Latest Fraud Schemes Targeting The Payments Ecosystem
HelpNet Security, Wednesday, September 13,2023
These include the use of malvertising and search engine optimization (SEO) techniques to cultivate compelling and effective phishing and social engineering campaigns, the utilization of emerging advanced language model (ALM) technologies, and the increased targeting of authentication processes.
While the global fraud rate trended lower than normal expected fraud levels during the report's time period (January - June 2023), Visa shared that it helped to proactively block $30 billion in those time periods. However, threat actors were successful in conducting targeted and sophisticated fraud schemes impacting specific institutions, technology, and processes.
Ransomware attacks continue to evolve
March 2023 surpassed prior ransomware attack records for the most attacks in one month with nearly 460 attacks; a 91% increase over February 2023 numbers and 62% higher compared to the same period in 2022. A 2023 ransomware report identified that exploited vulnerabilities were the most common (36%) root cause of ransomware attacks, followed by compromised credentials (29%).