Global Identity Fraud Report Detects Skyrocketing Social Media Attacks

PRESS RELEASE

LAS VEGAS, Oct. 30, 2024 /PRNewswire/ — MONEY 20/20 —  AU10TIX, a world know-how chief in id verification and administration, right now launched its Q3 2024 Global Identity Fraud Report at Cash 20/20 USA in Las Vegas. Drawing insights from tens of millions of transactions processed across the globe from July to September 2024, the report uncovers important tendencies in large-scale organized id fraud. This quarter, automated bot assaults concentrating on social media platforms surged within the lead-up to subsequent week’s US presidential election, with the sector accounting for 28% of all assaults in Q3, up from simply 3% in Q1. The report additionally reveals a faster-than-anticipated leap within the sophistication of AI-powered impersonation bots and deepfake know-how, together with artificial selfies which have proven the flexibility to bypass some main verification methods.

Speedy developments in AI know-how have enabled the industrialization of id fraud, with unhealthy actors launching automated mega-attacks of hundreds of false identities concentrating on funds, crypto and social media corporations all around the world. In Q3, AU10TIX noticed an particularly excessive variety of bot assaults mixed with deepfake content material in makes an attempt to open pretend social media accounts at scale. Among the assaults appeared to include superior randomized GenAI parts, marking a brand new stage of automated detection evasion. This speedy progress started in March 2024 and peaked in September, with retailers like Associated Press reporting on bots spreading disinformation and manipulating public notion within the weeks main as much as the US election.

One other main Q3 growth concerned the debut of artificial selfies. Selfies have traditionally been one of many least-used strategies of fraud, because of the problem of outsmarting facial matching tech. Nonetheless, fraudsters at the moment are exploiting extraordinarily refined know-how to create 100% deepfaked “selfies” that match the artificial IDs they use to trick automated KYC processes.

“Fraudsters are evolving quicker than ever, leveraging AI to scale and execute their assaults, particularly within the social media and funds sectors,” mentioned Dan Yerushalmi, CEO of AU10TIX. “Whereas corporations are utilizing AI to bolster safety, criminals are weaponizing the identical know-how to create artificial selfies and faux paperwork, making detection nearly not possible. The one approach to detect such a fraud is by analyzing habits on the visitors stage, as AU10TIX does with our Serial Fraud Monitor. We’re dedicated to repeatedly advancing our detection strategies to guard clients in opposition to this speedy evolution of fraud ways, utilizing a mixture of superior AI, biometric verification, and deepfake detection.”

Along with the rise in artificial selfies, AU10TIX reported a 20% rise in using “picture template” assaults by unhealthy actors. This pattern means that AI is getting used to quickly create variations of artificial identities—together with pictures, doc numbers, and different private info—utilizing the identical ID template. The regional hotspots driving this transformation are APAC and North America; the surges haven’t been noticed in different areas.

On a extra optimistic notice, fraud charges within the funds sector dropped from 52% in Q2 to 39% in Q3, which AU10TIX attributes to elevated self-regulation and legislation enforcement interventions. Though the funds business continued to be probably the most focused phase, discouraged fraudsters shifted their consideration to much less regulated sectors just like the crypto market, which accounted for 31% of Q3 assaults.

AU10TIX’s Q3 2024 International Id Fraud Report affords three actionable insights to assist organizations shield in opposition to id fraud:

About AU10TIX 
AU10TIX performs a pivotal function in establishing belief between people/corporations and digital methods. Based in 2002, it’s the world chief in id verification and administration, defending the world’s largest manufacturers in opposition to superior fraud. The corporate’s future-proof product portfolio helps companies present frictionless buyer onboarding and verification in 4-8 seconds whereas staying forward of rising threats and evolving regulatory necessities. AU10TIX affords the world’s solely 100% automated world id administration system, in addition to the business’s solely resolution that may detect organized mass assaults by analyzing visitors patterns and cross-checking knowledge in a consortium of greater than 60 main corporations. With its deep roots in airport safety, AU10TIX has authenticated billions of identities and prevented over $18 billion in id fraud. AU10TIX is a subsidiary of ICTS Worldwide N.V. (OTCQB: ICTSF). Join with AU10TIX on LinkedIn and on X at @AU10TIXLimited. For extra info, go to AU10TIX.com.