Tag: verification
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.
Android Malware Posing as WhatsApp, Instagram, and Snapchat – May 15th
The SonicWall Capture Labs team reported on threat actors developing malicious, fake Android apps to impersonate Google, Instagram, Snapchat, WhatsApp, and X. When downloaded by victims and once permissions have been granted to use them, illegitimate apps aim to steal sensitive data from Android devices, such as contacts, text messages, call logs, and passwords.