Automated bot attacks on social media surged dramatically in the second quarter of 2024, according to AU10TIX’s latest Global Identity Fraud Report.
The report, which analysed millions of transactions processed globally, shows that these attacks accounted for 16 per cent of all fraud incidents during the period, up from just three per cent in the previous quarter.
This rise highlights growing concerns about the ability of social media platforms to detect and combat organised fraud, particularly as bots become more sophisticated.
AU10TIX, a company specialising in identity verification and management, also reveals significant vulnerabilities in the Asia-Pacific (APAC) region, where financial-related identity fraud has been escalating. Between 2022 and 2023, fraud in the region increased by 24 per cent, driven by large-scale attacks, including a targeted onboarding attack involving over 5,000 fraudulent attempts in Q2 2024.
AI-powered fraud-as-a-service (FaaS) platforms have enabled these mass-scale attacks, contributing to APAC now holding the highest global fraud rate, with 3.27 per cent of all transactions being fraudulent.
Bots and deepfakes
The rise of bots using deepfake technology to create convincing fake profiles poses an additional challenge. These impersonation bots, which now account for 32 per cent of internet traffic, are increasingly used to manipulate online interactions, spread disinformation, and commit financial crimes, including money laundering.
“Bots and deepfake tech are enabling criminals to automate complex scams that used to take a lot more effort, making them incredibly efficient and dangerous,” said Dan Yerushalmi, CEO of AU10TIX. “The biggest danger lies in the bots’ ability to mimic human behaviour with enough variability to bypass traditional detection methods.
Despite these troubling developments, the report offers some positive news. AU10TIX analysts observed a 17 per cent decline in attacks on the payments sector, a drop linked to international efforts such as INTERPOL’s HAECHI IV and First Light operations, which targeted criminal networks involved in financial fraud.
To combat the rise in identity fraud, AU10TIX recommends that social media platforms implement stricter self-regulation and identity verification measures. Additionally, the report advocates for adopting advanced fraud detection technologies, such as deepfake detection, and using multi-layered authentication systems to enhance protection against increasingly organised and sophisticated fraud attempts.
The post Automated Bot Attacks Surge on Social Media in 2024, AU10TIX Reveals appeared first on The Fintech Times.
