Businesses Need to Prepare for these Rising Fraud Cost Trends in 2022

By Chloe Louise – The dark web is a place where many criminals do their dark work. It’s the perfect hiding spot for fraudsters and other bad actors. Unfortunately, it’s also an excellent tool for those looking to commit crimes on unsuspecting victims.

Fraud trends are predicted to continue to thrive in 2022 and beyond and some of these include more attacks on dark web users and new types of fraud that we haven’t seen before due to advancements in technology such as artificial intelligence (AI).

Over the past year, businesses have been utilizing automated dark web monitoring tools to scan and scrape information from the dark web to identify if essential business and customer data has been compromised.

However, there are still clever fraudsters and con artists out in the world who are still operating today and being financially successful and reaping the benefits of their fraudulent activity. They’ve managed to do this via many different methods in 2021 and are expected to do so in 2022 and beyond.

Read: How to protect your SIM card from being hacked

What were the most common types of fraudulent activities in 2021?

In 2021, there were several of the most common types of fraudulent activities. These include identity theft, counterfeit credit cards, debit cards, and money laundering schemes globally. It can also include cryptocurrency exchanges, bitcoin-related crimes, and ransomware attacks.

SIM-Swapping

SIM-Swapping is a type of identity theft that involves tricking phone carriers into transferring customers’ phone numbers to SIM cards controlled by someone else. SIM Swapping fraud is when someone makes the phone company move your number on your phone to their phone without you knowing it.

You might know if this happens because you get a new number or someone starts using your old number instead of the new one that the company gives them. This fraud primarily targets your OTP notifications to access your banking and sensitive information.

CrimeOps and FaaS CrimeOps

These are the next generation of cybercrime, and they include a wide range of services that allow criminals to automate their attacks. These services can be used to launch phishing campaigns to launder money. FaaS (Fraud as a Service) is a growing trend in which criminals offer their services online to other criminals looking to commit fraud.

Read: Understanding the Latest Cybersecurity Trends

BNPL (Buy Now Pay Later) Scams

Recently, there’s been an increase in BNPL scams. This is where a scammer will offer to let you purchase an expensive item now and pay for it in installments over time. However, the scammer never intends to let you pay off the debt and instead disappear with your money.

One way to avoid BNPL scams is to use services from reputable and established companies. Also, be sure to read the terms and conditions of any agreement carefully before signing up.

Ransomware attacks

Cybercriminals encrypt files on the devices they have hacked and then demand a ransom to get them back. In a ransomware attack, someone takes files on your computer and makes them so you can’t see them. They want money to give you the files back.

Dark web crime

The dark web is an area of the internet that isn’t indexed by regular search engines, so you can only access it if you know where to look. The majority of websites on the dark web are used for illegal activities, including selling weapons and drugs, hosting child sexual abuse imagery, or even hiring assassins.

Cryptocurrency exchanges fraud

Cryptocurrency fraudsters hack into an exchange and change the wallet address to their own. This allows them to transfer any currency on the platform over to themselves and out of reach from its rightful owner.

Read: Demystifying Zero-Trust and its role in Cybersecurity

Cryptocurrency mining

This is where cybercriminals infect computers with malware that uses your device’s computing power for their benefit.

They then pay you a small sum in return, making it look like everything is working as usual, but they get all your profits by using your computer without permission. Cryptocurrency mining has sneaked into software users’ downloads for free from across the internet.

Pump and dump schemes

This involves artificially inflating or ‘pumping’ prices through false recommendations about products before selling off or ‘dumping’ those projects at inflated prices after taking investors’ money (i.e., getting them to buy into a scheme).

Fraud trends: What is expected to happen in 2022?

AI manipulation fraud

This is a type of fraud where videos or images are manipulated into some fake identity using artificial intelligence to make it appear that the person in the video said or did something they did not.

As a result, it can be used for everything from creating fake news stories to making someone look like they committed a crime. Eventually, a criminal could blackmail someone or do other things like forging personal information for fake identities.

Read: How Artificial Intelligence Can Power Your Retirement

Crypto-mining and trading scams

In crypto mining and trading frauds, criminals take advantage of people new to the cryptocurrency world. They may promise high returns on investments or claim to help mine coins for the victim. Once the criminal has access to the victims’ money, it is often gone forever.

Email and phishing scams

This is one of the oldest types of fraud, but it is still going strong. Emails are sent to people with fake offers or requests for information.The goal is to get the victim to click on a link or open an attachment that installs malware on their computer. This can give the criminal access to all sorts of personal information.

Read: Cold emails : How to Properly Validate Your Emails

Conclusion

Fraud is a major issue that threatens the world today. However, you can be vigilant and protect yourself against scams. The post-mortem of criminal activity in 2021 will include an increase in dark web crime due to anticipated changes in legislation after 2020.

Furthermore, cryptocurrency mining schemes are expected to grow exponentially. For what we should look out for next year, AI, crypto, and more traditional scam/fraud methods with phishing are still expected to surge.


If you like the content, we would appreciate your support by buying us a coffee. Thank you so much for your visit and support.

 

Leave a Reply