2024 Report Reveals Rising Threat of Payment Fraud
Escalating Payment Fraud Risks Highlighted in 2024 Report
The 2024 Annual Payment Fraud Intelligence Report reveals alarming trends in payment fraud, driven by increasingly sophisticated cybercriminal tactics. Compiled by the Insikt Group, the research arm of Recorded Future, this comprehensive report draws on data from dark web sources, e-commerce transactions, and the analysis of threat actor behavior. As online shopping continues to grow, so does the risk of fraud, making it essential for businesses and consumers to stay informed about these threats.
Key Findings from the 2024 Payment Fraud Intelligence Report
The report identifies several primary drivers behind the rise in payment fraud, including:
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E-skimming Attacks: Magecart e-skimmers pose a significant threat, with infections tripling due to the exploitation of the CosmicSting vulnerability (CVE-2024-34102). This flaw has affected major platforms like Adobe Commerce and Magento, allowing fraudsters to easily deploy e-skimmer kits on checkout pages.
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Scam E-Commerce Websites: In 2024, nearly 1,200 domains linked to fraudulent activities were uncovered. These scams, often associated with accounts in the United Kingdom and Hong Kong, employed advanced tactics such as victim screening and one-time password interception, particularly during peak shopping events.
- Surge in Stolen Payment Data: Dark web marketplaces have seen a staggering increase in stolen payment records, with 70 million more records listed in 2024 compared to the previous year. This uptick highlights the ongoing challenges in securing online transactions.
The Impact of E-Skimming and Vulnerabilities
The rise of e-skimming underscores the urgency for businesses to strengthen their security measures. With the exploitation of vulnerabilities like CosmicSting, criminals can easily infiltrate e-commerce platforms, increasing the risk of fraud for both merchants and consumers.
Protecting Yourself from Payment Fraud
To mitigate the risks associated with payment fraud, consider the following best practices:
- Use Strong, Unique Passwords: Regularly update your passwords and avoid reusing them across multiple sites.
- Enable Two-Factor Authentication: This adds an extra layer of security to your accounts, making it harder for fraudsters to gain access.
- Monitor Your Transactions: Keep a close eye on your bank and credit card statements for any unauthorized transactions.
- Shop on Secure Websites: Look for HTTPS in the website URL and ensure the site is reputable before entering payment information.
For more insights on payment security, check out our articles on best practices for online shopping and how to recognize fraudulent websites.
In conclusion, the 2024 Annual Payment Fraud Intelligence Report serves as a crucial reminder for businesses and consumers alike to remain vigilant against escalating payment fraud risks. By staying informed and adopting protective measures, we can better safeguard our financial information.
We invite you to share your thoughts on payment fraud trends in the comments below and explore our related articles for more information on protecting yourself online.