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.
Lack of automation leaves businesses open to invoice fraud
New research from Ivalua finds that 31 percent of UK businesses have been the victim of invoice fraud in the past 12 months.
Of these, just 39 percent managed to stop the fraudulent transactions before the money was paid out.
Online fraud is a growing problem but businesses are fighting back
Almost 87 percent of respondents to a new survey report an increase in online fraud in the year to April 2024. Just 1.19 percent of respondents saying they experience zero fraudulent IDV (identity and verification) attempts in a month.
The report from Veriff also finds that more than 86 percent of decision-makers say their customers are now more demanding of robust fraud prevention capabilities. This reflects the findings in Veriff's 2024 Fraud Index which found more than 75 percent of consumers consider a company's record on fraud prevention before signing up for a service.
Deepfakes pose growing fraud risk to contact centers
Deepfake attacks, including sophisticated synthetic voice clones, are rising, posing an estimated $5 billion fraud risk to US contact centers, according to the latest Pindrop Voice Intelligence and Security Report.
Contact center fraud has surged by 60 percent in the last two years, reaching the highest levels since 2019. By the end of this year, one in every 730 calls to a contact center is expected to be fraudulent.
Only 60 percent of brands can protect their customers from digital impersonation
More than half of respondents (53 percent) to a new survey say their existing cybersecurity solutions do not effectively address website impersonation attacks, and 41 percent say their existing solutions only partially protect them and their customers.
The study from Memcyco, based on research from Global Surveyz, finds just six percent of brands claim to have a solution that effectively addresses these attacks despite 87 percent of companies recognizing website impersonation as a major issue and 69 percent admitting to having had these attacks carried out against their own website.
The increasing sophistication of synthetic identity fraud
Synthetic identity fraud is most commonly associated with fraud in banking or against credit unions but is often mistakenly overlooked in digital commerce. With fraudsters becoming cleverer about how they use synthetic identities, it’s a tactic that fraud fighters need to watch out for and guard against.
Synthetic identity fraud is when a fraudster takes a piece of real identifying information belonging to a legitimate individual and combines it with other identifying information that is either fake or real but belongs to someone else.
Nearly half don't use mobile security solutions
A new report from Bitdefender shows that 45 percent of consumers don't use mobile security solutions, despite the fact that 78 percent conduct sensitive transactions on their devices.
Based on an independent global survey of over 7,000 consumers, the report looks at top security behaviors, practices and concerns across their digital footprint and lifestyle.
Generation Z is becoming generation fraud
Members of generation Z -- those born in the mid to late 1990s -- are more susceptible to fraud than other age groups and are also committing it at a higher rate.
The latest Digital Trust and Safety Index, released today by Sift, shows that 33 percent of Gen Z survey respondents know someone who has, or have personally, participated in payment fraud, compared to only 10 percent of Baby Boomers.
Emerging technology is creating new fraud risks, but consumer distrust in AI protection grows
ComplyAdvantage has released its annual report, "The State of Financial Crime 2024," focusing on the rising trend of artificial intelligence being exploited for fraudulent activities. The report also reveals that, despite consumer apprehension about AI, many financial institutions are investing in technology to tackle this emerging threat.
According to the report, 66 percent of financial industry respondents view the criminal use of AI as a growing cybersecurity threat, with risks ranging from deepfakes to advanced cyber hacks and AI-generated malware. In response, 86 percent of respondents reported that their companies are investing in new technologies. However, only 53 percent prioritized explaining their AI usage to customers.
Banking apps targeted by multiple malware families
New research from mobile security platform Zimperium has uncovered 29 malware families targeting 1,800 banking applications across 61 countries in the last year.
US banking institutions remain by far the most targeted by financially motivated threat actors. There were 109 US banks targeted by banking malware in 2023, compared to the next most targeted countries which were the UK (48) and Italy (44). The report also noted that trojans are evolving beyond simple banking apps to target cryptocurrency, social media, and messaging apps.
Bitdefender launches free AI-powered scam detector
We know that fraud is on the increase and by their very nature scams can be hard to spot because… Well because they're scams.
Step forward Bitdefender with the launch of a new, free scam detection service designed to help users verify fraudulent online schemes delivered by email, embedded links, text, and instant messaging through collaboration with a chatbot powered by artificial intelligence.
Retail fraud up 700 percent for the holiday shopping season
As we enter the busiest period of the year for retail sales, there's less than cheery news that scraping, loyalty card fraud and payment card fraud have increased by a collective average of over 700 percent as attackers lay the groundwork for holiday sale attacks ahead of retailer security crackdowns.
A new report from Cequence Security finds threat actors are evolving their tactics, opting for a more nuanced approach that spreads attacks across a broader timeframe to blend in with legitimate traffic and evade detection ahead of peak holiday shopping times.
Fighting the next generation of fraud
In today’s digital age, the landscape of fraud is evolving at an alarming pace. Victim profiles, which used to skew heavily toward the elderly and infirm, now include younger, fully functioning adults. In 2022, 20-59-year-olds reported 63 percent of all fraud in the United States. Industries being targeted by fraudsters are evolving as well, and now include those in crypto and gaming.
In the past, most adults were able to see through scams and avoid them. However, the introduction of generative AI has been a game changer, transforming ordinary schemes into highly sophisticated efforts. Generative AI, a subset of artificial intelligence (AI), is making waves in the world of cybercrime. It is a technology that can generate content that is virtually indistinguishable from human-created content. Whether it's producing convincing text, images, or audio, generative AI leverages deep learning and neural networks to create highly realistic and persuasive output at scale. Shady third-world country call centers have been replaced by autonomous AI tools. This capability has become a powerful tool in the hands of fraudsters.
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