Why are fraud departments so swamped? Because, according to a new report, the entry-level “salary” for fraudsters is around $20,000 per month. In its Q2 2022 State of Fraud & Account Security, fraud prevention technology provider Arkose Labs found that the availability of so much quick money, even for inexperienced criminals, has caused an explosion in the number of people engaged in digital fraud—a tenfold increase from just three years ago.
Fraudsters are quickly educating themselves on the technology and tactics necessary to enter the field and turning it into cash immediately.
“The ROI for cyberattacks is greater than ever, so fraudsters are willing to invest more energy in the right mix of tools and resources to be successful and turn profits,” said Kevin Gosschalk, founder and CEO of Arkose Labs. “Our intelligence shows that bot attacks are mimicking human behavior enough to evade security measures and leading to new monetization techniques. Evolving bot and human-led attacks increasingly target fintech, gaming, and technology companies. Simple automation is a thing of the past as attackers have proven to be quick learners and continue to find ways to sabotage businesses to increase their personal wealth.”
Account takeover (ATO) and other account-based attacks have been a steadily growing concern for online merchants and the report underscores that the problem and the sophistication of the attacks will likely continue to grow. Arkose found that automated ATO attacks were 30 percent higher in Q1 2022 than each of the last two years and that a third of all cybercrime losses come from consumer account-based attacks.