AU10TIX lifts the veil on the ruthless world of fraud with its 2024 Global Identity Fraud Annual Report, titled ‘The Year of Fraud as a Service (FaaS)’. As cybercriminals refine their strategies, using innovative tools such as deepfake and synthentic identities, this report highlights a new generation of organized threats. In 2024, more than 4,500 permutations and attacks rocked various sectors, rendering traditional detection obsolete in the face of the emergence of these sophisticated threats.
AU10TIX Annual Report on Global Identity Fraud 2024
The 2024 report from AU10TIX reveals concerning trends in the field of identity fraud on a global scale, with the rise of Fraud as a Service (FaaS). This trend has been facilitated by advanced technological tools such as deep content generators and botnets allowing the creation and takeover of accounts on a large scale. This new criminal paradigm, dubbed “the black industry,” makes fraud kits extremely accessible, enabling even novices to execute complex attacks in no time. AI is used to fine-tune attacks, blurring the lines between the real and the fake through the creation of synthentic identities.
The evolution of fraud as a service
In 2024, the phenomenon of Fraud as a Service (FaaS) has elevated the concept of cybercrime to a new level, with attacks characterized by an impressive number of incidents, reaching up to more than 8,000 simultaneous events. These attacks are often orchestrated by organized fraudsters using techniques driven by artificial intelligence such as faked selfies and entirely fabricated identities. FaaS platforms offer a complete arsenal ranging from deepfake generators to phishing kits for email and web intrigues, thereby strengthening their grip on the black market for stolen data.
The role of social media and sector trends
In 2024, social media has become a major battleground for fraudulent activities, particularly regarding disinformation during events such as elections. As e-commerce gains ground on these platforms, fraudsters exploit vulnerabilities, increasing the percentage of attacks against social media to 30% in the fourth quarter. Meanwhile, the payments and cryptocurrencies sectors have seen a relative decrease in fraud, thanks to stricter regulations such as the MiCA regulations of 2023. Nevertheless, the adoption of AI validation solutions and multilayered defense methods becomes urgent to prevent new emerging threats.
