Nov 10 (Reuters) – Criminals repeatedly use the same fraudulent bank accounts to target multiple businesses, highlighting the industrial scale of payment fraud, Patrice Bouexel, president of French payment security firm Sis ID, told Reuters.
Internal data from Sis ID shows that a single fraudulent bank account is used against an average of 34 companies in its network, allowing scammers to multiply the impact of each account they manage to open.
Sis ID monitors bank account information for businesses in more than 190 countries and territories. As of late October, it had identified and blocked more than 14,000 fraudulent International Bank Account Numbers, or IBANs, this year. Bouexel said the scale of the activity pointed to organised criminal networks rather than isolated fraudsters.
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