Security News > 2024 > February > Fraudsters have found creative ways to scam some businesses

70% of businesses report that fraud losses have increased in recent years and over half of consumers feel they're more of a fraud target than a year ago, according to Experian.

Experian predicts fraudsters will use generative AI to accelerate "Do-it-yourself" fraud with a wide range of deepfake content, such as emails, voice and video as well as code creation to set up scam websites and perpetuate online attacks.

With a rise in online shopping, fraudsters have found creative ways to scam some retailers and small businesses.

From fake GoFundMe campaigns, social media giveaways, investment opportunities and text fraud, fraudsters are employing new methods that strike an emotional response from consumers with cause-related asks or too-good-to-be-real offers to gain access to consumers' vital, personal information.

"The speed and complexity of fraud attacks due to new technology and sophisticated fraudsters is leaving both businesses and consumers at risk in 2024," said Kathleen Peters, chief innovation officer at Experian Decision Analytics in North America.

"At Experian, we're constantly innovating to deliver data-driven solutions to help our customers fight fraud and to protect the consumers they serve. Now more than ever, businesses need to implement a multilayered approach to their identity verification and fraud prevention strategies that leverages the latest technology available."

News URL

https://www.helpnetsecurity.com/2024/02/19/2024-fraudulent-activity/