Watch Out for These Shady Moves in Finance: 5 Cyber Fraud Trends in 2024

In the relentless game against Cyber Fraud, 2024 has its own set of challenges. Cyber tricksters are upping their game with Deepfakes, Phishing 2.0, Blockchain Mischief, Insider Threats, and AI-powered shenanigans. According to Shikhar Aggarwal of BLS Services, “In 2024, the financial sector’s got its hands full with deepfake fraud, phishing 2.0, blockchain hustles, insider threats, and AI mischief.” Animesh Jha, VP of Engineering at Wibmo, a PayU company, spills the beans on the top financial fraud trends for this year and shares street-smart advice on tackling them.

1. Crafty Phishing Attacks

• Level Up Security: Embrace multi-factor authentication to fortify your defenses.
• Smart Filters: Employ advanced email filters to detect and block phishing attempts swiftly.

2. Fake Identity Play

• Top-Notch Tools: Arm yourself with high-tech identity verification tools featuring biometric authentication.
• Machine Vigilance: Harness machine learning algorithms to catch patterns indicative of synthetic identity creation.

3. Mobile Banking App Weaknesses

• Stay Updated: Regularly update and patch mobile banking apps to address vulnerabilities.
• Biometric Boost: Integrate behavioral biometrics for an extra layer of user authentication.
• Real-Time Vigilance: Implement real-time monitoring for unusual activities and transactions.

4. Inside Job Threats

• Access Lockdown: Enforce strict access controls and conduct regular access reviews.
• Security Culture: Foster a culture of security awareness, educating employees on the consequences of insider threats.

5. Ransomware Hits on Financial Hangouts

• Data Fortification: Regularly back up critical data and systems to enable swift recovery.
• Expert Collaboration: Collaborate with cybersecurity experts to stay ahead of evolving ransomware tactics.

Tips to Beef Up Your Cybersecurity Game:

1. Regular Audits: Conduct regular cybersecurity audits to identify and patch vulnerabilities.
2. Employee Training: Invest in cybersecurity training for your team to bolster your first line of defense.
3. Incident Response Plan: Develop a solid incident response plan to minimize damage in case of a security breach.
4. Vendor Scrutiny: Scrutinize the cybersecurity practices of your vendors to ensure a secure supply chain.
5. Stay Informed: Keep abreast of the latest cybersecurity trends and technologies to stay one step ahead.

In a world where financial security is paramount, taking these steps isn’t just prudent—it’s a necessity. Stay vigilant, stay secure from cyber fraud.

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Read more cyber security awareness-related news here:

1. Protect Yourself from Holiday Phone Scams: A Guide

2. Over Rs.1,000 Crore Safeguarded: Citizens Tackle Cybercrime, Finance Ministry Reports

3. Deepfake Dilemma: Boon or Bane for the Future?

4. The Astonishing Rise of Deepfakes and the Future We Didn’t See Coming

5. Decoding the Deepfake Puzzle in India: A Quick Overview

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