In a world where cyber threats are constantly evolving, Gen™, a global leader in consumer Cyber Safety, has released a startling Q2/2024 Threat Report detailing a significant rise in AI-driven scams. The report, which was released on September 4, reveals that from April to June, cybercriminals increasingly employed AI to create sophisticated deepfake campaigns, costing victims millions.

Gen’s cybersecurity brands, including Norton, Avast, and LifeLock, blocked over one billion unique attacks each month during this period, reflecting a 46% increase from the previous year.

Deepfakes and Financial Scams on the Rise

One of the most alarming trends shown in the report is the use of AI-generated deepfakes to manipulate consumers. Scammers used these highly convincing videos and images, often featuring celebrities and global events, to promote fake cryptocurrency investment schemes.

In one such campaign, the scam group CryptoCore hijacked nearly 50 YouTube accounts during the SpaceX Starship flight test in June, resulting in 500 fraudulent transactions worth $1.4 million. Overall, this scam group managed to steal $5 million through these deceptive practices, with victims predominantly in the US, UK, Brazil, and Germany.

Digital Identity Theft and Ransomware: Growing Threats

The Gen report also underscores the rising threat of digital identity theft, with cybercriminals increasingly targeting personal information through InfoStealers and Mobile Bankers. Despite a slight decline in InfoStealer activity, the malware family AgentTesla saw an 11% increase in market share.

Additionally, Mobile Bankers such as TeaBot have been found targeting users of financial apps like Revolut, disguising themselves as PDF readers to steal banking credentials.

Ransomware attacks have not slowed either. According to the report, consumer ransomware attacks surged by 24% in Q2/2024. India saw the most dramatic increase at 379%, followed by significant spikes in the United States, Canada, and the United Kingdom. Cybercriminals are using tactics like hiding ransomware in pirated content, making it even more crucial for consumers to take preventive measures.

Gen’s Global Response and Consumer Protection Efforts

Gen’s proactive stance in cybersecurity is evident as they continue to collaborate with global governments to combat ransomware, providing free decryption tools like the Avast DoNex Ransomware Decryptor.

Siggi Stefnisson, Chief Technology Officer at Gen, emphasized the need for consumers to stay informed and cautious as cybercriminals exploit new technologies to enhance their attacks. Stefnisson noted that the company’s efforts to monitor and report emerging threats are part of Gen’s broader mission to protect nearly 500 million users in over 150 countries.

The Road Ahead

As cyber threats become increasingly sophisticated, Gen’s report serves as a critical reminder of the importance of digital safety. The company’s extensive network and cutting-edge technology continue to shield consumers from a wide range of online dangers.

However, as scammers grow more adept at using AI to fuel their deceptive practices, it is essential for individuals to remain vigilant and informed.