Fraud is Going Viral
As 2024 rolls on, we’re seeing bots and deepfakes making a big impact on social media, pushing influence operations to new levels. While fake news was the buzzword back in 2016, this time around, AI-driven fraud is raising the stakes. Our Q3 2024 Global Identity Fraud Report shows that social media fraud is skyrocketing, with bots and deepfakes leading the charge in swaying public opinion.
Social Media Fraud is Exploding—For Real
Here’s what the data says: social media fraud now accounts for 28% of all identity fraud attacks, up from just 3% at the start of the year. AI bots and fake profiles are taking over, and with the election coming up, we can expect more of the same. Bots aren’t just after bank accounts and brands anymore—they’re working overtime to stir up political divides and fuel misinformation with fake endorsements and conspiracy theories.
Why Bots Are So Tricky to Catch
These bots don’t just spam—they blend in with real users. They can comment, like, and respond in real-time, which makes them tough to spot. According to AU10TIX CEO Dan Yerushalmi, “Catching this kind of fraud means looking at the traffic level, which is why tools like our Serial Fraud Monitor are key for spotting these sneaky patterns”.
Fake Accounts, Real Money
The issue goes beyond just swaying opinions—bots are increasingly used in financial crimes like money laundering. Social media fraud often serves as the launchpad for scams across payments, crypto, and banking. While fake profiles may initially seem harmless, they’re strategically crafted to build credibility and evolve into large-scale fraud schemes. With bots making up over 32% of all internet traffic, social media platforms have become easy targets. Recent reports highlight how disinformation is warping public perception, showing just how important it is to get better at verification. And this isn’t just a temporary issue. AI-driven fraud isn’t going anywhere, and platforms that don’t adapt will face even bigger problems down the road.
Stay Ahead of the Game
Sure, the 2024 election might be a hot topic right now, but bots, deepfakes, and fake profiles are here for the long haul. For a closer look at how to protect your organization from these trends, download the full AU10TIX Q3 2024 Global Identity Fraud Report.
References:
Five Key Takeaways from the 2024 Imperva Bad Bot Report | Imperva Social media is flooded with disinformation: NPR How bots and AI are shaping global disinformation
