Tag: cyber fraud
A Deluge of Powerful Fraud Tactics Are Giving Businesses Trust Issues
It feels like fraudsters are consistently staying one step ahead of us. Back in early 2022, a study found that one out of every four accounts made online was fake—and that number has only gotten worse. The auto lending industry, for example, saw a staggering $7.9 billion in losses due to a 98% spike in synthetic fraud in 2023. They’re not alone in fending off more fraud attempts than ever as malicious actors turn to generative artificial intelligence to increase both the sophistication and the sheer number of fake accounts trying to bypass verification steps and swindle businesses. The increase we’ve seen in synthetic identities is causing a new host of problems. Not only are more businesses finding themselves with fake customers in their systems—financial institutions mistakenly giving credit to synthetic identities, colleges and universities grappling with applications from fake students, and more—but some of the measures being taken to tamp down on fraudsters’ relentless advances have had the unfortunate side effect of pushing away legitimate customers.
US Adults Lose Over $10B to Fraud in 2023 – February 13th
According to the US Federal Trade Commission (FTC), US adults lost over $10B to cyber fraud incidents in 2023, led by investment scams. Marking a historic rise, the rates of US fraud incidents rose by 14% compared to 2022. Leading fraud incidents consist of investment scams, e-commerce fraud, fake prize scams, and business and job opportunity scams.
Cyberattack Shuts Down loanDepot IT Systems – January 8th
In response to complaints regarding its payment portal, loanDepot informed its customers that they fell victim to a cyberattack that shut down its IT systems, disrupting its business operations. Currently in coordination with law enforcement and forensics experts to further investigate the attack. The attack on loanDepot marks the second major cyberattack on a US mortgage loan provider in the past few months, after the cyberattack on Mr. Cooper.
3,500 Cybercriminals Arrested by Law Enforcement – December 21st
Over 3,500 cybercriminals were arrested and $300M worth of assets were seized by Europol, the South Korean government, along with cooperation from law enforcement agencies from 34 countries on a large-scale sting operation labeled "HAECHI IV". The operation spanning from July to December 2023, targeted predominantly email, e-commerce, and investment cyber fraudsters.