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.
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.