Paris Olympics offers bounty of opportunities for cybercriminals and fraudsters

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Jul 18, 2024, 02:00 ET

Officials warn of spike in phishing attacks, ticket and rental scams, mobile device theft, and more

PARIS, July 18, 2024 /PRNewswire/ -- A new report released today 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 – the global leader in digital fraud detection and financial crime prevention powered by behavioral intelligence – 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.

"Paris expects to play host to more than 15 million tourists during this summer's Olympic games, generating an estimated $3.75 billion in economic benefits," BioCatch Director of Global Fraud Intelligence Tom Peacock said. "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."

Paris' chief prosecutor has warned of European and South American gangs specializing 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.

"London experienced a 151% increase in mobile device fraud last year," Peacock said. "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 (if they aren't already seeing) a deluge of Olympics-related phishing attacks, where cybercriminals fill our inboxes with promises of last-minute ticket sales.

"Fraud is a natural selection process," BioCatch France Pre-Sales Manager Matthew Platten said. "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."

Other key report findings:

A decline in total fraud losses in France means French banks are winning, right? Not so fast: Total digital banking fraud losses rose 9% in France last year, accounting for more than 70% of all large-value fraud in the nation.
Social engineering No. 1 threat: Fake bank advisor scams and other social engineering attacks pose the greatest challenge to French banks in 2024.
Scams vastly underreported: The Observatory for the Security of Payment Means estimates less than half of known fraud in France is reported to French police.
Digital banking dominant: Already 94% of the French population use digital banking, increasing the nation's risk and exposure.

"Fake bank advisor scams play on the emotions of their victims," BioCatch France Sales Manager Dominique Ango said, "offering retail-banking customers convincing – but fake – warnings their hard-earned money is in danger if they don't take some action immediately. Naturally, we all want to protect our money wherever and whenever possible, but those who follow the advice of these scammers unwittingly transfer their money away to a criminal, often to lose it for good."

Click here to access BioCatch's complete 2024 Digital Banking Fraud Trends in France report.

About BioCatch:

BioCatch stands at the forefront of digital fraud detection, pioneering behavioral bintelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, more than 30 of the world's largest 100 banks and 196 total financial institutions rely on BioCatch Connect™ to combat fraud, facilitate digital transformation, and grow customer relationships. BioCatch's Client Innovation Board – an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank – collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 92 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, please visit www.biocatch.com.

Media contact:
Jay Jones
[email protected]

SOURCE BioCatch