Online shopping has changed the way people shop. With an ever-growing appetite for online retail, you might be surprised at just how much money is being lost every year.
The cost of this fraud can have devastating consequences on both retailers and their customers alike; so it’s important that businesses are made aware before things get out of control. Thankfully, modern technology such as domain monitoring can help to reduce the damage caused by fraud.
The impact of the cost of fraud is absolutely staggering; the estimated UK cost of fraud since the start of 2021 is approximately at £137 billion and during 365 days, that total is the equivalent of up to approximately 16,117,647,058 family packs of 16 toilet rolls or 361,477,572 smartwatches!
With money going astray due to fraudsters and shoplifters out there who steal your hard-earned cash from under your feet- are we being robbed blind or what!? Let’s find out.
The Rise of Fraudulent Scamming Activities in Near Future
The number of synthetic identity fraud cases in the United States is on the rise, with at least one case per day being reported.
This type comes from a combination of real and fake information to create an entirely new person or organisation that will then be used for financial gain by criminals who are often not apprehended until it’s too late. This is due largely because they’ve gotten away with other crimes before such as hacking databases where personal data can be found on the dark web.
Scammers are now using the same digital marketing channels that honest companies do to scam you into spending your money, committing fraud, or giving up sensitive information.
It’s not uncommon in the age of digital marketing to find innovative ways in which scammers can make you part of these fraudulent activities with your hard earned cash.
A recent study from the Association of Certified Fraud Examiners (ACFE), KPMG, PwC and others shows that fraudsters are getting more sophisticated with their schemes while using automation techniques to commit negligence. It is clear that new types of advanced fraud are on the rise.
Here are some uses of AI by scammers and Fraudsters
1. Machine Learning based attacks
Machine learning-based attacks can be difficult for legacy approaches to catch due in part by its sophistication and speed which makes it more appealing than ever before as criminals become increasingly sophisticated with their schemes across borders without regards for laws or borders themselves.
2. Using chatbots to get your personal info
A chatbot is a software program that simulates conversation with humans, typically over the Internet. Online criminals use them for many reasons like phishing, spreading viruses, stealing cryptocurrency wallets and getting personal information from the target.
According to experts, scammers tend to move on quickly from phishing to using chatbots for stealing from users. They adopt new technologies faster than security experts can keep up with them, and the user is caught off guard.
3. Using deep fake videos for extortion
The practice of creating fake pornographic videos known as “deepfakes” to replace the face of one person with that of another, making it seem as though the person in the video is saying things he never said. It’s usually done by ordinary internet users to prank their friends, but the technology is terrifying when it’s used by criminals.
Deepfake videos can be used for revenge porn, defamation and extortion. In these cases, the victim would have no choice but to pay a ransom or face public humiliation. We may even see deepfakes being used in court in an attempt to ruin a person’s credibility.
4. Using cryptocurrencies for money laundering and ransomware
In a cryptocurrency transaction, the parties involved remain anonymous, which makes it perfect for money laundering or ransomware attacks. Cryptocurrencies also offer quick transfers worldwide, so they can be used to collect ransoms from many different countries quickly and anonymously. In addition , the value of cryptocurrencies is generally much higher than that of conventional currencies.
5. Scammers are using AI to create fake press news stories, sway elections and gain power
Fake News has existed for centuries, but before social media platforms like Facebook or Twitter came along, it was easier for fact checkers to expose them as frauds.
Now , the online platforms are flooded with fake news stories, making it harder to keep up. Organizations like Facebook have tried to discourage the spread of fake news by limiting the reach of certain websites that publish them, but users continue to share absurdities without thinking about their sources or believing they may be spoofs.
Conclusion
With the rise of AI technology, scammers may soon be able to use this power to create convincing news stories with little effort. They could potentially manipulate companies, organizations and consumers too.
The future is uncertain, but one thing is for certain; everyone needs to pay more attention to their online activities.
