AU10TIX , a global technology identity verification and management provider, has today released its Q2 2024 Global Identity Fraud Report. Drawing insights from millions of transactions processed around the globe from April to June 2024, the report uncovers significant trends in large-scale organised identity fraud.

This quarter, AU10TIX recorded the highest-ever number of automated bot attacks targeting social media platforms; the sector accounted for a mere 3% of all attacks in Q1 but skyrocketed to 16% in Q2. The APAC region also proved vulnerable to bot attacks targeting the payments sector which included a focused mega-attack comprising over 5,000 fraudulent onboarding attempts. Bot impersonation fuels global fraud surge Imperva's 2024 Bad Bot Report reveals that bots impersonating real users now account for 32% of all internet traffic.

These bots are designed to imitate human identities and behaviors, often using deepfake technology to create convincing fake profiles. AU10TIX has noted a rise in bad actors deploying bots to create fake social media accounts, spread disinformation and malware, manipulate online interactions, and skew public discourse. Beyond their influence on politics and public opinion, these fake profiles are often linked to fraudulent activities, such as creating banking, payment, and cryptocurrency accounts for money laundering and other complex schemes.

The APAC region has become a key target for financial identity fraud, partly due to the rise of AI-powered Fraud-as-a-Service (FaaS) providers, which facilitate large-scale attacks. Along with a significant Q2 attack, the region has seen a 1.530% increase in deepfake-related incidents and a 24% rise in fraud rates between 2022 and 2023. As a result, APAC now holds the highest global fraud rate, with 3.27% of all transactions being fraudulent.

On a positive note, AU10TIX's analysts believe that INTERPOL'S HAECHI IV and First Light operations of Q4 2023 and Q1 2024 targeting online financial crime and social engineering fraud disrupted criminal networks operating in the payments industry as the company witnessed a 17% decline in attacks targeting the payments sector in Q2. AU10TIX's Q1 2024 Global Identity Fraud Report: three actionable insights to help organisations protect against identity fraud Social media must self-regulate: platforms like X, Facebook and Instagram can maintain credibility among the public by requiring platform users to authenticate their identity.  Leverage advanced fraud detection technologies: Deepfake detection, consortium validation and similar technologies can effectively combat the rising threat of social media impersonation.  Adopt multi-layered authentication measures: Implementing a combination of KYC/KYB solutions, biometric verification, and advanced organised fraud detection tools can significantly enhance an organisation's defenses against identity fraud. Source: Link .