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The report highlights a 76 per cent surge in phishing attempts and a 42 per cent increase in fake IDs and suspicious biometric transaction detections, signaling a shift towards more sophisticated fraud methods. The use of deepfake technology and generative AI is also on the rise, compounding the threat range.
“Using AI-driven tactics such as deepfake selfies and synthetic identities, organised fraudsters are testing traditional security measures like never before. It says future-proofing means adopting AI-driven validation and multi-layer defences to combat deepfakes, synthetic identities, and emerging threats.
AI-generated deepfakes , synthetic identities and hyper-targeted phishing attacks are just some of the cyberthreats on the rise. As a result of the partnership, SEON will proactively detect deepfake KYC attempts, synthetic identities, and mass-registration fraud before accounts are created through Intergiro.
Fraudsters are exploiting GenAI tools such as large language models (LLMs), voice cloning, and deepfakes to carry out increasingly sophisticated scams that are harder to detect and prevent. Romance fraud: Deepfake images and videos help fraudsters create convincing personas to manipulate victims emotionally and financially.
In the wrong hands, however, it can be incredibly harmful, especially with the emergence of deepfakes. A new survey from iProov , the biometric solutions provider, has revealed the attitudes on the threat of generative AI and deepfakes across the UK, US, Brazil, Australia, New Zealand and Singapore.
However, it is unfortunately being used by both sides as AI-assisted fraud is growing more frequent and more sophisticated according to a new report from the think tank that provides insights to help organizations protect themselves, adapt, and grow, The Entrust Cybersecurity Institute. It is a staggering 1,600 per cent increase since 2021.
Companies in the region report a 28 percent rise in cyber threats, highlighting the urgent need for robust cybersecurity measures. Meanwhile, in a separate incident in Singapore, the cybersecurity landscape saw a significant surge in phishing attempts targeting local entities in 2022.
Recent phishing and fraudulent cases involving multiple banks in Singapore have highlighted the severity of this issue and the urgent need for banks to enhance their security measures. DBS isn’t the only bank making news for phishing scams. US$129,841).
Market intelligence platform CB Insights forecasts that 2024 will focus on sustainable AI operations, creating solutions that stick, addressing societal implications, and shifting cybersecurity paradigms. Finally, it highlights the rise of AI-powered cyberattacks, with deepfakes and email phishing attacks increasing substantially.
Such uncertainty is unwelcome in cybersecurity and fraud. This potential evolution compounds the circumstances regarding how the technology will impact fraud and cybersecurity measures, presenting significant risks and transformative opportunities. These advancements have changed the way we approach cybersecurity and fraud detection.
” Slipping through the cracks Increasingly sophisticated tactics, such as fake invoices, deepfake media, and phishing scams – driven by generative AI – have made attacks more convincing and harder to detect.
Deepfakes and threats of AI Such activity could lead to identity theft, which IDnow believes should be a concern to the UK public, especially given the rise in deepfake technology. Developments in generative artificial intelligence (AI) mean deepfake technology can now be used to create hyper-realistic fake documents.
A majority of these funds were stolen through private key compromises, phishing schemes, and decentralised finance (DeFi) exploits. They are currently leveraging AI-driven chatbots and deepfake technology to create more convincing frauds. Asia-based crypto exchanges have not been immune.
Fraudsters are leveraging artificial intelligence (AI) tools like voice cloning and deepfakes to create highly convincing fake audio or video messages to deceive victims into transferring money or revealing sensitive information. This leaves many vulnerable to sophisticated AI-powered attacks like deepfakes and voice cloning.
This will result in improved efficiency and security, but it will also involve the challenge of adhering to evolving regulatory guidelines and cybersecurity measures. First is an expected uptick in utilising AI for more complex processes, like data analysis and fraud detection.
Verizon Business estimates that 74% of data breaches are down to individuals being absent-minded or tricked by social engineering attacks such as phishing emails. The diagram below shows the typical sequence of actions that phishing attackers take when carrying out social engineering attacks. The answer is security awareness training.
AI: Fighting the emerging threat Two-thirds (66 per cent) of financial industry respondents think the use of AI by fraudsters and other criminals poses a growing cybersecurity threat. Risks include deepfakes, sophisticated cyber hacks, and the use of generative AI to create malware.
In fact, 71 per cent of respondents named it as the number one issue, particularly in automated attacks and deepfake technologies. Seventy-three per cent of respondents expect an uptick in these types of fraud: phishing, synthetic fraud, identity theft, account takeovers (ATO) and money-laundering.
Investments in cybersecurity will increase to tackle this emerging threat while hackers are having a field day leveraging it for everything from phishing attacks and password cracking to producing malware and deepfakes.”
Ninety-five per cent of cybersecurity professionals agree theyve noticed an increase in this style of attack in the past two years. Simplistic email attacks are evolving into 3D phishing, seamlessly integrating voice, videos or text-based elements to create AI-powered, advanced scams. “Cybersecurity awareness is critical.
Here are some examples of how criminals are exploiting Gen AI for their gain: Deepfake voice and video scams: AI-generated deepfake voices and videos are being used to impersonate executives, bank representatives, or family members, convincing victims to transfer money or reveal sensitive information.
You’ll learn about cybersecurity trends to watch and high-momentum startups with the potential to shape the future of security. Automated laser phishing. The term deepfake first appeared on Reddit when an anonymous user known as “deepfakesapp” released the first version of the technology in December 2017.
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