As technology advances at lightening speed, cybercriminals are developing increasingly sophisticated methods to commit identity theft. We are seeing several emerging trends this year posing significant challenges to individuals and organizations. Here are the top five to be aware of:
AI-Driven Cyberattacks – Artificial intelligence (AI) is being used to create synthetic identities by combining real and fabricated information from social media platforms to create fake profiles, open fraudulent accounts and apply for loans. This type of fraud, known as synthetic identity fraud, is projected to generate at least $23 billion in losses in the U.S. alone by 2030. Watch out for fake friend requests or messages that seem a bit ‘off’ or ‘not quite right.’ You can protect yourself by setting your social media accounts to private and limit public personal details. Regularly check for fake accounts impersonating you and make sure to enable account settings with up-to-date contact information so you can regain access if your account is hacked.
Deepfake and Voice Cloning Scams – Advancements in AI have also led to the creation of fake videos and voice cloning enabling scammers to impersonate individuals in very convincing ways. The use of this biometric technology is used in phishing attacks, fraudulent communications and social engineering schemes. Be on the lookout for urgent video or voice calls from anyone pretending to be a close relative or friend or even your local bank teller asking you for a money transfer or to confirm confidential information. Don’t fall for it and make sure that voice authentication is disabled at your financial institutions.
Medical Identity Theft and AI-Driven Insurance Fraud – Healthcare remains one of the most targeted industries for cyberattacks. According to the U.S. Department of Health & Human Services, over 133 million healthcare records were exposed in breaches in 2024. This year we will continue to see the creation of fake patient profiles, which mimic real individuals. We are expecting an increase in deepfake telehealth scams where fraudsters use AI-generated voices and videos to impersonate real patients during telemedicine appointments. And, AI-powered fraud rings are using AI to automate medical fraud, reducing the time and effort needed to process fake claims. AI can do everything from altering medical records to submitting fraudulent claims on a grand scale. Specifically, be on the lookout for incorrect diagnoses or treatments in your records and check bills and insurance claims for services you never received.
QR Code Phishing Attacks – QR codes are everywhere these days: in the grocery store, on the products we buy, in our museums, on posters … anywhere that taking a second to scan will reveal additional content for the viewer. In typical fashion, criminals are taking advantage of the widespread use of QR codes to conduct phishing attacks, malware downloads and unauthorized transactions linked to stolen payment credentials. Watch out for unsolicited packages with QR codes asking you to “verify the sender.” Scammers prey on curiousity and the convenience of QR codes is making it easy for people to scan without thinking twice. If you do receive a suspicious package asking you to scan a QR code, report it immediately to the retailer it came from, the postal service or the Federal Trade Commission.
Quantum Computing Threats – Quantum computing, a revolutionary approach to computation that harnesses the principles of quantum mechanics, isn’t exactly an everyday term in the household yet, but it will be. How is it different from computing we know of today? Your regular computer, like your laptop, desktop or phone, uses tiny switches called bits that can either be on (1) or off (0). These bits are how computers process information, one step at a time, like flipping light switches on and off. A quantum computer is like a super-powered version of that. Instead of bits, it uses qubits (pronounced ‘cue-bits’) which can be on, off or both at the same time. Basically quantum computers can solve problems much faster than regular computers and they pose a significant risk to current encryption methods. The threat is that cybercriminals might steal encrypted sensitive data today planning to decrypt it in the future when quantum computers become powerful enough to do so, which puts the idea of secure transactions, digital wallets and identities as things of the past. Industries at specific risk are expected to be healthcare and finance.
The concepts of not trusting and always verifying will continue to gain traction this year to help prevent losses from these scams. Maintaining good cyber hygiene practices such as updating your security settings, changing your passwords regularly, enabling multi-factor authentication and keeping up with software updates will all be helpful in mitigating these cyber threats. The best defense is think before you scan, click or share! But, with this being Identity Theft Awareness Week, the only thing we do suggest you sharing is this blog to help spread the word.
Guard Well Identity Theft Solutions exists to provide you, your family and your employees from the damages of identity theft. If you have any questions or concerns, please contact our Member Services team immediately. We are always available for you 24/7/365 at 888.966.4827 (GUARD).
