Tag: Fraud
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…
New figures reveal worst UK regions for fraud, as phone thefts rise 31%
Fraud cases in Scotland have increased by two-thirds in the last year, according to new research by AI and analytics leader, SAS. Phone thefts across the UK have also jumped 31%, as fraudsters target mobiles to access confidential information and log-in credentials. The study compared the number of cases in November 2022 to November 2021,…
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…
Having money stolen biggest fear of online scams, claims report
People are increasingly worried about the financial risks of online scams as the cost of living crisis grows, according to a new social media poll run by cloud security company Menlo Security. When asked what their biggest fear is about online scammers, over half of the respondents (55%) were concerned about their money being…
Ofcom plans crackdown on fake number scams
UK phone companies will make it harder for fraudsters to use their networks for fake number scams, under a range of measures proposed by Ofcom today. Almost 45 million people were targeted by scam calls and texts last summer. Criminals are becoming increasingly sophisticated, and nearly a million of these consumers followed the scammers’ instructions, risking…
5 ways the Covid-19 pandemic has shaped the tech sector
As the Prime Minister announces the roadmap out of lockdown, Brexit-plans roll on, and we await the Spring Budget from the Chancellor, we talk to Tom Chambers, Associate Director of Technology & Growth at Robert Walters, about the key developments in the UK's tech sector. 1. Rise in remote working The rise of remote working was…
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%…
Action Fraud warns Instagram users about ‘get rich quick’ schemes
Victims of bogus “get rich quick” schemes advertised on Instagram have reported losing a total of more than £3 million since October, Action Fraud warns. Between October 2018 and February 2019, 356 reports were made to Action Fraud. It said the total loss reported to it was £3,168,464 – an average of around £8,900 per…
Twitter follows Facebook in adding 'https' security in battle against hackers
As fraudsters eye up social networks, the industry fights back. From now on, Twitter users will have the option to set the use of "https" as a default option for the micro-blogging site. Https, sitting at the beginning of…
Teen jailed after buying £484,000 of his own music from iTunes on stolen cards
A UK teen has been jailed after it was found he had bought roughly £484,000 worth of his own music on iTunes and Amazon, using stolen credit cards. That'd be a fair amount in royalties, and if timed right, a…
