Its effectiveness lies in the ability
3 Verification Fraud to manipulate people to get them to willingly
transfer their money. With instant payments,
recovery of those funds after transfer through a
4 Authorized Push Payment Fraud
network of mule accounts is extremely difficult.

12 | 2024 Global Fraud & Scams Trends Report

 Trend #1: AI-Powered Scams

Recent Developments in Generative AI

OpenAI’s recent announcement of Sora, an AI capable of generating hyper-realistic videos and imaginative
scenes from simple text prompts or sample images, marks a significant advancement in technology. This
innovation could potentially empower scammers by providing them with unparalleled capabilities to make
their fraud that much more realistic in order to gain substantial profits. With the ability to produce convincing
celebrity deepfakes, perpetuate misinformation, craft realistic romance scam videos, and orchestrate crypto scam
advertisements or spear-phishing campaigns aimed at unsuspecting employees and consumers, Sora raises
concerns about the misuse of such powerful software.

Recognizing the potential for fraud, OpenAI pledged

to vet Sora before its release. However, despite its
promising capabilities, the ethical implications and
risks of misuse remain. This is a development that we
will closely monitor as we progress into 2024 and urge
other organizations and consumers to do the same.

“Beyond Our Reality” (Sora & Donald Allen Stevenson III)

AI for Good
Despite the ways generative AI is being manipulated, AI—especially predictive AI (machine learning)—has
also been a force for good by playing a pivotal role in detecting cyber threats such as brand abuse, phishing,
Trojans, and rogue mobile apps. The strength of AI and machine learning in combating these threats lies
in their ability to continuously learn, adapt, and detect evolving patterns of malicious behavior across
various digital landscapes. These technologies enable proactive and adaptive security measures, ultimately
contributing to a more robust defense against cyber threats.

Brand Abuse Detection Phishing Detection

Machine learning enables the analysis of vast Machine learning employs sophisticated
amounts of online data to identify patterns algorithms to analyze email content, URLs, and
associated with brand abuse. It can recognize sender behavior to identify potential phishing
unauthorized usage of trademarks, logos, or attempts. Machine learning models can
other brand elements across different platforms. recognize patterns in email structures, language
Machine learning models can continuously learn usage, and malicious links to distinguish
from new instances of abuse, adapting, and phishing emails from legitimate ones. They learn
improving detection accuracy over time. from historical phishing attempts to enhance
accuracy in detecting new threats.

Trojan Detection Rogue Mobile Apps Detection

Machine learning algorithms can detect Trojans Machine learning-powered systems can scan
by analyzing code behavior and characteristics. app marketplaces for rogue mobile applications
They can identify anomalies in software by examining app behavior, permissions, and
behavior that indicate potential Trojan activity. developer details. Machine learning algorithms
By learning from known Trojan patterns and can identify suspicious activity or coding
behaviors, these models can continuously evolve patterns indicative of malicious intent, thereby
to spot new variations. helping prevent the installation of harmful apps.

| 2024 Global Fraud & Scams Trends Report 13

Trend #2
Malware-as-a-Service
The role of malware in fraud has been a major theme through 2023. Fraudsters have taken an interest in
information-stealing malware, Malware-as-a-Service and other ‘as-a-service’ type offerings.

Increase in Malware Attacks

4,000% Malware attacks grew

a staggering 4,000%

While the volume of fraud observed grew 108%, malware attacks grew by a staggering 4,000% or 40X growth
in volume, partially due to the increase in malware in mobile channels. From Q3 to Q4 of 2023, malware was
up 41% in a single quarter—all on top of already historic growth over the past two years. We predict that
malware will continue its role as a significant factor in fraud prevention strategies going forward for banks and
financial institutions.

Decline in Rogue Mobile Apps

While there has been an increase in malware attacks through legitimate mobile banking apps, attacks through
rogue mobile apps, which emulate legitimate brand apps, have decreased by 25% since 2022, continuing a
declining trend after experiencing a surge during the pandemic. The year-over-year percentage of total attacks
decreased from 39% in 2021 to 12% in 2022 to 9% in 2023.

39% Decline in rogue

mobile attacks

When customers increased their adoption of online and mobile banking, fraudsters began distributing rogue
and malicious mobile apps to steal logins with the hope of stealing the money sitting in those bank accounts.
However, maintaining and supporting these apps was more of a drain on resources and profits and fraudsters
instead opted to scale up social engineering via brand abuse attacks—particularly on social media.

14 | 2024 Global Fraud & Scams Trends Report

 T r e n d # 2 : Ma l w a r e - as - a - S e r v i c e

A Rise in Digital Banking Fuels Attacks Through Mobile

Mobile app usage continues to increase, and now comprises 85% in total traffic. Outseer has seen that the
increase in this channel was accompanied by a parallel trend in increased mobile fraud, with 62% of detected
fraud originating from mobile apps. This underscores the urgent need for implementing tailored and robust
security measures to effectively address the escalating threat landscape within the mobile domain.

Digital Banking Transactions Distribution by Channel

100%

80%

Increase in 60%

mobile app 40%

usage 20%

0%
Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

Mobile App Mobile Browser Web Browser

Fraud Transaction Distribution by Channel

100%

80%

60%

Increase in
mobile fraud 40%

20%

0%
Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023

Mobile App Mobile Browser Web Browser

An increase in malware attacks is problematic at financial institutions even if there are no monetary fraud
losses because operational expenses increase with customer-reported fraud. The expense of securing
customer accounts lost to phishing or card numbers captured by fraudsters can easily run $30–$100 per
customer impacted. This can translate into millions of dollars in operational losses spent, even before
considering reimbursements to replace money lost to fraudsters and scammers. Costs associated with
opening and closing new bank and credit card accounts also increase.

| 2024 Global Fraud & Scams Trends Report 15

T r e n d # 2 : Ma l w a r e - as - a - S e r v i c e

31.5M+ Outseer successfully recovered over 31.5 million

compromised cards and card previews

Compromised Cards
In 2023, 31.5 million+ compromised cards and card previews were recovered. Data packets being sold on the
dark web include compromised card information resulting from cyberattacks targeting online transactions and
e-commerce platforms.

List of cards

Bin Exp Name Level Type Bank Zip City State Country Email Phone Refund Price

5104401xxxxxxx061 05/26 Lowell xxxxxxx PREPAID DEBIT <Empty> 98001 Auburn WA US $12.90

5165422xxxxxxx029 06/26 Stephen xxxxxxx PREPAID DEBIT 29601 Greenviille SC US $12.90

5314472xxxxxxx952 12/26 Stephen xxxxxxx PREPAID DEBIT 42001 Paducah KY US $12.90

5282143xxxxxxx709 04/27 Debbie xxxxxxx PREPAID DEBIT 8901 New Brunswick NJ US $12.90

5336099xxxxxxx328 01/25 Christina xxxxxxx PREPAID DEBIT 55344 Eden Prarie MN US $12.90

5339455xxxxxxx203 12/26 Robert xxxxxxx PREPAID DEBIT 7701 Red Bank NJ US $12.90

5104400xxxxxxx271 04/24 Michelle xxxxxxx PREPAID DEBIT <Empty> 8109 Merchantville NJ US $12.90

5395873xxxxxxx794 01/26 Douglas xxxxxxx PREPAID DEBIT 84120 Wast Valley City UT US $12.90
CC: 45xxxxxxxxxx8027 | 07 | 2024 | 042
5332917xxxxxxx834 04/25 Harold xxxxxxx PREPAID DEBIT 21212
Bin info: 453733
Baltimore MD
- CREDIT
US
- CLASSIC $12.90
Bank info: BANK OF NOVA SCOTIA - CANADA |
5116201xxxxxxx226 11/23 Charles xxxxxxx PREPAID DEBIT 55121 Eagan MN US $12.90 52 14:20

CC: 40xxxxxxxxxx5202 | 03 | 2026 | 361

Bin info: 405428 - DEBIT - CLASSIC
Bank info: UNIVERSTIY F.C.U. - UNITED STATES OF AMERICA |
49 14:20

CC: 49xxxxxxxxxx7173 | 02 | 2025 | 562

This compromised data is used in various Bin info: 491566- DEBIT - ELECTRON
fraudulent activities, including the unauthorized Bank info: BANCO MERCANTIL DEL NORTA S.A., INSITUCION D... - MEXICO |

use of compromised cards, commonly referred 50 14:22

to as “carding,” for purchasing goods both online

and in physical stores. With fraudsters equipped
with added technology and access to a larger
pool of stolen data, their success rates have seen
a significant rise.

16 | 2024 Global Fraud & Scams Trends Report

 T r e n d # 2 : Ma l w a r e - as - a - S e r v i c e

Trojan Surge

The Persistent Rise of Android Banking Trojans

The rise of Android Banking Trojans emerged as a significant
cybersecurity threat, surging 120% in the first half of 2023 alone. The
percentage of total attacks increased from 5% to 11% year-over-year.
Outseer believes it will continue to be a significant threat into 2024.

This surge has been largely driven by the proliferation of

Malware-as-a-Service (MaaS).9 These criminal software solutions
enable non-technical fraudsters to use malware to steal customer
information and passwords to later use in identity theft and account
takeover attacks.

Command-and-Control Servers
A key aspect of Malware-as-a-Service is the use of decentralized
Command-and-Control Servers (C&Cs or C2). The communication
established between infected devices and these servers gives
malware operators the ability to receive information on infected
devices and execute additional commands remotely.

Malware families orchestrated under the Malware-as-a-Service

model, including Hydra, Cerberus, and Octo. all resulted in notable
surges in C&C infrastructure volumes.

Hook Android Banking Trojan

A direct descendant of the “Ermac” banking Trojan, designed to steal financial and personal information
from mobile devices running the Android operating system, is the Hook Android banking Trojan. Armed with
advanced capabilities, Hook encompasses contact harvesting, SMS interception, keylogging, 2FA interception,
RAT capabilities, overlay injection, and more.

20% Hook leak contributed to the

20% surge in malware attacks

By design, Hook has over 750 injections at its disposal, where infected devices overlay a fake interface of a
targeted brand—such as a financial institution’s banking app—onto the legitimate app to deceive users into
entering their sensitive financial information, targeting different brands worldwide. Moreover, the malware
operator can add customized injections if desired.

| 2024 Global Fraud & Scams Trends Report 17

T r e n d # 2 : Ma l w a r e - as - a - S e r v i c e

A major event in the second half of 2023 was the leak of the Hook Android banking Trojan’s APK and Panel
source code using the C&Cs. Because of this leak, Hook garnered considerable attention and focus within the
cybercriminal community. This newfound spotlight propelled Hook’s contribution to the total number of C&Cs
to be on par with the infamous Trojans Hydra, Cerberus, and Octo.

When threat actors identified the ability to easily profit, it led to the development and sale of customized
overlay injections. They have now expanded attacks to target not only traditional financial institutions but also
other financial sectors, including crypto wallets, streaming platforms, delivery services, and retail stores.

Command-and-Control Servers continue to serve as the central control hub for Android Banking Trojans,
granting attackers remote control over infected devices. These servers are the operational core of the malware,
enabling malicious activities.

Targeted Apps from Institutions & Platforms by Industries

Based on leaked Hook overlay injection configurations

Banking, Financial services, & Insurance

Crypto Platform & Wallet
Ecommerce
Telecommunication Services
Transportation
Software & Services
Consumer Services
Social Platforms
Payment Processors
Fast Food
Credit Cards
Other

0 100 200 300 400 500 600 700

Number of Targeted Apps and Platforms

Hook Signified a Turning Point for Fraud-as-a-Service

The introduction of new variants of the Android banking Trojan, such as Hook, signified a turning point in the
mobile malware landscape with implications for future Trojan variants because it made it easy for fraudsters
and fraud-as-a-service offerings to execute the banking Trojan or to develop new malware based on it. As with
other Malware-as-a-Service offerings, it enabled even unsophisticated fraudsters to scale cyberattacks rapidly.

As fraudsters increasingly leverage Hook, we anticipate continuing to see new variants in the future, each
with potentially enhanced functionalities and more dangerous capabilities. Given the threat Android banking
Trojans pose, Malware-as-a-Service is far from concluded.

18 | 2024 Global Fraud & Scams Trends Report

 T r e n d # 2 : Ma l w a r e - as - a - S e r v i c e

Outseer FraudAction Anti-Trojan Service (ATS) Team

The Outseer FraudAction ATS (Anti-Trojan Service) team continuously monitors C&Cs. For the first half-year of
2023, the number of active Hook C&C servers remained relatively low compared to other well-known banking
Trojans. However, by the end of October 2023 (when the source code of Hook leaked), a significant surge in
C&Cs associated with Hook was detected—making it one of the most active trends in the Android banking
Trojans realm. This event led to massive growth in HookBot C&Cs, with over 200 new C&Cs detected in the last
couple of months of 2023.

200+ Over 200 new C&Cs were

detected in Q4 of 2023

The Importance of Monitoring & Takedown

Recent growth in phishing, scams, and malware has made it clear that relying only on controls handling
anomaly payment detection or anomaly login detection is insufficient. Companies must be proactive in fraud
prevention, fighting against brand abuse scams, phishing, and the spread of malware. Waiting to react until the
fraudster has access to the account or until the money is moving could prove very costly.

Adopting a proactive defense to disrupt phishing and malware stops fraud before it needs to be mitigated by
operations teams, netting a massive savings of 10-to-1 or more in reduced operational expenses at call centers
and banking ops teams.

Monitoring & Takedown Through FraudAction

Outseer FraudAction helps companies proactively disrupt fraudulent activities, preempting harm to financial
institutions, brands, and customers. Through continuous monitoring, we swiftly identify and dismantle
phishing sites, malware, and social media brand abuse, while also fortifying defenses against business
email compromise. Our cyber-intelligence service scours the dark web, equipping financial institutions with
actionable threat intelligence reports and data feeds such as compromised credit cards and mule accounts for
effective risk mitigation.

| 2024 Global Fraud & Scams Trends Report 19

Trend #3
Faster Payment Threats
The Adoption of Faster Payments
Faster payments—the electronic transfer of payments designed to speed up the process of sending money—
have seen their adoption accelerate globally. The UK’s Faster Payment Service launched in 2008, India’s Unified
Payments Interface (UPI) launched in 2016, Brazil’s faster payments rail PIX launched in 2020, and the US saw
the launch of Zelle and Real-Time Payments (RTP) in 2017 with FedNow in 2023.

Currently, more than 70 countries on six continents support real-time payments, representing 195 billion
transactions in 2022 and a 63% year-on-year growth.10 The countries with the highest volume of faster
payment transactions were India, China, Thailand, and Brazil, with annual transactions ranging from 49 billion
in India to 9 billion in Brazil.11 However, the US RTP volume in 2023 was low at only about 249 million, and as of
March 2024, only 5% of US financial institutions participated in US RTP or FedNow, showing that the US is still in
the early phase of instant payments.

While the term “faster payments” is often used as an umbrella term for real-time and instant payments, they
are all similar in that they are payments made between bank accounts that are initiated, cleared, and settled
quickly at any time of the day or week. While the speed of these payments helps to improve convenience,
transparency, and confidence in payments, it also increases the chances for fraud, and in particular authorized
push payment (APP) fraud, when a fraudster tricks their victim into transferring funds into their account by
pretending to be a legitimate payee. In many cases, this happens via social engineering across social media
networks, or by phone. In many markets, APP fraud is growing faster than card fraud.

Faster Payments, Faster Fraud

Over the past few years, Outseer has seen a significant uptick in unauthorized push payments, mule accounts,
and account takeovers in markets where faster payment adoption is high.

Increase in mule activity over RTP rails

+57%
Increase in ATO activity over RTP rails
+71%
Increase in APP Fraud over RTP rails
+62%
20 | 2024 Global Fraud & Scams Trends Report
 T r e n d # 3 : F ast e r P a y m e n t T h r e ats

In a recent survey,12 the majority of financial institutions

saw a spike in fraud attacks using real-time rail: 57% The majority of financial
said mule activity was up, 71% said consumer ATO had
increased, and 62% said APP fraud had increased. This institutions have seen
has translated into real dollar losses as well. For example,
in the UK, APP scams were reported to be £485 million an increase in fraud
($618 million in U.S. dollars), which accounts for 40% of
U.K. bank fraud losses.13 Experts predict these crimes attacks when using
could cost $4.6 billion in the U.K. alone by 2026.14 The U.S.
Federal Trade Commission (FTC) estimates that scams in real-time payment rails.
the U.S. cost consumers $8.8 billion in 2022, an increase
of approximately 30% from 2021.15

With the introduction of FEDNOW in the US and the increasing adoption of instant payment systems across the
globe, combined with the success fraudsters are seeing in these types of scams, more opportunities for scams
are expected.

Stopping these scams is difficult because the victims authorize the transactions, often without the realization
they are a scam target until after the payment clears.

How Do These Scams Work?

Fraudster performs User receives email/text User will enter personal Fraudster now poses as a
reconnaissance attack with either attachment information or malware legitimate person and can
to gain customers or link containing malware will steal sensitive data use data to build trust and
information​ or phishing website​ perform an account transfer

Scams rely on the fraudster knowing personal information about customers. In order to gain this information,
fraudsters often execute a phishing attack or buy/obtain the information from elicit sources such as the dark
web. Once the fraudster has obtained personal information about the potential victim, it becomes easier for
them to forge connections, enhancing their credibility.

For example, a fraudster who calls a customer by their first name and confirms their banking institution
or other personal information will always seem more genuine than a cold call where the fraudster has no
connection with the customer.

The consumer is the weakest link in this process because fraudsters have developed and perfected a playbook
and have replicated this attack vector across multiple geographies. The challenges with stopping fraudsters
from obtaining such personal information rely heavily on customer education regarding potential threats since
there is no easy way to detect authorized fraud where the consumer is “tricked.”

| 2024 Global Fraud & Scams Trends Report 21

T r e n d # 3 : F ast e r P a y m e n t T h r e ats

Money Mule Contribution to Faster Payments

Criminal

Layered funds returned Criminal proceeds

to criminal provided

Funds layered through Money mule

various transactions

Placement of funds into

legitimate financial system

Money laundering, facilitated by individuals known as money mules, involves the illegal movement of funds
obtained through criminal activities. While those in banking and finance are well-versed in Anti-Money
Laundering (AML) laws, many others remain unaware of the penalties associated with aiding criminals in
moving money.

Money mules, whether knowingly or unknowingly, assist in obscuring the source of illicit funds by transferring
them digitally, in person, or through mail/courier services. The process typically involves the criminal
transferring funds to the money mule, who then integrates them into the financial system through a series
of transactions before returning the layered funds to the criminal, highlighting the ongoing challenge of
combating financial crime.

22 | 2024 Global Fraud & Scams Trends Report

 Trend #3: Faster Payment Threats

Recent data sourced from several global banks reveals

consistent trends regarding money mule activities.

23% Surge in student involvement

in money mule activities

55% Of money mule accounts are

held by people under 30

63% Of people are unaware

of consequences

Student Money Mules

A recent report16 highlighted a 23% surge in student involvement in money mule activities, particularly notable
at the onset of the academic year. Almost two-thirds (63%) of the young individuals were unaware of the
potential consequences, including the risk of acquiring a criminal record, associated with participating in such
illicit activities.

Money Mule Accounts Demographics

An examination of money mule accounts17 shows that over half (55%) of these accounts are held by individuals
aged 30 and below, with two in five (40%) under the age of 25, and one in five (20%) falling below the age
of 21. Conversely, individuals aged 70 and above represent less than 1% of money mule accounts, and those
between 60 to 70 years old comprise just 2%.

| 2024 Global Fraud & Scams Trends Report 23

T r e n d # 3 : F ast e r P a y m e n t T h r e ats

Reactive Global Efforts to Combat Money Mule Networks

Highlighting a collaborative global effort to combat money laundering, law enforcement agencies from
multiple countries—bolstered by organizations such as Europol, Eurojust, INTERPOL, and the European Banking
Federation (EBF)—have intensified their crackdown on money mules and their recruiters. The concerted efforts
in 2022 led to the apprehension of 2,469 money mules in a widespread crackdown against money laundering.18
In a subsequent push in 2023, 2,822 banks and financial institutions,19 alongside law enforcement agencies
from 26 countries, collaborated to tackle this persistent threat.

The crackdowns conducted in June, October, and November 2023 yielded significant results, identifying
10,759 money mules and 474 recruiters, culminating in the arrest of 1,013 individuals worldwide. These insights
underscore the critical importance of continued vigilance and collaborative action to combat the scourge of
money muling, safeguarding financial systems and communities worldwide.

AVAILABLE NEW INDIA DETAILS

*Bank Transfer*
BANK TRANSFER IND
Acc - 3318xxxxxxxx280 ACC - 3318xxxxxxxx280
IFSC - UBIN053xxxxx IFSC - UBIN053xxxxx
NAME - xxxxxxx xxxxxxx SAVINGS
BANK - NAME - xxxxxxx xxxxxxx
SAVINGS
– *GPAY*
PHONE PE 90xxxxxxxxxx
82xxxxxxxxxx Name - xxxxxxx xxxxxxx
–
*PHONE *PE
Paytm 90xxxxxxxxxx
82xxxxxxxxxx Name - xxxxxxx xxxxxxx
–
Gpay *PAYTM*
xxxxxxxxx@ 90xxxxxxxxxx
Name - xxxxxxx xxxxxxx Name - xxxxxxx xxxxxxx
–
Upi *UPI*
xxxxxxxxx@ 90xxxxxxxxx@
Name - xxxxxxx xxxxxxx Name - xxxxxxx xxxxxxx
52 6:54 PM
Please, when sending to any of these details,
leave remarks/Description empty, if necessary,
write this (Donation or Gift for a friend))

*Use this new bank only*

32 12:06 AM

Proactive Money Mule Detection

While just in the beginning stages of defining proactive money mule detection strategies, one of the ways
different countries are addressing money mules is through legislation, where a portion of the reimbursement
burden is placed on receiving banks to avoid potentially significant increases in losses resulting from inbound
payments from scams at other financial institutions to money mules within their portfolios.20

24 | 2024 Global Fraud & Scams Trends Report

 Trend #3: Faster Payment Threats

Identifying Mule Accounts Is a Key Step in Stopping Fraudsters

• Leverage a risk-based approach and take advantage of machine learning that profiles the sender and
recipient to more accurately detect mule activities

• Update policies to track beneficiary transaction velocity and unusual amounts

• Utilize a data network such as the Outseer Global Data Network to help share mule accounts
intelligence with other organizations

• Tap into the timely insights of web intelligence services such as Outseer Fraud Action Services
to identify confirmed mule accounts in addition to compromised email addresses that can be tied
to accounts

Rising Liability Shifts

With the rapid increase in faster payment fraud, some governments are enacting or are considering legislation
to ensure more support for victims, with the discussion centering around liability shift.

The UK & EU Are on the Forefront of Regulation

The UK and EU have been at the forefront of change with the introduction of the Payment Systems Regulator
(PSR) and the upcoming Payment Services Directive 3 (PSD3). In late 2024, the specifics of PSD3 and the
implementation of the PSR liability shift will be revealed. As these regulatory changes unfold, financial
institutions should stay informed and prepare for potential adjustments in compliance requirements based on
the finalized PSD3 framework.

The most important part of the liability changes is that financial institutions and payment service providers must
reimburse all in-scope customers that are victims of APP scams, within certain limits. The sending and receiving
financial institutions and payment service providers will share the cost of reimbursements to victims 50-50.

Strategic objectives of the PSR reimbursement:

1. Decrease the instances of APP fraud

2. Improve protection of payment system users

3. Incentivize payment service providers to focus on resources to prevent scams

4. Increase confidence in the Faster Payment Scheme (FPS)

5. Create agile rules to enable the operator to manage evolving fraud threats

While not mandated to adopt any regulation, those outside of the UK and EU could benefit from the learnings.

| 2024 Global Fraud & Scams Trends Report 25

 How Outseer Is Fighting Fraud
Outseer fights fraud with a comprehensive, layered approach that addresses the dynamic landscape of cyber
threats. Our strategy embraces the diverse range of signals crucial for effective fraud prevention. Our solutions
offer flexibility and agility, enabling swift policy adjustments without the need for extensive professional services.

Enterprise Fraud Device ID Bot Behavior Transaction &

Platform Detection Biometrics Event Monitoring

Additionally, our team of Outseer Fraud Advisors ensures that your fraud prevention solutions remain fine-
tuned to evolving threats, providing continuous optimization and expert guidance.

Outseer stands as your trusted partner, delivering unrivaled results through a blend of proven data science and
risk engine, extensive data consortium, and adaptive resilience.

How Can Financial Institutions & Payment Service Providers

Mitigate APP Fraud?
Financial institutions and payment service providers that enhance internal controls can shield themselves from
liability-shift losses. Implementing controls can mitigate risk while protecting customers from fraudsters who
seek to circumvent an FI’s internal controls by using money mules and executing APP frauds.

In implementing a robust defense against scams, a multi-layered approach is essential. First, limiting fraudsters’
access to customer credentials and Personally Identifiable Information (PII) is paramount.

And while many organizations may overlook actively tracking scams, it’s crucial to track and tag scam attacks
for analysis. By tracking scams, businesses can analyze data and refine their mitigation strategies accordingly.
This enables a more proactive stance in identifying and countering fraudulent activities effectively.

Additionally, fostering collaboration and sharing fraud data among organizations is pivotal. Through data-
sharing initiatives or fraud data consortiums, financial institutions can collectively combat fraud by leveraging
shared insights. This adaptive approach ensures agility as the adoption and usage of real-time payment
systems continue to grow.

26 | 2024 Global Fraud & Scams Trends Report

 H o w O u ts e e r I s F i g h ti n g F r a u d

Update Fraud Defenses

Tap into a data network/consortium for detection control.

Collecting more and better payment data and using that data in the context of a data
network such as the Outseer Global Data Network to track crucial global data will help
you better identify risk signals. Says Datos Insights, “These controls are exceptionally
well positioned to be among the most effective scam detection solutions.”21

Implement better fraud detection and prevention solutions for receive-side

detection control.
Use AI and predictive analytics to facilitate fraud detection and prevention. In doing so,
you can take advantage of orchestrated, risk-based smart friction to slow down risky
real-time payments. These are transaction monitoring controls that are configured to
predict the outcome of inbound payments.

Update your policy management.

Update policies to track transaction velocity and unusual payment amounts. Fraud
detection solutions must also operate in alignment with clearly defined policies for
how to manage suspect money mules and high-risk inbound payments within the
constraints of regulatory restrictions and network operating rules.22

Update Internal Processes

What else can you do to strengthen and optimize processes and technologies to fight against APP scams?

Implement proactive prevention controls.

From customer education to internal “break the spell” teams having conversations with
customers during the APP scams, there are some measures you can take proactively.

Send-side detection controls to disrupt mule account networks.

Better monitoring of money coming into as well as out of customers’ accounts and
analyzing the behavior of those accounts could catch fraudsters in the act.

| 2024 Global Fraud & Scams Trends Report 27

H o w O u ts e e r I s F i g h ti n g F r a u d

Outseer Products

Outseer Fraud Manager

Outseer Fraud Manager is a transactional risk management platform that utilizes machine
learning and a powerful policy engine to accurately assess and mitigate risk associated with
each step of the digital journey.

Outseer 3-D Secure

Outseer 3-D Secure is an EMV® 3-D Secure Access Control Server (ACS) that delivers secure,
frictionless digital shopping experiences your cardholders expect. 3-D Secure ensures a
secure, seamless shopping experience, boosting transaction approvals, reducing fraud, and
minimizing operational costs.

Outseer FraudAction
Outseer FraudAction proactively disrupt fraudulent activities, preempting harm to financial
institutions, brands, and customers. Through continuous monitoring, we swiftly identify
and dismantle phishing sites, malware, and social media brand abuse, while also fortifying
defenses against business email compromise. Our cyber-intelligence service scours the dark
web, equipping financial institutions with actionable threat intelligence reports and data
feeds such as compromised credit cards and mule accounts for effective risk mitigation.

Outseer Technology

Global Data Network

Outseer’s solutions harness proven data science technology and risk engine that draws
insights from the Global Data Network’s vast repository of billions of transactions and
confirmed fraud data.

With Fraud Manager, financial institutions can streamline fraud management across the
customer digital journey, optimizing risk scoring and swiftly adapting to emerging threats.

3-D Secure empowers institutions to detect more Card-Not-Present fraud with fewer
interventions, thanks to predictive risk scoring and customizable challenge flows.

28 | 2024 Global Fraud & Scams Trends Report

Sources
1 “Brand Abuse.” Outseer, 2023.
2 Van Deloo, Lori. “Mobile Phishing.” Outseer, 24 June 2022.
3 Moatty, Nir. “Rogue Apps: What They Are & Top Techniques to Prevent Them.” Outseer, 2022.
4 GeeksforGeeks. “Generative Adversarial Network (GAN).” GeeksforGeeks, March 11, 2024.
5 “HK$200 Million Lost in Deepfake Conference Call Scam in Hong Kong First.” South China Morning Post, February 4, 2024.
6 “Deepfake Scams Have Arrived: Fake Videos Spread on Facebook, Tiktok and YouTube.” NBCNews.com, August 29, 2023.
7 Puig, Alvaro. “Scammers Use AI to Enhance Their Family Emergency Schemes.” Consumer Advice, May 31, 2023.
8 Garner, Bethany. “What Is App (Authorised Push Payment) Fraud?” Forbes, April 9, 2024.
9 Maor, Daniel. “Hunting the Command & Control Servers.” Outseer, July 28, 2023.
10 “Prime Time for Real-Time Global Payments Report.” ACI Worldwide, April 16, 2024.
11 BIS Quarterly Review, March 2024. Accessed March 2024.
12 Conroy, Julie, Trace Fooshée, and David Mattei. “Faster Payments, Faster Fraud.” Aite-Novarica, May 2023.
13 “Annual Fraud Report 2023.” UK Finance.
14 “Growth in APP SCAMS Expected to Double by 2026 – Report by ACI Worldwide and GlobalData.” Business Wire, November 15, 2022.
15 “New FTC Data Show Consumers Reported Losing Nearly $8.8 Billion to Scams in 2022.” Federal Trade Commission, February 23, 2023.
16 “Barclays Warns of 23 per Cent Surge in Student Money Mules.” Barclays.
17 “About Santander UK.” Santander UK, October 26, 2023.
18 “2,469 Money Mules Arrested in Worldwide Crackdown against Money Laundering.” Europol.
19 Barbieri, Vittoria. “Paper Trail Ends in Jail Time for 1013 Money Mules: 2822 Banks and Financial Institutions Join Forces with Law Enforcement
Agencies in Global Effort against Money Laundering.” EBF, December 4, 2023.
20 “Marketplace Trends in Authorized Payment Fraud Controls.” Datos Insights, March 2024.
21 Ibid.
22 Ibid.

| 2024 Global Fraud & Scams Trends Report 29

At Outseer, we are empowering our customers to liberate the world from digital fraud by
providing solutions that stop fraud, not customers. Our market-leading fraud and authentication
platform is used by thousands of financial institutions around the world to protect millions
of customer accounts and billions of transactions annually. Leveraging proven data science,
including our proprietary consortium data, our customers use our risk-based, machine learning
platform to deliver the highest fraud detection rates, lowest false positive rates, and lowest
customer intervention in the industry. See what others can’t at outseer.com.

Serve over 400 customers More than 20 years of incumbency

across ~50 countries protecting trillions of global transactions

Serve 24 of the top 50 ~400 employees with concentrations

global financial institutions in India, Israel, US, and UK

$5T+ 100B+ $450M+

annual protected transactions and cards and bank
payments digital interactions protected accounts protected
annually

© 2024 RSA Security LLC or its affiliates. All rights reserved. Outseer believes the information in this document is accurate and is subject to change without notice.

rev. 04-30-24