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Latest Fraud Trends

There are many types of fraud and fraudsters constantly evolve to evade detection.

You must keep aware and keep up to date with fraud trends that can be deployed within your organisation.

Advanced Fee Fraud: This typically involves promising the victim a significant sum of money in return for a small upfront payment. 

Social Media Fraud: This involves using social media platforms to deceive individuals or businesses, often for financial gain.

Investment Fraud: This involves deceptive practices to induce investors/businesses to make decisions based on false information, often leading to financial losses.

Phishing: This is a type of online fraud where attackers impersonate legitimate organizations or individuals to trick you into providing sensitive information, such as passwords, credit card numbers, or personal details.

AI Enabled Fraud: AI is booming currently. While there are clear benefits for society, criminals are also chasing the technology to deep fake others. An example of this can be found in this HX5 article – Deep fake secures $25M fraudulently.

White Collar Crime: White-collar crime is motivated by financial gain and committed by individuals, businesses, and governments.  White Collar Crime often involves theft, fraud, deceit, concealment or breach of trust.

In the United Kingdom, the total cost of fraud doubled to £2.3 billion in 2023, according to BDO. A rise in the number of phishing attacks has contributed to this alarming increase. Earlier in 2024, the UK government warned that phishing is “by far the most common type of cybercrime,” they state that 84% of businesses have suffered attacks involving fraudulent emails or websites.

Here’s how you can better protect your business from the latest fraud trends:

Latest fraud trends - whistleblowing & risk solutions
Secure your data now.

In an time when fraud accounts for 40% of all UK crime, businesses have no choice but to improve their security postures, become more aware of developing fraud tactics, and prepare to defend themselves against potential and significant losses.

Protecting your business against fraud involves implementing a comprehensive strategy that addresses various potential risks.

Aranea can be used to help you secure information from your business eco-system to stop all types of evolving and advanced Theft and Fraud.

Further latest fraud trends and advice can be found at the below links.