In its Digital Trust & Safety Index for the second quarter of 2021, antifraud technology provider Sift examines content fraud and how scams that leverage user generated content work hand-in-glove with account takeover and payment fraud.
“Forums, marketplaces, social media channels, and other websites often invite users to post and communicate independently from the business and without much oversight,” Sift says in the report, “making fake or suspicious messages hard to track even after they’re identified, and inspiring a growing number of fraudsters to leverage malicious content for profit.”
Content abuse targeting Sift customers grew 77 percent from the beginning of 2019 until the end. It grew an additional 18 percent during Q1 2021. And, once fraudsters are able to harvest personal information though fraudulent content, they are able to monetize it in various ways.
“For the foreseeable future, merchants will sit in the thick of this exploitation,” the report says. “Trust and safety teams need to be aware of how the evolving Fraud Economy will continue impacting pandemic-era market changes that are here to stay. And to do that, they’ll need to think like the fraudsters that run it.”