According to Arkose Labs, the Bots Target Financial Organizations

Children as young as five use internet channels for a variety of activities, so it isn’t just adults who are essentially living online. The epidemic hastened the adoption of the internet by children for online lessons, entertainment, and socializing.

In the preface to a company’s study paper, 2022 State of Fraud & Account Security Report, Kevin Gosschalk, founder and CEO of Arkose Labs, writes, “A familiar term heard in the last few years is ‘data is the new oil.” “Data is the precious resource who feeds the digital world, which today permeates so much of our daily lives. Work, socializing, education, and a variety of other activities all take place primarily in the digital realm.”

Bloomberg Intelligence estimates the online “metaverse” might be worth $800 billion by 2024, according to the cybersecurity firm. “Fraudsters will have an immensely broader attack surface to target as a result of this.” Threat actors can corrupt smart appliances, connected autos, and virtual reality gadgets in addition to PCs and mobile devices.” 

According to the Arkose research, fraud assaults on financial institutions are increasing in frequency “as well as sophistication.” Internet fraud has increased by 85 percent in recent months, and much more than a fifth of all internet traffic is a cyberattack. Not only fraudsters, but Master Fraudsters – the worst type of fraudster – are coming after gaming, internet streaming, and social media sites

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