As cybercrime continues to increase, We are likely to witness both new and known digital threats rise in 2022. A study by experts from Experian exposes the top five cybersecurity threats worldwide and fraud threats of 2022.
Cyber-related threats are only one part of the puzzle that keeps businesses busy in the digital age of cybersecurity. The majority of companies must be concerned about protecting their finances and staying away from fraud.
“As companies struggle to meet the digital demands from customers as well as dealing with an ever-changing risk of fraud as fraud involving online payments losses expected to reach $206 billion by 2021 to 2025” this report suggests.
By 2022, the raging wave of cybercrime and fraud is expected to continue to grow, leading organizations to be more vigilant about several imminent security threats.
1. Fraud as a Service
Fraud-as-a-service, where the threat actor offers services for carrying out fraud – is now becoming automated. Cybercriminals use computerized voice robots to impersonate businesses and create social engineering for customers. The growth in this type of threat has created additional problems because it reduced the amount of expertise required for a malicious person to commit criminal acts.
“The increasing popularity of scams as a service model has resulted in the growth of scams at a global scale and an entry barrier that is lower for novice scammers who have no expertise in conducting scams,” Russian cybersecurity firm Group-IB claimed.
Experian predicts that by 2022 “a significant portion of fraud-related transactions are initiated by legitimate customers who are socially engineered not only to give data but also to utilize the devices they own to make what they believe to be authentic transactions.”
2. Fast credit fraud
Another type of criminality is associated with quick credit or the “Buy Now Pay Later” or “Buy Today Pay Later” system. A wide variety of merchants permit customers to make an order without paying, which can be practical and risky.
From taking over accounts to using stolen credit cards to repaying credit, the opportunities for fraud can be never-ending. This is not helpful because merchants aren’t subject to any potential for liability from fraud when they deal with existing lenders.
3. Deepfake identity fraud
Identity fraud is not an entirely new phenomenon. Still, threat actors are getting more adept at combining the leak of personal details with information available from social media, the Internet, or social networks.
The advances in AI technology allow cybercriminals to effectively impersonate the voices of consumers and facial features, thereby evading verification checks. They can then use the information available and AI to create new artificial profiles that include documents, facial pictures, and voice cloning to obtain loans and claim social benefits.
This creates new challenges for businesses to authenticate their clients. However, it could also make grave personal and financial risks for individuals. For instance, numerous threat actors target young Internet users to perpetrate fraudulent identity theft using fake identities.
“Cybercriminals are pursuing the profiles of children and students. If a school or education system is compromised, attackers could use the obtained information to create IDs and apply to credit card companies. There’s no record of these individuals or kids,” Carey O’Connor Kolaja, the CEO of AU10TIX.
4. Ransomware attacks
Ransomware exploded during the outbreak, which saw large institutions and crucial infrastructures suffering disruptions and ordered to pay millions of ransom. Experian says using AI could further boost the power of ransomware attacks that leave essential business and customer data exposed.
There’s been plenty of discussion about the efficacy of paying a ransom among journalists. While most insurance companies choose to pay, experts advise that this decision doesn’t just fuel cybercrime but does not guarantee information restoration. The best defense, in this case, is to stop the incident from taking place at all.
A lot of ransomware attacks take place on account of data. The hacker or cybercriminal knows that your systems contain a ton of data. If they are breached then you will end up suffering. It is important that businesses dispose of data in a responsible manner once they are done with it. While you might not have any use of the same, that data can be very valuable to your competitors. Please check out our data destruction services if you do not want someone to end up misusing your data intentionally through a cybersecurity hack.
Often, ransomware attacks are the result of using VPN connections. Hackers can find a leaked password and access a company’s IT systems through an old, inactive VPN account. Without proper access controls and provisioning/de-provisioning of VPN accounts, there is no effective way to manage active vs. inactive VPN accounts or disable them once an account has expired or is no longer in use. While many businesses still use VPNs for all remote access, it’s imperative that all organizations recognize a VPN’s limited capabilities and start looking for alternatives to VPN for remote access, especially when dealing with the specific unique access needs for different types of users.
“It is similar to an intruder wandering through the neighborhood. They are not going to strike the home that may have bars on its windows as much as one that appears to be an easy target,” Jack O’Meara from Guidehouse
5. Marketplace scams
Cybercriminal activity is usually connected to current political and social issues. Experian predicts that following the rise of inflation and the ongoing supply chain issues in 2022, this will be possible to see more instances of fraud in the marketplace as time goes on.
Threat actors try to satisfy market demand by selling fake goods and fill in supply gaps by launching an array of frauds. This means that customers will be charged for products that aren’t there. The number of fake amount sites will likely rise, but there are specific steps you can follow to determine their authenticity.