Drawing insights from millions of transactions processed around the globe from April to June 2024, the report uncovers significant trends in large-scale organised identity fraud. This quarter, AU10TIX recorded the highest-ever number of automated bot attacks targeting social media platforms; the sector accounted for a mere 3% of all attacks in Q1 but skyrocketed to 16% in Q2. The APAC region also proved vulnerable to bot attacks targeting the payments sector which included a focused mega-attack comprising over 5,000 fraudulent onboarding attempts.
Social media must self-regulate: platforms like X, Facebook and Instagram can maintain credibility among the public by requiring platform users to authenticate their identity.
Leverage advanced fraud detection technologies: Deepfake detection, consortium validation and similar technologies can effectively combat the rising threat of social media impersonation.
Adopt multi-layered authentication measures: Implementing a combination of KYC/KYB solutions, biometric verification, and advanced organised fraud detection tools can significantly enhance an organisation's defenses against identity fraud.
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