BioCatch, a leader in behavioral biometrics, recently announced its Cybercrime and Fraud Predictions for the year 2020 that clearly states that fraudsters are keeping pace with digital transmutation and are becoming a growing threat to businesses and humankind around the world. These are the 5 biggest cybercrime and fraud trends for the New Year, according to BioCatch Founder and Chief Cyber Officer Uri Rivner.
1. Deep fake technology to identify theft
Deep fake technology spoofs the human voice. In 2020, we could see the deep fake being used to overcome face recognition controls. The industry highly needs some measure or mechanism to offset the vulnerabilities of such biometric authentication.
2. Lifi networks under attack
LiFi networks are new, assuring high-speed Internet technology in the market, and it’s visible light-based rather than traditional radio wave-based. Well, it’s not in full commercial use yet. But a network based on LiFi should be as hackable as WiFi and might be more prone to physical interferences.
3. Chatbot and voice assistance payment related frauds
Many institutions have begun to use AI-based customer assistance tools, such as chatbots and voice-based interfaces, to deal with their clients. This has its pros and cons. Cons such as money transfer from a user’s account can be targeted and hacked by criminals. Researchers have already proven that lasers can be used to spoof voice commands in physical voice assistance devices, and it would be even easier to attack their virtual equivalents.
4. Selfie biometric data will be the new dark web moneymaker
There’s already a vibrant dark web trade in personalized biometric data, and that will continue to grow in 2020. More websites and applications are turning to selfie-based verification like selfie-document matching. Hence data can be easily collected by criminals from open sources and social media like selfies and videos of the user’s face.
5. E-commerce fraud
With the increase of account opening fraud, a huge amount of eComm fraud is going to come from new credit and debit cards that are opened online using identity theft. In these cases, there are no chargebacks, as no real user will call to complain. The result is that AI models will become half-blinded.
At the core of our cybercrime problem is a lack of effective methods for establishing and verifying digital identity in the constantly evolving digital ecosystem. New solutions are addressing the challenges, replacing outdated approaches that rely on static information with much more effective, multi-factor tools. Organizations that are fastest to act with new, powerful, cutting edge fraud prevention tools are the ones that will be least affected by fraudsters in 2020 and beyond.Mr. Rivner