Cyber-Criminals Found a Home on Social Media Sites

 
 
By Karen A. Frenkel  |  Posted 02-17-2017 Email
 
 
 
 
 
 
 
 
 
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    Cyber-Criminals Found a Home on Social Media Sites
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    Cyber-Criminals Found a Home on Social Media Sites

    Since 2011, cyber-criminals have found a haven in social media, where they perpetrate fraud. In the past six months, their numbers have increased 70 percent.
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    More Cyber-Crime on Social Media
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    More Cyber-Crime on Social Media

    Members of cyber-crime-related groups on social media platforms grew 70% in six months—from 179,447 to 305,677 individuals.
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    Geographic Hotspots
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    Geographic Hotspots

    The geographic hotspots for fraud on social media channels are located in Brazil, Russia, China, India and Southeast Asia, Latin America and Nigeria.
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    Top Industries Affected by e-Commerce Fraud
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    Top Industries Affected by e-Commerce Fraud

    Online money transfers: 19%, Travel and hospitality: 15%, Business services: 13%, Electronics: 10%
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    Time to Investigate Fraud
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    Time to Investigate Fraud

    70% of retailers take days, or longer, to investigate the source of fraud activity on their website.
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    Mobile Is the New Target
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    Mobile Is the New Target

    60% of all fraud originates from a mobile device, and 45% of transaction volume originates from a mobile device.
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    Ransomware Attacks
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    Ransomware Attacks

    One in 20 malware attacks involves ransomware.
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    Global Impact of Phishing
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    Global Impact of Phishing

    A new phishing attack is launched every 30 seconds. The annual cost of phishing to global organizations is $9.1 billion.
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    Mobile to Outpace Web Transactions
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    Mobile to Outpace Web Transactions

    In 2017, for the first time, mobile transactions will outpace web transactions, and fraud will continue to grow rapidly.
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    Biometric Authentication Will Take off
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    Biometric Authentication Will Take off

    Biometric authentication will become popular with mobile users. Fingerprint, voice and eyeprint, combined with risk-based transaction monitoring, will dominate for authentication and fraud management.
 

The number of members in fraud-related groups on social media platforms has increased 70 percent in the past six months, according to a new study. It states that social media is a breeding ground for cyber-crime and is attracting fraudsters because these platforms are free, easy to use and offer global reach. According to RSA, which conducted the report, "2017 Global Fraud and Cybercrime Forecast," fraud posts first showed up on social media in 2011, when credit cards and e-commerce accounts began being published. "Initially residing in the hidden cracks in corners of social media, the level of fraud activity rapidly rose to flood the network with fraud offerings," says RSA's blog about the report, "and now, the vast majority of fraudsters operate largely in the open, and many even sell and trade stolen credit card data and hacking kits from their own personal profiles. There is a parallel world of fraud that is hiding in plain sight, existing side by side with the rest of us." Five hundred fraud-dedicated social media groups worldwide (220,000 members) were studied. More than 60 percent (133,000) were found on Facebook. Following are more highlights.

 
 
 
 
 
Karen A. Frenkel writes about technology and innovation and lives in New York City.

 
 
 
 
 
 

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