Digital fraud is on the rise: 6 ways to prevent it

(BPT) – Are you more worried about fraud than you were a few years ago? According to Telesign's 2024 Trust Index Report, nearly 60% of people worldwide and nearly half of all Americans are more afraid of becoming a victim of fraud than they were two years ago. Not only do we need to remain vigilant against traditional forms of digital fraud, but there are also increasing global fears fueled by the rise of artificial intelligence (AI).

This is neither a vague fear nor an empty threat. People are more afraid of fraud because there is more fraud, period. Considering that we have to watch out for data breaches, online attacks, phone scams, phishing, and bank and mail fraud, just to name a few, if you're not worried, you're not paying attention.

According to Trust Index, nearly a third of people in the U.S. have been victims of fraud in the last three years. Most of them said it happened in the last six months alone. This increase is worrying. Part of the problem comes from the fact that fraud tactics are rapidly evolving, especially in this new era of AI. The report found that 68% of Americans believe they or their family members are vulnerable to digital fraud. The most common scam tactics include:

Phish. This is when you receive an email, text message, or call from a scammer claiming to be from a legitimate company or organization. For example, you may receive a “notification” that you need to update your information. A link in the email leads to a fake website that resembles the real thing. Generative AI has enabled fraudsters to amplify phishing attacks.

Social engineering. In social engineering attacks, fraudsters combine publicly available information with manipulative tactics to pressure you into providing sensitive identification information. Criminals often begin their attacks by gathering information about their targets on social media and websites. They then contact you directly and pretend to be a trusted connection, such as your employer. The combination of these tactics can quickly lead to compromised credentials and the possibility of account takeover, which can lead to damage and theft.

Fake accounts. This is one of the most disturbing aspects of AI. According to the Trust Index, 14% of people believe they have recently come into contact with deep fake videos or voice clones, and this number is expected to increase in the future. While technology companies are making advances in how quickly they can identify, label and remove AI-generated images and videos from the digital world, not enough attention is being paid to how this content is distributed. One of the main ways is through fake accounts, both online and through social media.

While artificial intelligence and machine learning (ML) offer benefits to many businesses and consumers, they have also ushered in a new era of sophisticated tools that make fraud easier. As companies fight to protect you and your personal data from malicious actors, they are learning that it is often necessary to leverage the same AI and ML capabilities to defend against them.

How can you best protect yourself from fraud in this rapidly evolving AI landscape? Here are six tips from Telesign:

Use two-factor authentication whenever it is available. Having to deal with the consequences of identity theft will be even more annoying.

Use antivirus software to help protect your personal information. It scans for and detects malware that could infect your computer.

Never click on links from unknown sources And pay special attention to those that look real but could set off your internal radar. Fake links can infect your computer with malware or lead you to phishing pages that can trick you into sharing your personal information.

Never share personal information by email. Most companies clearly state that they do not request sensitive information via email.

Use complex passwords and do not reuse passwords. A password manager can help by storing and managing all of your current and previous passwords so you don't have to remember them all.

Use online security alerts for your digital accounts, if available, e.g. B. Banking or other financial services.

Telesign solutions provide fraud protection, secure communications and enable the digital economy by helping businesses and customers interact with trust. To learn more about the latest fraud trends, read the full 2024 Trust Index Report.