According to a report titled ‘Current State of
Cybercrime — 2019’, released by RSA Security, social media fraud has increased
by 43% in 2018.
According to the report, cyber criminals are
increasingly relying on Facebook, Instagram, WhatsApp and other legitimate
social media and messaging platforms to communicate with each other. Further,
they have been using these platforms to sell stolen identities, credit card
numbers and other ill-gotten gains.
The report has noted that the fraud in the
mobile channel has grown significantly over the last several years, with 70% of
fraud originating in the mobile channel in 2018. The study further adds that particularly
fraud from mobile apps has increased 680% between 2015 and 2018.
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