Criminal Hackers Are Employing AI To Facilitate Identity Theft
Identity theft refers to the illicit acquisition and utilization of an individual's private identifying information, typically for financial benefit, and it constitutes an escalating global issue.
The sophistication and expertise of cybercriminals have escalated in their intrusions that are putting identities at risk. Cybercriminals are employing artificial intelligence (AI) technologies to steal identities by infiltrating and examining victim networks.
To deceive or undermine cyber-defense systems and applications, their preferred techniques generally include self-modifying malware and automated phishing attempts that mimic real individuals. Their targeted assaults are now more lethal, more strategic, and swifter as a consequence.
The Identity Theft Resource Center’s 2024 report indicated that victim notices increased by 312% from 419 million notices in 2023 to 1,728,519,397 in 2024.
Last year, the financial services sector, dominated by commercial banks and insurance, experienced the highest number of breaches, followed by healthcare (the most targeted sector from 2018 to 2024), professional services, manufacturing, and technology.
The Rationale Behind the Heightened Incidence of Identity Fraud
The rationale behind the heightened incidence of identity fraud is evident. As our connectivity increases, so do our visibility and susceptibility to individuals seeking to compromise our accounts and appropriate our identities.
The surface threat landscape has significantly broadened because of cellphones, wearables, and the Internet of Things, resulting in numerous phishing targets.
The Threats of Spoofing and Deepfakes
Spoofing occurs when one individual impersonates another to gain access to confidential data, accounts, or information. It is frequently executed using an email or SMS that may impersonate a preferred vendor, such as Amazon or Microsoft, or even your financial institution or workplace.
When one succumbs to a spoof, spyware and ransomware are frequently downloaded.
Historically, spoofs were easily identifiable due to typographical errors, subpar visuals, and implausible claims. This has evolved due to advancements in technology and the sophistication of threat actors who possess the ability to deceive nearly anyone.
The Impact of Artificial Intelligence-Generated Deepfakes
Generative AI can rapidly produce new material by utilizing text, images, and music as inputs through deep neural network machine learning algorithms.
Moreover, generative AI models may produce remarkably realistic text, audio, and video content in addition to images.
Numerous deepfake AI-generated audio files are sufficiently realistic, enabling an attacker to effectively impersonate organizations and CEOs and access bank account information.
The Importance of Cyber Risk Management
Initially, every enterprise, regardless of size, and consumer should implement a risk management plan.
The plan's fundamentals must encompass the identification of essential assets for protection, potential threats, designated corporate responsibilities for mitigation, and the implementation of techniques for incident response and mitigation.
Effective risk management security protocols commence with the implementation of a functional, tested plan to mitigate threats. This may encompass encryption, sophisticated firewalls, segregation of sensitive information, and threat intelligence surveillance.
Recommended Practices for Organizations and Individuals
Here are six recommended specific practices for organizations and individuals to mitigate identity theft:
1) Implement multifactor authentication. This is a crucial measure in thwarting identity theft, as it elevates the difficulty of password theft by necessitating two or three procedures to access information.
2) Use strong passwords. Hackers are proficient at deciphering passwords, particularly when they possess knowledge of your previous residences (street names), birth dates, and preferred phrases through social engineering on social media platforms.
3) If you are a company, administer a robust identity and access management (IAM) program. This will help ensure that only authorized individuals and designated roles within your business may access the emergence of new threats.
4) Utilize a dedicated computer just for financial transactions, refraining from any other usage.
5) It is advisable to regularly review your credit ratings, bank statements, and social accounts. Numerous credible monitoring businesses offer account alerts that are highly beneficial in the pursuit of awareness.
6) Have a resilience strategy. Ultimately, if a breach occurs, ensure you have a strategy to promptly contact your essential vendors and relationships. Timely remediation can be the difference for a small or medium company surviving the consequences of going out of business.