Children as young as five use internet channels for a variety of activities, so it isn't just adults who are essentially living online. The epidemic hastened the adoption of the internet by children for online lessons, entertainment, and socializing.
In the preface to a company's study paper, 2022 State of Fraud & Account Security Report, Kevin Gosschalk, founder and CEO of Arkose Labs, writes, "A familiar term heard in the last few years is 'data is the new oil." "Data is the precious resource who feeds the digital world, which today permeates so much of our daily lives. Work, socializing, education, and a variety of other activities all take place primarily in the digital realm."
Bloomberg Intelligence estimates the online "metaverse" might be worth $800 billion by 2024, according to the cybersecurity firm. "Fraudsters will have an immensely broader attack surface to target as a result of this." Threat actors can corrupt smart appliances, connected autos, and virtual reality gadgets in addition to PCs and mobile devices."
According to the Arkose research, fraud assaults on financial institutions are increasing in frequency "as well as sophistication." Internet fraud has increased by 85 percent in recent months, and much more than a fifth of all internet traffic is a cyberattack. Not only fraudsters, but Master Fraudsters - the worst type of fraudster – are coming after gaming, internet streaming, and social media sites with all guns blazing. These are the most prominent and, as a result, the most harmful internet pastimes for youngsters.
Although children are more comfortable with the internet and can navigate it like a pro, but are not always aware of the dangers which lurk there. They might not be able to spot situations where cybercrooks are attempting to take advantage of human gullibility.
The Arkose Labs analysis also highlighted an 85 percent increase in login or registration stage attacks year over year. "Once an existing account has been hijacked, attackers can monetize it in a variety of ways," according to Gosschalk, "including stealing bank information, reselling credentials, redeeming collected loyalty points, and more." "Fake new accounts are employed in assaults like stock hoarding, content harvesting, and spam and phishing messaging," says the report.
Indeed, according to the Arkose Labs analysis, the average individual now has over 100 passwords. Abuse of financial information and credentials drove an 85 percent increase in login and registration invasions last year compared to 2020.
The Arkose Labs analysis indicated such automated services assist in targeting more enterprises: bots utilizing "scraping" assaults helped compromise at least 45 percent of the traffic on travel sites. Meanwhile, phishing, fraud, and the promise of a free trial were used to increase the number of bogus accounts last year compared to 2020. Financial firms and financial institutions have been major targets for attacks.
