Deepfake fraud attempts grow over 2,000 percent
Financial institutions are facing a significant increase in deepfake fraud attempts, which have grown by a staggering 2,137 percent in the last three years.
Data from Signicat based on responses from 1,200 people in the financial and payment sectors across seven European countries, including the UK, shows that account takeover is the leading type of fraud their customers are exposed to, followed by card payment fraud and phishing.
A new age of fraud: building resilience against adversary-in-the-middle attacks
From phishing scams to business email compromise, fraud is continually evolving and cybercriminals are using increasingly refined tactics to exploit vulnerabilities. Adversary-in-the-middle (AiTM) attacks are also rapidly emerging as an advanced technique that poses pervasive physical and digital risk across industries. In fact, recent research shows a 46 percent increase in AiTM attacks compared to 2023.
Staying ahead of these tactics is increasingly important as fraud becomes more complex. Before we delve into how to actively prevent fraud, we need to firstly explore the nature of AiTM attacks and then look at what’s fueling this increase in fraudulent activity.
Fraud-as-a-Service allows cybercriminals to launch complex attacks with minimal skills
User-friendly fraud kits that enable amateurs to execute complex attacks against thousands of accounts in minutes are widely available on the dark web according to the latest 2024 Report on Global Identity Fraud from AU10TIX.
FaaS platforms provide all the tools, templates and automation that fraudsters need, including deepfake generators to create synthetic selfies and videos, botnets to automate mass-scale account creation and takeover, and phishing kits for email and web-based scams.
Deepfakes, workforce fraud and phishing incidents on the rise across businesses
Half of businesses have reported a growth in deepfake and AI-generated fraud, alongside rising biometric spoofs and counterfeit ID fraud attempts, according to the 2025 State of Identity Fraud Report, released today by AuthenticID.
The report analyzes internal proprietary data anonymized from AuthenticID's identity verification and fraud detection technology. When paired with insights from annual fraud surveys of both fraud and technology professionals as well as consumers in North America, the report offers a comprehensive view of the fraud landscape.
Scam eCommerce sites became a major threat in 2024
A new report from Recorded Future's Inskit Group looks at the emerging and evolving key fraud threats in the payments industry.
It identifies nearly 1,200 scam website domains linked to networks of scam merchant accounts. Most of the scam merchant accounts discovered were registered in the United Kingdom and Hong Kong, and scam tactics, techniques, and procedures (TTPs) grew more subtle and sophisticated throughout the year.
Identity issues cost retailers millions
As we approach the peak holiday shopping season a new survey of nearly 400 IT security decision-makers and retail customers from identity specialist HYPR shows that 58 percent of retail organizations experienced at least one authentication-related breach and 65 percent were victims of identity fraud over the last 12 months.
Retailers have suffered losses of up to $6.27 million in the last year alone due to insecure authentication methods. By contrast financial institutions reported only $4.57 million lost during the same period.
Businesses not confident in their ability to detect deepfakes
Nearly half of businesses admit they are only partially confident in their ability to detect deepfakes, leaving them vulnerable to escalating fraud risks according to a new report.
The report from identity solutions company Regula shows 59 percent of businesses consider video deepfakes a serious threat, while 58 percent feel the same about audio deepfakes.
New solution helps prevent account takeovers
Account takeover attacks have increased 24 percent in the second quarter of 2024 compared to the same period last year, according to AI-powered anti-fraud platform Sift.
Account takeovers accounted for losses of almost $13 billion in 2023. To combat the problem Sift’s latest quarterly product update feature an enhanced solution to protect businesses from ATO fraud throughout the entire consumer journey.
49 percent of global businesses targeted by deepfakes
A new report from Regula reveals that 49 percent of businesses globally have experienced deepfake scams involving either audio or video -- almost doubling the number of incidents since 2022.
The survey, of 575 business decision makers, shows a significant rise in the prevalence of video deepfakes, with a 20 percent increase in companies reporting incidents compared to 2022.
Tackling the business threat posed by deepfakes [Q&A]
AI has become an undeniable and powerful part of the digital landscape. It makes systems stronger and more automated -- but it also has the potential to present a threat.
Some 80 percent of executives believe deepfakes pose a risk to their business, yet only 29 percent say they have taken steps to combat them. We spoke to Patrick Harding, chief product architect at Ping Identity, to discuss the security threats posed by AI and the need to take steps to properly secure identity by adding additional layers of protection.
Deepfake fraud is on the rise say business leaders
Over half of C-suite and other executives (51.6 percent) expect an increase in the number and size of deepfake attacks targeting their organizations' financial and accounting data in the next year.
A new Deloitte poll shows that increase could impact more than one-quarter of executives in the year ahead, as those polled report that their organizations experienced at least one (15.1 percent) or multiple (10.8 percent) deepfake financial fraud incidents during the past year.
Why a 'Swiss cheese' approach is needed to combat deepfakes [Q&A]
Deepfakes are becoming more and more sophisticated, earlier this year a finance worker in Hong Kong was tricked out of millions following a deepfake call.
With the deepfake fast becoming a weapon of choice for cybercriminals, we spoke to Bridget Pruzin, senior manager -- compliance and risk investigations and analysis at Convera, to learn why she believes a 'Swiss cheese' approach, layering controls like unique on-call verification steps and involving in-person verification, is crucial to effectively defend against these scams.
Fraudulent transactions increase over 70 percent
Fraudulent transactions in the first half of 2024 were up over 73 percent year on year, and suspected fraudulent transactions increased by over 84 percent, according to the 2024 Mid-Year Identity Fraud Review, released today by AuthenticID.
The report also looks at the latest trends including a surge in AI-enabled fraud, as well as the increased use of deepfakes for identity fraud tactics like account takeover attacks and injection attacks.
Most consumers ready to switch banks over fraud protection measures
A new study reveals growing anxiety among consumers that weaknesses in their banks' fraud-protection measures could leave them exposed to scammers, this would result in the vast majority (75 percent) switching providers.
For the report from Jumio sampled the views of more than 8,000 adult consumers, split evenly across the UK, US, Singapore, and Mexico, with research carried out by Censuswide.
Businesses regularly face AI-driven fraud
A new report finds that 76 percent of fraud and risk professionals believe their business has been targeted by AI-driven fraud, with over half reporting this type of fraud happening daily or weekly.
The study, from anti-fraud platform Sift, finds the emergence and increased adoption of AI tools, including publicly available chatbots, enables cybercriminals to conduct scalable fraud attacks against both individuals and businesses.
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