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Cyberfraud cases see major rise

(Image credit: Image Credit: Gustavo Frazao / Shutterstock)

There has been an increase in the number of financial accounts taken over by fraudsters in the past year, new figures have shown.

Reports from KPMG’s latest Fraud barometer, based on 217 alleged cases of fraud, suggest that there has been a 57 per cent increase in the amount of financial accounts taken over.

Keep in mind that these are only cases whose value is north of $120,000. 

Cybercriminals employ a series of tactics, from email, to texting and smartphone apps, to get their hands on personal data which enables them financial account takeovers. 

In some cases, victims would see a message on their screen, saying their device had been infected and that they need to get rid of the infection immediately, by contacting “tech support” - in this case, the fraudsters.

Once they reach out, the fraudsters would pretend to fix the non-existing threat, while at the same time, scouring the devices for valuable information. In some cases, they’d even install malware which would allow them to milk even more data later on.

“We are noting a worrying move from criminals simply hacking as a means to an end to being industrialised personal data brokers on the dark web,” said Roy Waligora, KPMG UK head of investigations.

“As our digital footprints get larger, cyber criminals will continue to develop new and innovative ways to steal personal data. If we are not alive to the threats, there is a great risk that we increase our vulnerability to criminals through our inaction.”