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Weekly Research Highlights – 30 August 2022

For this week’s research article, we dive into new insights on credits, investment, security and crypto. Enjoy researching!

Crypto-crime revenue drops by 65% – report (Finextra)
Revenue derived from cryptocurrency-related crime is down by 65% in the first half of 2022 compared to the corresponding period in 2021. According to blockchain analysis firm Chainalysis, the total revenue for crypto-crime in H1 stands at $1.6bn. In addition, the number of transfers made to illict crypto scams is at its lowest for four years, states the study. Even the biggest scam of the 2022 so far has only brought in $273m, which is less than a quarter of the revenue gained from the largest scam in the first half of 2021. Read more

Underwriting with alternative and cash flow data (Fintech Futures)
For consumers and small businesses, access to affordable credit plays a crucial role in bridging the gap between short-term cash inflows and outflows as well as in supporting long-term financial health. Traditionally, access to credit depended on credit reporting and scoring systems that most financial institutions use to assess applications. This leaves out consumers who may have the ability to pay but are scored low, and young consumers who have not had enough time to build credit. Small business credit is often dependent on the credit worthiness of the business owner rather than the potential of the business, potentially limiting their access to credit. Read more

The UK Is the Only European Country to Have a Four Figure Average Monthly ‘Fraud’ Search Volume (The Fintech Times)
Since March 2020, consumer spending habits have changed significantly, and that includes the way we use our credit cards online. Almost immediately, fraudsters tapped into this and found new ways of taking advantage of this with devious scams and cons that caused a drastic rise in fraud cases. To find out where Europe’s credit card fraud capital is, Merchant Machine researched 19 countries in Europe, analysing the amount of money lost to fraud, the level of fraud risk, and more to find out where this crime is the most prevalent. Read more

Top 5 Credit Card Fraud Capitals of Europe

Country

Fraud value

 per 1,000 cards

Fraud volume per 1,000 cards

Fraud value per 1,000 inhabitants

Fraud volume per 1,000 inhabitants

Fraud Risk Index

Cross border transactions as a share of total transactions

Cross border transactions as a share of total fraud

Average Monthly Search Volume

1

Ireland

€5,145

57

€7,949

88

7.44

23.1%

76.8%

80

2

United Kingdom

€4,259

50

€10,414

123

6.82

11.8%

53.5%

1170

3

France

€5,521

83

€6,716

101

7.36

8.6%

53.5%

280

4

Luxembourg

€1,271

9

€5,919

40

3.7

43.4%

98.7%

20

5

Malta

€2,264

19

€4,148

34

4.02

29.7%

98.2%

20

 

Financial Services Continues To Be Prime Target for Ransomeware Attacks; Barracuda Research Reveals (The Fintech Times
The financial sector was identified as one of the most targeted industries for ransomware cyber attacks in the last 12 months by the latest research from cyber company, Barracuda. Attacks on the financial industry equated to six per cent of the top 106 highly-publicised ransomware attacks recorded since August 2021. The research found that, aside from the financial industry, the education, municipality, healthcare and infrastructure sectors also came under increasing threat. Ransomware attacks on educational institutions more than doubled compared to the previous year, while attacks on the healthcare and financial verticals tripled, and infrastructure-related attacks quadrupled. Read more

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