fraud

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.

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.

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.

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.

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.

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 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.

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.

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.

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.

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.

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.

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.

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.

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.