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Fraud trends in 2022 to watch out for in 2023

Fraud trends to watch out for

Finding the right way to push back against fraud is
important, but being able to identify it is the best thing
that you can do. When you know what to look for, you
will be less likely to become a victim of fraud. Keep an eye
out for the following trends to protect your money and
identity.
• Text phishing: Phishing scams have been common
for so long that most of us routinely discourage
vulnerable relatives from opening questionable
emails. However, phishing fraud has taken on
a new look. Knowing that most people don't
read spam emails anymore, fraud groups have
transitioned to text-based scams. Now, they are
using your phone number to send text messages
with questionable links, often pretending to offer
updates about royalty programs or delivery details
By Nicholas Cucci for online purchases.
Fluid Pay
• Spam bots: More people are using third-party tools
he growing digital world is making it easier to block spam bots and robocalls because their
than ever for us to connect and learn more, volume has become overwhelming. Organized
but it also places each of us at a heightened crime groups target mobile phone owners at
T level of risk. Each year, cybersecurity experts volume using robots to spam-dial them all. These
learn more about how to navigate fraud, but their efforts bots offer to connect phone owners with a "live
haven't eradicated it. As more fraudsters are strengthened representative" or ask them to offer sensitive
by powerful technology, their attacks are becoming more details. Typically, these pretend to be organizations
complex. In this article, we will address some of the most you might be connected with and often use local
commonly seen trends from 2022. phone numbers to appear more realistic.
What are fraud trends and why do they exist? • Leaked data bots: We love Amazon's ability to tell
us what to buy next, but not all robots are used for
Fraud trends are common recurrences of fraudulent good. At their core, bots can do a series of tasks
behavior that we see each year. These trends often roll at lightning speed, which makes them capable of
through different areas, impacting large numbers of doing more than humans can possibly do with
people at different times. A type of fraud becomes a leaked data.
trend when an increasing number of companies begin to
see it influencing their businesses—or more individuals Between the first and third quarters of 2022,
start to fall victim to it. Already, organized digital fraud roughly 15 million data records were exposed
is expected to reach $10.5 million in damages each year online (see https://bit.ly/3GD2OO5). Previously,
by 2025 (see https://cybersecurityventures.com/cybercrime- leaked data would have to be manually entered by
damage-costs-10-trillion-by-2025). someone. Now, criminals use bots and leaked data
to find ways into victims' other accounts. When
people use the same login information for multiple
It can seem odd that fraud trends exist, but it makes sense accounts, someone can get the login for one account
when you think about it. As more fraudsters realize they and use bots to see what other websites it might
can get away with a certain type of fraud, more people start work for.
doing it. Sometimes, an increasing number of fraudsters
happens individual by individual, but it can also be a • Digital identity fraud: We live in an era of
part of a growing, orchestrated attack. We often think of impersonation, which is commonly seen online.
those who commit fraud as one-off shady actors, but these Already, people are using fake profiles and online
attacks can be fairly advanced (see https://bit.ly/3kaDCqw). tools to impersonate other individuals. Whether
it's someone using your photo to ask your uncle for
money or a stranger using your online notoriety to
sell products to your audience under your name,
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