Financial institutions, retailers and mobile wallet providers struggle to keep up with changing fraud patterns. Fraudsters have become increasingly more sophisticated, creating networks around the world that run like legitimate businesses, for the sole purpose of perpetuating mobile fraud.

Today, fraud is managed like a high-tech operation, with multiple hired professionals at different organizational levels.

Organized-crime-like fraud syndicates hire professionals with coding skills, distribution capabilities, money mules and fraud specialists who have access to stolen credentials, hacked smartphones and fraudulent SIM cards. The result is an advanced network of fraudsters with diverse and cutting-edge tools and schemes.

Today’s mobile fraud takes on numerous forms. Account takeover has become a growing trend fueled by a rise in large-scale data breaches and an increasing amount of PII available on the dark web.