Finance & Banking , Fraud Management & Cybercrime , Fraud Risk Management

Fraudsters Emerge From Dark Web With New Tactics for 2024

M&T Bank's Karen Boyer on Fraud as a Service, Identity Exploits, Deepfake Trends
Karen Boyer, senior vice president, financial crimes, M&T Bank

Fraudsters have long relied on mule accounts to deposit proceeds from a variety of scams, typically using romance scams to get access to legitimate accounts. But financial crimes investigators are seeing a shift to criminals using dropped accounts, which can be opened and quickly discarded to evade detection by law enforcement, said Karen Boyer, senior vice president for financial crimes with M&T Bank.

See Also: Delving Deeper: 2023 Fraud Insights Second Edition

One of the reasons for this shift is that fraudsters and fraud-as-a-service groups have come out in the open, Boyer said. They've left the dark web and are using a variety of tools to create fake identities and grow their business.

"They are using Telegram, Twitter, Instagram and other social media sites, and fraudsters are creating this whole package, not just an identity ... it is a seasoned account. And sometimes they sell these accounts with a device so there is device profiling as well. This will start scaling in 2024."

In this video interview with Information Security Media Group, Boyer discussed:

  • Important fraud lessons from 2023;
  • How fraudsters are evolving their tactics;
  • Emerging threats related to deepfakes and generative AI.

Boyer, who leads the financial crimes practice at M&T Bank, has more than 20 years of diverse banking experience, specializing in fighting fraud.

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.

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