Surge in AI fraud leads to revenue losses
A new report reveals that 73 percent of UK fraud professionals report that online fraud has negatively affected their company's revenue in the past year.
The UK Fraud Industry Pulse Survey from Veriff shows 72.5 percent of businesses have seen an increase in online fraud over the past 12 months.
Automated bot attacks surge ahead of US election
Automated bot attacks targeting social media platforms have surged in the lead-up to the US presidential election, with the sector accounting for 28 percent of all attacks in Q3, up from just three percent in Q1.
The latest identity fraud report from AU10TIX shows an increasing industrialization of identity fraud, with bad actors launching automated mega-attacks using thousands of false identities targeting payments, crypto and social media companies all over the world.
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.
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.
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.
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.
Malwarebytes launches ID theft protection for consumers
This week Malwarebytes has launched a new identity theft protection solution aimed at individuals, helping them secure their digital identities and defend against identity and online threats.
Called -- imagine how many meetings it must have taken! -- Identity Theft Protection, it includes real-time identity monitoring and alerts, robust credit protection and reporting and live agent-supported identity recovery and resolution services, all backed by up to a $2 million identity theft insurance policy.
Organized ID fraud increases 44 percent
Identity management company AU10TIX has released its latest Global Identity Fraud Report, based on insights from millions of transactions processed in 249 countries from April to June 2023.
It finds there has been a 44 percent increase in organized ID fraud in North America compared to preceding quarters. This upsurge is believed to be driven by the ongoing economic recovery and inflationary pressures, particularly in the US market, which are emboldening professional ID fraud syndicates.
Stolen identities remain top cybersecurity threat
Stolen identities continue to cause massive breaches, exposing 1.5 billion user records and costing businesses an average of $9.4 million per breach in 2022, according to a new report.
The ForgeRock 2023 Identity Breach Report shows that attackers continue to target credentials and use them as a stepping stone to infiltrate an organization across industries and geographies. What’s more and AI is making it more difficult for the average human to identify threats.
Think you can spot a deepfake? Think again
A new study from Jumio reveals that 52 percent of global respondents believe they could successfully detect a deepfake video.
However, the report's authors believe this reflects over-confidence on the part of consumers, given the reality that deepfakes have reached a level of sophistication that prevents detection by the naked eye.
Deepfakes become the leading form of fraud
New research from verification platform Sumsub shows that the proportion of deepfakes in North America more than doubled from 2022 to Q1 2023.
The proportion of deepfakes jumped from 0.2 percent to 2.6 percent in the US and from 0.1 percent to 4.6 percent in Canada, respectively. Simultaneously, printed forgeries, which represented four to five percent of all fraud in 2022, dropped to zero percent in the last quarter.
How likely are you to be a victim of identity theft?
It's human nature to have an, 'it can't happen to me' approach to life's mishaps, whether it's being involved in a traffic accident or falling victim to cybercrime.
But of course these things do happen to someone. When it comes to identity theft, Home Security Heroes has taken a more scientific approach to determining how likely you really are to become a victim.
Big but not so clever -- ID fraudsters go for quantity over quality
A new report reveals that 'less sophisticated' fraud -- in which doctored identity documents are readily spotted -- has jumped 37 percent in 2022.
The report from Onfido also shows that while in 2019 fraudsters tended to keep regular office hours, in 2022, fraud levels were consistent across 24 hours, seven days a week. Thanks to technology, fraudsters are more connected across the globe and are able to traverse regions and time zones, and can easily take advantage of businesses’ closed hours when staff are likely offline.
Identity fraud doubles in crypto and banking sectors
The crypto and banking sectors both experienced a nearly two-fold increase in identity fraud in 2022, according to a new report from verification platform Sumsub.
The report also finds that over half of all fraud cases happened in just five countries: Bangladesh (22 percent), Pakistan (15.2 percent), Vietnam (8.1 percent), Nigeria (5.4 percent) and the USA (5.1 percent).
If your name is Michael Smith and you're from Houston you could be a fake
New research from identity verification company Socure looks at patterns surrounding how fraudsters construct synthetic identities to identify factors that may assist in identifying and thwarting this kind of crime.
The study shows that criminals employing synthetic identities do their best to blend them with the overall population. So in the majority of cases, synthetic identities fell into the most common demographics and consumer traits.
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