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.
Mitigating fraud risks when expanding internationally
Global expansion is the way forward for businesses looking to upscale in 2023 and beyond. The past few years have laid the foundation for international expansion, and now more and more merchants are embracing the opportunities.
But as they’re venturing into new markets, certain challenges appear along the way. One of them is cross-border payment. While businesses might be familiar with the fraud situation in their home market, new territories present new fraud obstacles. Here is why fraud familiarization is key to success and what are the fraud profiles of some of the major markets.
AI boosts growth in 'synthetic' identity fraud
A new survey of 500 financial executives in the US shows a 17 percent increase in 'synthetic' identity fraud cases over the past two years, with more than a third of professionals reporting a significant surge of 20 to 50 percent.
The study by Wakefield Research for Deduce finds that despite the industry investing in fraud prevention, 52 percent of experts believe that fraudsters are adapting faster than defenses can keep up.
Mission data privacy: Empowering consumers in an era of rapid change
Whether browsing online for clothes or catching up on the latest news, we’ve all had that unwanted internet cookie pop-up appear. At face-value they may seem harmless, but cookies are a goldmine of private information, posing a serious risk to your data privacy. Today, consumers face a new predicament surrounding attitudes toward their valuable data. When personal data is stolen by a cybercriminal, that offense is the online equivalent of a physical robbery, but the severity of data theft is being overlooked.
From a regulatory standpoint, concerns over data privacy have prompted stricter actions from governments and organizations globally as they try to grapple with the challenge of striking a balance between data security and user privacy. Now, in response to increasingly sophisticated criminal tactics, there must be a shift from slow, reactive regulation towards adopting more proactive strategies that both anticipate and mitigate against potential risks. This will be key to shaping a secure, privacy-conscious future.
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