The fraud landscape, including phishing, malware, and brand abuse, remains consistent year after year. However, fraudsters consistently refine their techniques, prompting the evolution of fraud threats and the corresponding adaptation of mitigation strategies, influenced by current events and technological advancements. I was going through a report on Global Fraud Trends and found very interesting yet concerning facts:
- Trojan attacks saw the most significant year-over-year increase in attack volumes, fueled by sophisticated phishing techniques. The Malware events have increased by 120% making Malware-as a service a prominent cybersecurity threat.
- Phishing attacks have surged by 5% in 2024.
- Brand Abuse attacks have reduced by 7.7%.
- Rogue mobile app attacks have significantly reduced by 25%.
- While the observed fraud volume increased by 108%, malware attacks experienced an astonishing growth of 4,000% or 40 times, partly driven by the rise of malware targeting mobile channels.
- There has been a considerable increase in mule activity over Real-Time Payments rails by 57%.
- There is an increase in ATO activity over Real-Time Payments rails by 71%.
- APP Fraud has increased by 62% over Real-Time Payments rails.
I will be discussing these trends in detail in the upcoming editions of my newsletter. For valuable tips and insights on safeguarding yourself and your business, subscribe to my newsletter.
