Scams continue to be the most frequent type of cybercrime. Phishing and other cyber risks such as viruses, ransomware, and denial-of-service attacks have surpassed online fraud. This data is contained in the “Digital Risk Trend Report 2023” published by multinational cyber security firm Group – IB. According to the research, internet fraud using brand resources climbed by 162% in 2022 over 2021.

Online frauds have nearly doubled (211%) in one year across all industries and brands. According to the survey, internet fraudsters are particularly interested in companies from the Asia Pacific, the Middle East, and Africa. According to sources, the frauds cost more than Rs 4.5 crore. The number of persons participating in fraudulent operations has also grown. Scammers and victims frequently communicate through social media. According to Group IB, 58% of frauds targeting organizations in seven main economic areas were obtained through social media.

Online scams targeted financial institutions, banking, telecommunications, media, oil and gas, aviation, insurance, and manufacturing. This was accomplished through the use of social media. There has recently been an upsurge in the number of bogus or fraudulent websites, mobile apps, company listings, and so on. In India, brands such as Swiggy and Zomato were duped into doing C-scans through bogus Google pages by fraudsters acting as their support workers. In India, bogus websites for six businesses have been discovered.