A new report examining digital banking fraud and financial crime trends in France identifies this summer’s Olympic Games as a potential hub for cybercrime. Citing warnings from the French government, the International Olympic Committee, and the Paris Prosecutor’s office, BioCatch outlines the many opportunities for fraud created by the gathering of 10,000 athletes and millions of fans from more than 200 nations, in Paris at the end of July.
BioCatch Director of Global Fraud Intelligence Tom Peacock, said: “Paris expects to play host to more than 15 million tourists during this summer’s Olympic games, generating an estimated $3.75bn in economic benefits. This creates fertile grounds for fraudsters, who will look to take their cut. The spectacle of the Games has the potential to distract both Parisians and visitors from best security practices, making them more vulnerable to fraud.”
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Paris’ chief prosecutor has warned of European and South American gangs specialising in street theft flooding the streets of Paris for the Games
BioCatch warns this could lead to an increase in stolen device fraud, already a growing problem on the continent.
Peacock added: “London experienced a 151% increase in mobile device fraud last year. Most of these stolen devices end up in China, where they’re stripped for parts. But in other instances, thieves have turned into digital banking fraudsters, logging into online banking apps and wreaking havoc.”
Consumers should also expect to see a deluge of Olympics-related phishing attacks, where cybercriminals fill our inboxes with promises of last-minute ticket sales.
BioCatch France Pre-Sales Manager Matthew Platten, commented: “Fraud is a natural selection process. The less skilled fraudsters have already been eliminated from the herd, leaving only the smart ones. We cannot underestimate the creativity of these cybercriminals. They won’t just look to impersonate the Olympic brand. The Games’ sponsors, Coca-Cola, Samsung, and Visa, to name a few, offer fraudsters a wealth of additional phishing and impersonation scam opportunities.”
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