{"id":6060,"date":"2024-11-01T16:33:15","date_gmt":"2024-11-01T21:33:15","guid":{"rendered":"https:\/\/www.darkreading.com\/cyber-risk\/au10tix-q3-2024-global-identity-fraud-report-detects-skyrocketing-social-media-attacks"},"modified":"2024-11-01T16:33:15","modified_gmt":"2024-11-01T21:33:15","slug":"au10tix-q3-2024-global-identity-fraud-report-detects-skyrocketing-social-media-attacks","status":"publish","type":"post","link":"https:\/\/ddi.mohflo.net\/index.php\/2024\/11\/01\/au10tix-q3-2024-global-identity-fraud-report-detects-skyrocketing-social-media-attacks\/","title":{"rendered":"AU10TIX Q3 2024 Global Identity Fraud Report Detects Skyrocketing Social Media Attacks"},"content":{"rendered":"
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PRESS RELEASE<\/span><\/span><\/p>\n

LAS VEGAS, Oct. 30, 2024 \/PRNewswire\/ — MONEY 20\/20 — <\/span><\/span> <\/span>AU10TIX<\/a><\/span>, a global technology leader in identity verification and management, today released its <\/span>Q3 2024 Global Identity Fraud Report<\/a><\/span> at Money 20\/20 USA in Las Vegas. Drawing insights from millions of transactions processed around the globe from July to September 2024, the report uncovers significant trends in large-scale organized identity fraud. This quarter, automated bot attacks targeting social media platforms surged in the lead-up to next week’s US presidential election, with the sector accounting for 28% of all attacks in Q3, up from just 3% in Q1. The report also reveals a faster-than-anticipated leap in the sophistication of AI-powered impersonation bots and deepfake technology, including synthetic selfies that have shown the ability to bypass some leading verification systems.<\/span><\/p>\n

Rapid developments in AI technology have enabled the industrialization of identity fraud, with bad actors launching automated mega-attacks of thousands of false identities targeting payments, crypto and social media companies all over the world. In Q3, AU10TIX observed an especially high number of bot attacks combined with deepfake content in attempts to open fake social media accounts at scale. Some of the attacks appeared to incorporate advanced randomized GenAI elements, marking a new level of automated detection evasion. This rapid growth began in March 2024 and peaked in September, with outlets like <\/span>Associated Press<\/a><\/span> reporting on bots spreading disinformation and manipulating public perception in the weeks leading up to the US election.<\/span><\/p>\n

Another major Q3 development involved the debut of synthetic selfies. Selfies have historically been one of the least-used methods of fraud, due to the difficulty of outsmarting facial matching tech. However, fraudsters are now exploiting extremely sophisticated technology to create 100% deepfaked “selfies” that match the synthetic IDs they use to trick automated KYC processes.<\/span><\/p>\n

“Fraudsters are evolving faster than ever, leveraging AI to scale and execute their attacks, especially in the social media and payments sectors,” said Dan Yerushalmi, CEO of AU10TIX. “While companies are using AI to bolster security, criminals are weaponizing the same technology to create synthetic selfies and fake documents, making detection almost impossible. The only way to detect this type of fraud is by analyzing behavior at the traffic level, as AU10TIX does with our Serial Fraud Monitor. We are committed to continually advancing our detection methods to protect customers against this rapid evolution of fraud tactics, using a combination of advanced AI, biometric verification, and deepfake detection.”<\/span><\/p>\n

In addition to the increase in synthetic selfies, AU10TIX reported a 20% rise in the use of “image template” attacks by bad actors. This trend suggests that AI is being used to rapidly create variations of synthetic identities\u2014including photos, document numbers, and other personal information\u2014using the same ID template. The regional hotspots driving this change are APAC and North America; the surges have not been observed in other regions.<\/span><\/p>\n

On a more positive note, fraud rates in the payments sector dropped from 52% in Q2 to 39% in Q3, which AU10TIX attributes to increased self-regulation and law enforcement interventions. Although the payments industry continued to be the most targeted segment, discouraged fraudsters shifted their attention to less regulated sectors like the crypto market, which accounted for 31% of Q3 attacks.<\/span><\/p>\n

AU10TIX’s Q3 2024 Global Identity Fraud Report offers three actionable insights to help organizations protect against identity fraud:<\/span><\/p>\n

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