After a busy year in the cybersecurity and online fraud prevention space, the co-founders of SEON Fraud Prevention weigh in on the top trends that changed fraud in 2021.
They say overall cybercrime is on the rise, with attacks becoming more complex and impactful, and that the situation isn't helped by the fact that many people now work remotely. This new reality has created several additional vulnerabilities within online operations, which they say cybercriminals are only too happy to exploit.
The rise of Ransomware as a Service (RaaS) type business models
"Whether it's Spotify, Netflix, or even SEON, we've all heard about Software as a Service (SaaS) businesses," says SEON co-founder and chief operating officer, Bence Jendruszak.
"It's a great business model, with a ton of advantages for end-users. Sadly, cybercriminals seem to agree and now utilise this method to package already-developed ransomware tools to buyers on the dark web."
He says it's a frightening development, which underlines the increasingly sophisticated nature of many online criminals, as well as the incredible demand for their services.
"It's also greatly reduced the barriers to entry for those looking to commit acts of cybercrime, which significantly increases the risk of these attacks occurring," he adds.
Online fraud got much easier
According to the SEON co-founders, online fraud became much easier in 2021. They say they've been keeping a particularly close eye on virtual SIM cards, which often allow online fraudsters to get around two-factor authentication and one-time password security protocols.
As well as being readily accessible, virtual SIM cards are very cheap. When combined, the technology is helping cybercriminals to commit significant levels of fraud at a nominal price. What's more, it's also rendering many previously eff ..
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