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Is fraud becoming more personalised? Fraud landscape 2024 deep dive

BPC May 20, 2024 11:49:25 AM

How the digital age has transformed fraud

In 2024, fraud is becoming more common and complex due to increasing digital activity. As we use the internet more for everyday tasks like banking and shopping, the opportunities for fraud grow. Online environments, rich with personal and financial information, provide new avenues for fraudsters to exploit. It's important for everyone to recognize these developments to protect their online security and financial health.


Digitalization increases fraud opportunities

The leap towards digital platforms and services offers unprecedented convenience but also introduces significant vulnerabilities. Cybercriminals quickly exploit these openings, employing sophisticated malware—like ransomware and spyware—to syphon off personal information and infiltrate secure data systems. As digital interfaces become more complex, so too do the methods of attack. Identity theft, once a labour-intensive scam requiring considerable effort, can now be perpetrated with startling ease, thanks to automated tools that scrape personal data from social media platforms and other online sources.


The role of Generative AI in fraud and prevention

Generative AI, a standout in technological advancements, has become a dual-use tool for both cybersecurity teams and fraudsters. For criminals, this technology provides capabilities to mimic voices, forge government documents, and impersonate trusted figures in real-time, all of which can be used to manipulate victims precisely. Conversely, this same technology aids in combating fraud by enhancing anomaly detection systems. These systems monitor for unusual patterns indicative of fraudulent activity and adapt with each interaction, continually improving in accuracy and response speed.


The new types of fraud emerging in 2024

The personalisation of fraud has reached new heights in 2024. Techniques such as spear phishing have evolved into highly targeted attacks that use detailed personal information to craft messages that are almost indistinguishable from legitimate communications. Social engineering tactics have also grown more sophisticated, with fraudsters conducting extensive background research on potential victims to better tailor their deceits. Furthermore, the rise of instant payment technologies has led to an increase in 'authorisation pushing,' where fraudsters trick victims into authorising payments directly, bypassing traditional security measures.


Expanding on AI and digital footprints

With every advancement in AI, the tools at a fraudster's disposal grow more potent. For instance, deepfake technology—once a novel concept—is now readily accessible, allowing criminals to create convincing video and audio recordings of public figures or family members to solicit money or confidential information. On the defence side, AI-driven behavioural biometrics are being deployed to verify identities based on unique user interactions with devices, which are much harder to mimic or steal than passwords.


The importance of staying informed and proactive

The need for vigilance and advanced protective measures becomes important as never before. This involves not only deploying modern technology but also fostering an environment of continuous education and awareness. To aid in these efforts, BPC has released a comprehensive guide titled "The Anatomy of the New Fraudster 2024," which is available for download. This resource offers detailed insights into current fraud trends and effective countermeasures, providing valuable knowledge to help individuals and organisations adapt quickly to the changing tactics of fraudsters. 

By staying informed and proactive we can mitigate the risks and protect ourselves from the financial and emotional damage caused by these crimes. In this digital age, comprehending the intricacies of the 2024 fraud is vital for securing personal and corporate assets against the emerging threats posed by a new generation of fraudsters.

Our guide "The Anatomy of the New Fraudster 2024" provides detailed insights into current fraud trends and effective countermeasures. It offers valuable knowledge to help individuals and organisations . Interested in learning more on how to adapt quickly to the changing tactics of fraudsters? Download the guide