These are some of the ways in which cybercriminals may strike in 2024
DUBAI, January 16, 2024
A global communications consultancy has raised a red flag over cybercriminals becoming more sophisticated and widespread.
Montieth & Company says, in 2024, cybersecurity experts will juggle mounting challenges such as the impact of added regulatory pressure in many parts of the world, the persistent issue of synthetic identity fraud, the malicious use of artificial intelligence (AI) and the increasing interconnected and cross-border nature of fraud attacks.
LexisNexis Risk Solutions has identified key trends expected to shape the global fraud landscape in 2024, including the following:
Explosion of use of synthetic identities: Criminals are exploiting the rise in popularity of digital banking and ecommerce to open new fraudulent accounts with synthetic identities, which combine real and fabricated information.
Tackling synthetic fraud is a complex challenge that will be an escalating priority in 2024.
About 48% of retailers and 53% of financial services institutions state that the rise of synthetic identities is the top contributing factor in making identity verification difficult in online channels. 50% of companies in EMEA reported an increase in synthetic identity fraud in 2023.
Additionally, $81,000 to $98,000 is the average loss from an undetected synthetic identity fraud.
Increased use of AI by criminals will require new risk mitigation tactics
The use of artificial intelligence with malicious intent is reshaping the fraud and risk landscape, increasing the efficacy of fraudsters' efforts and posing new challenges for establishing and proving someone’s identity.
About 66% of cybersecurity professionals detected deepfake attacks in their organisations in 2022. Additionally, 90% of online content is estimated to be synthetically generated by 2026. 38% of large companies in EMEA and the US experienced deepfake fraud in 2023, resulting in losses of up to $480,000.
Increased use of behavioural intelligence to tackle complex fraud
Behavioural biometrics is becoming an essential tool for businesses and organisations to build trust with consumers and reduce increasingly sophisticated fraud.
Businesses that want to elevate their fraud prevention strategy and defend against sophisticated scams are embracing behavioural biometrics.
Behavioural intelligence can be applied at any point in the user journey, acting as a defence against some of the most challenging varieties of scams aimed at consumers, such as APP scams and remote access scams, as well as other complex forms of fraud. – TradeArabia News Service
