Annual Report & Q4 Highlights
Imagine a fraudster operating from a remote location. They log onto a FaaS platform, select a “Pro Package”, and gain access to:
Within hours, the fraudster launches an attack targeting crypto exchanges across four continents and three industries.
These advancements have led to substantial financial losses, with predictions of U.S. fraud losses reaching $40 billion by 2027. Wall Street Journal
Cybercriminals have taken fraud to the next level. Fraud-as-a-Service (FaaS) is fueling an industry-wide shift, making identity fraud, deepfake scams, and automated cyberattacks more accessible than ever.
This year’s Annual Fraud Report uncovers how AI-driven fraud is evolving, detailing real-world attacks, their impact on businesses, and what’s ahead. Key Findings
A single mega attack exploited identity fraud across four geolocations and three industries.
AI-powered FaaS scaled deepfake attacks to thousands of accounts within minutes.
Plug-and-play fraud kits now make it effortless for bad actors to commit ID fraud at scale.
(noun) /frɔːd æz ə ˈsɜːrvɪs/:
The commoditization of fraudulent activities, enabled by digital platforms that offer tools, templates, and automation to scale identity fraud, deepfakes, and cyberattacks.
Stronger fraud detection. Better verification. A more secure digital ecosystem.
