Scams accounted for 59% of blocked user-generated malicious content within Sift's network in Q1 2021, report finds

Wednesday 30 June 2021 14:30 CET | News

Sift has released its Q2 2021 Digital Trust & Safety Index report, which revealed that scams accounted for 59% of blocked user-generated malicious content within Sift’s network during the first quarter 2021.

The report examines how weaponised content is moving the Fraud Economy forward, as well as consumer perception of content fraud based on a survey of more than 1,200 U.S consumers.

Scams – defined as any content created and used to perpetrate fraud, such as listings for products that are never shipped – are the foundation of the fraud economy. This global, interconnected network of online abuse hinges on conning consumers, and fraudulent content is the go-to vehicle for spreading fake information, committing financial fraud, and conducting phishing attacks, according to Sift.

The other most common blocked content fraud types include irrelevant content (22%, not related to the topic at hand), toxic (18%, includes foul language, harassment, hate speech, or bullying) and commercial (1%, solicitations against terms of service).

Decreased transaction volumes, new digital shopping methods and services, and rising attack volumes across many markets throughout the pandemic contributed to a 77% surge in blocked content fraud in Q1 2020 over the same period in 2019.

Other key findings from the survey include: 

  • Content fraud encounters: approximately 27% of consumers surveyed report running across fraudulent content on a daily or weekly basis. According to respondents, the most common types of fraudulent content encountered are spam (51%) and scams (50%) with misinformation and 'fake news' rounding out the top three (43%).

  •  COVID-19 vaccine misinformation: 50% of surveyed consumers say that they’ve come across COVID-19 scams or misinformation. Within this group, 61% say the scams encountered involved misinformation about the efficacy or side effects of COVID-19 vaccines; 61% say they involved misinformation about vaccines containing tracking technology; and 28% came across fraudulent vaccine cards or passports.

  •  Fraudulent content: more than half of consumers surveyed say they would stop shopping at a business if malicious content was discovered on the brand’s website. Specifically, 56% say they would stop using the site or service if fake or misleading content was discovered, while 54% say they would stop using it if they were scammed into sharing personal information.

  •  Top online places for scams and spam: those surveyed also identified the places online where they encounter the most content fraud. These include social networking sites (61%), classifieds (28%), dating sites (24%), marketplaces (21%), and crowdfunding sites (15%).

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Keywords: Sift, online fraud, scam
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime