Is Catfishing the Next Big Cybersecurity Crisis? Uncovering Digital Deception in the Post-Truth Era

And if so - what can we do to not become a victim...

I do love getting asked to be an AI and tech expert guest for radio and TV . So it was lovely to go on the BBC Radio to discuss the rise and rise of “catfishing”. Sadly not a lovely topic to talk about — as it really is a horrible and traumatic crime that is sadly on the increase…

In the digital age, we often talk about cybersecurity threats like phishing, hacking, and economic scams — with those increasing due to AI. As I talked in my keynote about AI, technology and the future of work about at the Stone CyberSecuritySummit this year.

However, a silent but equally dangerous phenomenon is lurking online — catfishing. While the term “catfishing” might evoke thoughts of romantic deceptions, its impacts extend far beyond dating platforms.

It has evolved into a sophisticated scam, affecting individuals and businesses alike, including professional networks like LinkedIn. As we navigate this “post-truth online world,” it’s vital to adopt a mindset similar to the “Digital Green Cross Code” (TM) — an approach to staying safe and informed online. Something I have been campaigning about for years… But back to the modern day problem..

The Rise of Catfishing: A Multi-Faceted Threat

Catfishing involves creating fake online identities to deceive people. While initially associated with dating scams, it has permeated multiple areas, including professional networks, social media, and even business platforms. According to recent statistics:

23% of social media users report having been catfished at least once.

Which is amazing as a quarter of us. With the most likely victims being aged between 45–55 and unlike what you might first think — more men than woman get catfished.

These scams have led to an astonishing financial loss of $1.45 billion, highlighting just how prevalent and damaging they can be.

The COVID-19 pandemic brought a surge in catfishing cases, increasing by 65% as people turned to online platforms for social connections. Today, 83% of catfishing incidents occur on Facebook, but other platforms like Instagram (37%) are also seeing a steady rise.

In fact, LinkedIn has recorded a 37% increase in catfishing attempts from 2020 to 2023, with scammers targeting professionals to extract financial information or personal data under the guise of business ventures.

Something I talked about on the radio. Full interview here…

The Role of AI in Empowering Catfishers

Artificial Intelligence (AI) has become a double-edged sword. While it brings numerous benefits, it has also facilitated the rise of online scams. Deepfake technology and AI-generated images enable scammers to create highly realistic fake personas, complete with convincing photos and detailed backgrounds.

AI-driven chatbots can mimic human conversations, making interactions seem genuine, and data scraping tools allow scammers to target specific individuals with tailored messages, making their approaches more effective and harder to detect.

This evolution has led to a new breed of catfishers who are more skilled and strategic. They can easily adapt to their targets’ preferences, interests, and vulnerabilities, leading to a deeper level of deception. The emotional manipulation, which has always been a part of catfishing, is now supplemented by digital sophistication.

How Catfishing Scams Operate

Catfishers operate with patience, often taking weeks or even months to build trust. Remember:

“The average scam takes 146 days. And that’s the AVERAGE.” (Dan Sodergren 2024)

Scammers are in it for the long game. They will take months to lure you in. Their goal is to move conversations from public platforms like Facebook, Tinder, or LinkedIn to private messaging apps such as WhatsApp.

Once in a private chat, they can avoid platform security measures, making it easier to manipulate their targets. On dating apps, 55% of users report encountering fake profiles, demonstrating how common this problem is.

The typical modus operandi involves building a rapport, expressing affection or shared interests, and eventually asking for money or investments. Sometimes, they pose as business associates on LinkedIn, offering too-good-to-be-true investment opportunities. Alarmingly, the average scam lasts around 146 days before the victim realizes they have been deceived, by which time the damage — financial or emotional — has already been done.

Catfishing in the Professional Sphere: The LinkedIn Problem

LinkedIn, a professional networking platform, has seen a significant rise in catfishing attempts. Between 2020 and 2023, these catffishing incidents increased by 37%, as scammers shifted their focus from personal scams to professional deception. Business scams on LinkedIn often involve creating fake profiles that appear to be reputable professionals. These scammers then connect with real users, establish trust, and lure them into investing in fake business ventures or sharing sensitive information.

Given that LinkedIn is widely used for job hunting, networking, and business deals, the risks extend beyond individual losses. Companies could find themselves victims of data breaches or fraudulent business arrangements. Just as businesses invest in protecting their networks from hacking and phishing, they now need to recognize the threat posed by catfishing scams.

Recognizing and Avoiding Red Flags

To navigate the “post-truth online world,” awareness and vigilance are essential. Here are some common red flags to help identify catfishers:

Requests for Money: Be cautious if someone you met online, especially on a professional platform, asks for money or investments. Even for small amounts of money — believe me they will get more and more…

Frequent Changes in Contact Information: Scammers often change email addresses or phone numbers to avoid detection.

Vague Details or Inconsistencies: Scammers might provide inconsistent stories or avoid answering specific questions about their backgrounds.

Too Good to Be True Opportunities: Be wary of investment or business deals that promise high returns with minimal risk.

Urgency and Secrecy: If someone urges you to act quickly and keep things confidential, it’s a sign to proceed with caution.

These warning signs, while not exhaustive, can help users remain vigilant and avoid falling prey to scams.

The Emotional Toll of Catfishing

Catfishing does more than just drain bank accounts; it has a profound emotional impact on victims. Approximately 33% of those who have been catfished report suffering from depression or anxiety. The psychological manipulation involved can erode a person’s self-esteem and trust in others, leaving lasting scars. For businesses, falling for a professional catfishing scam can damage reputation and erode trust within teams.

A NEW “Digital Green Cross Code” (?)

Just as we teach children to “stop, look, and listen” before crossing the road, we must adopt a similar approach to our online interactions. This “Digital Green Cross Code” involves:

Stop: Before engaging with someone new online, take a moment to pause and reflect. Consider if the situation seems too good to be true or if there are inconsistencies.

Look: Investigate the profile carefully. Look for signs of authenticity, such as verified accounts, consistent details, and a genuine digital footprint. Use reverse image searches to check if the photos appear elsewhere online.

Dan Sodergren as Digital Green Cross Code Man - This picture is NOT real…

A Vigilant Future

Catfishing has evolved into a sophisticated scam, leveraging modern technology to deceive and manipulate victims across various platforms. With the integration of AI, scammers can create fake personas that are hard to distinguish from real ones.

As businesses and individuals become more reliant on digital platforms for connections, it’s critical to recognize that catfishing is not just a dating scam — it’s a cybersecurity threat.

By adopting the “Digital Green Cross Code,” we can cultivate safer online habits, protect our personal and professional identities, and reduce the risk of falling prey to these deceptive tactics. Just as we wouldn’t cross a busy street without looking, we shouldn’t venture into the digital world without taking measures to ensure our safety.

In a world where truth can be easily manipulated, vigilance, awareness, and caution are our best defence.

Stay informed, trust your better / deeper instincts, and remember:

“If something seems too good to be true, online, it probably is offline too.”(Dan Sodergren 2024)

?

This book, also, isn’t real…

Further Reading and watching

Dan Sodergren on the radio talking about AI and the increase in cat-fishing

Keynote speaker on AI, tech and the future of work

Stone Cyber Security Summit — 19th September 2024 | Stone Group

A Call to Action for Every Business At The Stone Group’…

Social Media Cat fishing: Statistics, Facts and Trends Guide for 2024

?