Identity Fraud is at the Core of Cybercrime

It’s no longer a matter of “if” but “when” you will experience a cyber-attack and the main reason for this is because of identity fraud. Cybercrime is growing at an alarming rate with global damages estimated at $8 trillion USD and expected to hit $10.5 trillion USD by 2025.  More alarming is that these numbers do not reflect the emergence of Generative AI which is rapidly enhancing the capabilities of cybercriminals to carry out cyber-attacks more widely and effectively. As technology advances, so do the methods employed by cybercriminals to exploit personal information for malicious purposes.

When you look at the most common cybercrimes such as, ransomware, phishing, malware, and man-in-the-middle attacks they all have one thing in common, Identity fraud which is the unauthorized use of someone’s personal information, to carry out crime. Once a criminal has access to someone’s personal information, they can exploit it in numerous ways leading to financial loss, property loss, business loss, data breaches and so much more.

Even more challenging when it comes to identity fraud is that new emerging technologies are going to make it challenging to determine who a person is. IBM recently coined 2024 as the year of deception because of the emergence of Generative AI as well as sophisticated Deep Fake video, audio, and synthetic ID technologies. These new technologies are just starting to be deployed by cybercriminals and are being used to make it more difficult to know what is real or not.

To combat identity fraud, individuals, and organizations must take proactive steps to protect their personal information. This includes using strong, unique passwords, being cautious about sharing personal information online, and regularly monitoring financial accounts for suspicious activity. Companies should also invest in robust cybersecurity measures, such as encryption and multi-factor authentication, to safeguard customer data.