Nearly half (46%) of businesses observed an increase in deepfakes and generative AI-related fraud last year, a new report from AuthenticID has found.
Additionally, phishing attempts increased by 76% in 2024, and more than 90% of cyberthreats were driven by social engineering.
The report also noted a rise in workplace-related fraud, including employee impersonation and account takeover.
“Workforce and employee fraud is increasing, as fraudsters are targeting various points along the employee identity lifecycle,” the researchers write. “Fraud can occur at any point in an employee’s tenure, merging both external and internal threats.
Bad actors can use a wealth of stolen PII, synthetic identities, and AI technology to convince employers they’re a legitimate, qualified employee with a valid identity— and once they have access to your organization’s systems, they can commit significant fraud. With the median global loss due to employee fraud at $145,000 in 2024, making it the world’s most costly type of financial fraud, it’s crucial for organizations to ensure their workforce is who they say they are.”
The report points out that social engineering tactics are growing even more sophisticated as AI tools improve.
“Social engineering attacks aren’t new, but they’re entering a new era: hyper-personalization,” the researchers write. “As AI tools continue to develop, it’s increasingly easier for bad actors to hone in on believable, realistic human behaviors, emotions, and actions to not only mimic authentic individuals, but to manipulate victims’ behavior. The ability of attackers to impersonate legitimate individuals, organizations and/or requests is getting better, with a number of new tactics to aid them.”
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