New Zealand hit hard by financial scams as global cyberattacks surge
New Zealand hit hard by financial scams as global cyberattacks surge | Insurance Business New Zealand
Cyber
New Zealand hit hard by financial scams as global cyberattacks surge
Report outlines common tools used by cyber criminals
Cyber
By
Roxanne Libatique
A recent threat report by Gen has revealed a 46% increase in global cyberattacks during the second quarter of 2024, with New Zealand among the countries most impacted by financial scams.
The report, covering data from April to June 2024, draws on insights from 500 million users worldwide and indicates that Gen is blocking over 1 billion unique attacks each month.
New Zealand a hotspot for financial fraud
New Zealand is listed alongside countries such as Australia, Canada, the UK, and several Nordic countries as a hotspot for financial fraud.
According to the report, cybercriminals are increasingly leveraging artificial intelligence (AI) to enhance their attacks, making them more sophisticated and harder to detect.
Siggi Stefnisson, Gen’s chief technology officer, noted that AI is transforming the way scammers operate.
“We continue to see cybercriminals expand their toolkits with even more uses of AI to strengthen their attacks,” he said, as reported by Security Brief. “Now with AI and other new tech, their schemes are more sophisticated and convincing than ever before.”
He emphasised the importance of vigilance, urging people to stay informed about the evolving cyber landscape.
Tools used by cyber criminals
The report highlighted that 95% of cyberattacks happen while users browse the internet.
Cybercriminals are incorporating AI into traditional scams, including one high-profile incident involving deepfake videos during a SpaceX event. This scam, which hijacked YouTube accounts and used QR codes for fake cryptocurrency giveaways, netted US$$1.4 million from unsuspecting victims.
Despite efforts to raise awareness, these scams remain effective, underscoring the ongoing need for public education. The tech support scams involve fraudsters posing as legitimate service providers to gain access to sensitive information, while invoice scams often target businesses.
Economic hardship has also driven an increase in part-time job scams, with fraudsters using AI-generated voice calls to lure victims into providing personal and financial details in exchange for promises of quick, easy money. This trend is expected to continue as scammers find new ways to exploit people’s financial concerns.
The report also identified a resurgence of “antivirus scams,” where attackers use fake pop-up alerts mimicking legitimate software. These alerts, which exploit the Windows notification system, are designed to convince users to click through and expose their devices to malicious software.
TrendMicro’s latest findings further emphasised the growing role of AI in cybercrime. The report, released in July 2024, revealed that generative AI technologies such as ChatGPT and its criminal counterparts are being abused by cybercriminals.
Rise in corporate breaches
Gen’s report also pointed to a rise in corporate breaches, with cybercriminals increasingly using malware such as InfoStealers and Mobile Bankers to collect login credentials, passwords, and financial data.
While some types of malware have seen a decline, others, including the AgentTesla family, are gaining ground.
Cyberattacks targeting consumers
Ransomware attacks targeting consumers also saw an uptick in Q2, increasing by 24% globally compared to the previous quarter.
Many of these ransomware incidents were linked to pirated content, emphasising the need for regular data backups and other preventative measures.
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