Scammers profited over $658 million from social media users in H1 2023 

According to data presented by the Atlas VPN team, social media scams earned fraudsters an astounding $658M just in H1 2023, exponentially higher than any other contact method. Compared to 2022, total reported fraud losses increased by $50M (from $608M).   In all, 83,302 fraud instances originating from social media were recorded in the first half of 2023. The total number of social media fraud…

AI-enabled financial fraud detection spend to exceed $10 Billion by 2027

A new study from Juniper Research has found global business spend on AI-enabled financial fraud detection and prevention strategy platforms will exceed $10 billion globally in 2027; rising from just over $6.5 billion in 2022. Growing at 57% over the period, the report predicts that as fraudsters become more sophisticated in their attacks, merchants and issuers will…

1 in 3 Europeans experienced identity theft in last two years

Identity theft is expanding rapidly, causing substantial financial loss to millions of people all around the world. This invisible crime is also widespread across the European countries, where a growing number of consumers are being targeted by sophisticated scams each year, both offline and online. That's according to data gathered by Finanso.se which shows 56%…