Arkose Labs, provider of online fraud and abuse prevention technology, released new data-driven analysis of 2020 fraud trends that shows a rise in consumer digital traffic has corresponded with a rise in fraud attacks.
What is causing digital fraud to rise year over year? From current trends and consumer attitudes to technological enhancements and more sophisticated tactics, let’s take a look at the top nine reasons digital fraud is rapidly increasing:
The U.S. Presidential Election has, in many ways, been digital. Spend on digital ads in the race reached $2.9 billion in 2020. This was up sharply from $0.4 billion four years ago, marking the continuing prominence of digital political campaigning since President Obama's campaign manager, David Plouffe heralded the channel as a deciding factor in the election 12 years ago.
However, an increasing challenge for this online ad spend has been ad fraud. In a new study, in association with the University of Baltimore, we see that marketers will $35 billion to digital ad fraud in 2020.
Ad fraud is the practice of fraudulently representing online advertising impressions, clicks, conversion or data events in order to generate revenue. In the case of the political campaigns, often money is spent reaching bots rather than voters.
Financial services institutions and banks around the globe face monumental challenges as they look to streamline service delivery for customer transactions, manage multi-party loan processes, collaborate on industry benchmarks and indices, and eliminate fraud and cybercrime. Historically the market has primarily relied upon manual approaches for sharing and managing transaction data. But advances in confidential computing (sometimes called CC or trusted computing), combined with federated machine learning (FML), are helping financial organizations better share data and outcomes, while alleviating many privacy and security concerns.
According to data extracted and analyzed by Atlas VPN, the United States residents reported 168,818 imposter scam cases amounting to $299.9 million in losses in the first half of 2020 with a median loss of $694. That is more than two times less than in H1 2019 when the US consumers reported 355,866 imposter fraud cases.
Two men will appear in federal court to face charges that they were involved in the unauthorized takeover of social media and other personal online accounts belonging to professional and semi-professional athletes, U.S. Attorney Craig Carpenito announced.
TransUnion’s latest quarterly analysis of global online fraud trends found that fraudsters are decreasing their schemes against businesses, but increasing COVID-19 focused scams against consumers online.
Counterfeiters do not take time off. At its core, counterfeiting preys upon our vulnerabilities and takes advantage of the average customer at any cost. This is particularly true right now during the coronavirus pandemic, the most inconvenient and vulnerable moment in generations. In the midst of mass shortages and colossal demands for certain products, especially in the health field, the counterfeit community has seen a golden opportunity. Over the past few months, tens of millions of new counterfeit products have been seized or identified on the web. These include fraudulent face masks, ventilators, disinfectants and testing kits.
