COVID-19 has significantly accelerated the adoption of digital technologies across industries. Be it digital account opening, mobile banking, multiplayer gaming, e-commerce, or mobile payments—the pandemic has forced organizations and consumers to go digital.
The explosive growth in digital engagement has also led to an undesirable outcome: a sharp increase in cyber fraud. Scamsters are increasingly prying on unsuspecting first-time digital users. Identity fraud—derived on the back of credentials stolen through a massive number of phishing attacks—has gone up significantly compared to previous years. SIM swaps and account takeovers are now more common than ever before.
Here are some telling numbers on cyber fraud seen rising since the onset of COVID-19.
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AI tools can autonomously generate threat detection queries, sift through vast amounts of data, and pinpoint potential threats without manual intervention.
Deepfakes, while not entirely new, have reached a level of sophistication that challenges businesses that are trying to deliver frictionless digital onboarding to their users.
The Federal Trade Commission (FTC) received reports of a significant increase in SIM swap attacks in 2023, and Experian's 2024 scam forecast identified SIM swapping as one of the top threats, emphasizing the need for heightened awareness and preventive measures.
