Psst, wanna be a fraudster? Ordinary consumers are being lured into cybercrime
A new report from Sift reveals an alarming democratization of cybercrime, with 34 percent of consumers seeing offers to participate in payment fraud online, an 89 percent increase over 2024.
The report details how fraudsters openly advertise and sell stolen payment information and fraud services on social media platforms and deep web forums like Telegram, significantly lowering the barrier to entry for anyone to participate in fraudulent activities.
"The democratization of fraud through the widespread availability of stolen payment information and validation tools -- easily found and purchased online -- is luring ordinary consumers into cybercrime," says Kevin Lee, SVP of customer experience, trust and safety at Sift. "This new reality for fraud demands a fundamental shift in how businesses approach risk decisioning, moving beyond fragmented data points and using a framework that puts identity insights as the core tenant for establishing trust.”
The report details the appearance of 'Silver Bullet Configs', a service found on Telegram that provides users with device configurations that allow them to bypass security measures on many digital platforms. These configurations equip individuals with the ability to test compromised payment information and login credentials with minimal technical expertise.
Younger consumers are significantly more likely to engage in payment fraud. Among those who personally participated in or know someone who has participated in payment fraud (23 percent of all surveyed consumers), 32 percent of Gen Z and 43 percent of Millennials admit to personally participating in payment fraud schemes.
Ticketing and reservations are most targeted with 7.4 percent attack rate, social media (5.2 percent) transportation (4.8 percent) and payment service providers (4.7 percent) come next. It’s alternative payment methods that face higher fraud risks, with loyalty points (6.19 percent), financing options (5.15 percent), and prepaid cards (four percent) experiencing the highest fraud rates among payment types. By contrast traditional payment methods like credit cards (1.31 percent) and debit cards (1.6 percent) see comparatively lower fraud rates.
The full report is available from the Sift site.
Image credit: Elnur_/depositphotos.com