Atlas VPN Report Finds 45% Of Fraud Attacks Globally Target Brand Names

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The strategies and approaches used by cybercriminals are getting more complicated and sophisticated, with more cases of attackers imitating well-known firms to dupe victims into handing over personal information, which is making the context of attacks more difficult to identify.

According to data provided by Atlas VPN, brand names are used in 45% of global fraud efforts, with the United States and Spain being the most commonly targeted countries for phishing attacks.

The information comes from the Outseer Fraud and Payments report for Q4 2021. The study examines fraud assaults and consumer fraud statistics, as well as provides insight into the cyber fraud landscape for consumer-facing businesses of all sizes.

Also Read: UK Regulates Money laundering in Crypto

In the third quarter of 2021, brand abuse accounted for 45% of all fraud attacks globally, with people being misled through digital channels such as social media platforms as cybercriminals posed as trustworthy companies.

According to a report that was published by Atlas VPN last year, the most imitated brands in the world in the first six months of 2021 were Facebook, Microsoft, and CréditAgricole.

Rogue mobile apps, which are typically distributed through third-party app stores, have been found to be used by hackers to exploit brands’ reputations, and that strategy accounted for 39% of all fraud efforts worldwide. Cybercriminals, for example, exploited bogus TikTok apps to carry out Covid-19-related scams last year.

Also Read: Digital Fraud Rate In Canada Double Of The Global Average

In the third quarter of 2021, phishing assaults accounted for 14% of all fraud threats.

Phishing hacks employ social engineering to collect personal information from victims via email, phone calls, social media, and text messages. Because of their simplicity and efficiency, phishing assaults have grown popular among hackers.

Trojans accounted for only 2% of all fraud attacks worldwide. A trojan horse is a type of malware that imitates a file or application in order to deceive you and collect your personal information.

Phishing attacks allow fraudsters to target different nations in order to determine where an attack would be most profitable.

In the third quarter of 2021, fraudsters preferred to target users in the United States, accounting for 21% of all phishing attacks.

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Phishing poses the greatest threat to the United States, as criminals attempt to get access to corporate accounts and propagate malware further. Other phishing incidents include state-sponsored attempts by Russia and China to collect confidential information about the US government.

During this time, Spain was the target of 14% of phishing attacks. When looking into the nature of the Spanish attacks, it was discovered that phishing operations targeted drivers with emails warning them of alleged fines, when the link would, in fact, download malware onto the device if opened.

South Africa, on the other hand, experienced 12% of phishing threats in the third quarter of 2021.

Also Read: Kaspersky Report Anticipated Enhancement Of Cyber-Attacks On Cryptocurrency Next Year

Cybercriminals targeted the Philippines second, with 9% of all phishing attempts directed at the country, while cybercriminals picked Greece fifth, with 7% of all phishing threats focused at the European country.

In the third quarter of 2021, fraudsters attacked Canada and the Netherlands with 6% phishing assaults apiece. The remaining attacks were spread over 15% of the world’s countries.

Employee training and general computer savvy are vital when mitigating fraud risks since fraud assaults require the user to detect and assess potential dangers. However, because humans are prone to making errors, anyone could be duped by a skilled con. Businesses should implement cybersecurity solutions to protect employees in such situations.

Also Read: Cybercriminals Likely to Target Companies and Take Advantage of Electronic Payments in 2022
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