Cyber Scams to Beware of in 2023

Cybercrime has been consistently rising since the pandemic struck in 2020. Industries across the globe have had to forcefully make a shift to and rely on digital infrastructures. 2022 saw a 15% increase in fraudulent activities, compared to the year before; and in 2023, cyber criminal have begun sharpening their skills to execute new and advanced as well as known techniques, for financial gains.

With the emergence of game-changing tools like AI voice generators and ChatGPT, the art of scamming has become even more sophisticated.

Therefore, it’s essential for both organisations and individuals to stay ahead of cybercriminals or at least try and keep up with them – and in order to do so, one must be aware of the ongoing and upcoming trends in the scamming business that could potentially leave them in a financial and emotional crisis.

Synthetic identity scams:

A kind of scam that often overlaps with identity theft and first-party fraud, with the common denominator being the formation of fictitious or fake identities, and the intention of defrauding businesses and individuals. It has been a growing issue that has already caused significant losses for multiple institutions across the country. In 2022, about 8-12% of identities that were verified turned out to be fraudulent. One hurdle that comes in the way of quantifying the exact losses caused by synthetic identity frauds is the fact that it’s difficult to detect and track them – owing to the fact that the identities created use a mix of real and created or fictitious elements.

Crypto combined with romance scams:

Dating apps, matrimonial sites or even social media can lead one to their future spouse. However, due to the fact that these platforms have the potential to open multiple doors, they have also become fertile grounds for cyber scammers to conduct crypto-related crimes. Not to mention, with AI being easily accessible to everyone, it’s much easier to generate original images and even type messages that could lure, trap and cajole vulnerable individuals into downloading applications and investing in fake crypto sites.

United Payment Interface (UPI) scams:

UPI has revolutionised the digital payment system in India. It’s turning into the most preferred method of payment, across states. But this has also led to escalations in fraudulent activities on these platforms. In 2022, UPI frauds had risen by 34% between the first and second quarter. Experts believe that this trend is only going to grow, considering its value-addition in people’s daily lives.

Even the latest platforms and technologies are being infiltrated by cyber scammers. While one cannot put a pause to it, they can definitely be more vigilant and aware of what’s to come, and be better prepared.

At GDA, we have a team of cybersecurity experts who have undergone meticulous training to be able to stop, control and find cybercriminals.

To know more about our services, head over to our website:

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