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Irish Information Security Forum

Platforms are the new fraud frontier

source: pwc.com

 

Platforms are the new fraud frontier


What’s the point of entry for external fraudsters? Many are exploiting new technologies being deployed by companies. Digital platforms, such as social media, services (for example, rideshare or lodging) and e-commerce, open the door to fraud and economic crime risks that most companies are just beginning to appreciate. Of those organisations experiencing fraud in the last two years, for four in ten it was connected to the digital platforms they rely on.

 

40% of those encountering fraud experienced platform fraud.

 

PwC’s Global Economic Crime and Fraud Survey 2022 shows that the proportion of organisations experiencing fraud has remained relatively steady since 2018. However, the survey of 1,296 executives across 53 countries and regions found a rising threat from external perpetrators—bad actors that are quickly growing in strength and effectiveness. Nearly 70% of organisations experiencing fraud reported that the most disruptive incident came via an external attack or collusion between external and internal sources.

 

The pandemic created additional vulnerability as organisations accelerated the shift to digital operations. Meanwhile, new fraud risks are emerging and new predators are gaining strength. What, exactly, is the fraud risk that companies face today?
Read the full report to learn more.

cyber fraud report

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