Cybercriminals are notoriously adept at evolving their strategies and tactics to defraud individuals and businesses out of their hard-earned money. One perfect example of the evolution of effective and illusive financial fraud is card skimming. But is card skimming still a thing in 2024? Very much so. According to the FBI, card skimming fraud still costs financial institutions and American consumers more than $1 billion yearly—and it’s growing.

Brace for impact—CISOs and IT professionals are gearing up for what promises to be an intense year in cybersecurity. Cybercriminals are readying themselves with increasingly cunning tactics against unsuspecting organizations and users. From leveraging artificial intelligence in creating bespoke malware to launching impressively uncanny spoofed sites, the risks are becoming increasingly intricate and difficult to predict.

With personal data or business communications, our vast digital footprint is vulnerable to malefactors. Consequently, safeguarding sensitive information has become a pressing concern for companies of all sizes. The cost of cybercrime was $8 trillion globally in 2023 and is projected to hit $10.5 trillion by 2025. This alarming statistic emphasizes the escalating threat and the critical need for robust cybersecurity measures.

The thriving online marketplace holds boundless opportunities for businesses and consumers. But lurking beneath the surface of convenient digital transactions is a persistent threat: ecommerce fraud. Consider the unsuspecting customer who stumbles upon what looks like your online store, snags a coveted deal, and enters their payment details—only to find out later that a fraudster has stolen their financial data from a spoofed website.

It’s easy to think that securing the systems and data of an organization is primarily a technological undertaking. The human element of your cybersecurity strategy is usually seen as a weakness—and not without reason. According to estimates, up to 95% of breaches involve a human element. There’s only so much that technology can do to safeguard against human error and neglect of cybersecurity principles.

If you recently took a relaxing European vacation and flew Air Europa, check your credit card statement. They are the latest victim of a malicious hack exposing customer credit card numbers, expiration dates, and even the associated stored CCV codes—which contradicts Payment Card Industry Data Security Standard (PCI DSS) regulations.

Imagine waking up one day and checking your bank records to find details of transactions you never made. This nightmarish situation can result from the Tiny Banker Trojan (Tinba) malware, which can steal banking credentials to funnel money to external accounts. There has been a rise in such malicious and fraudulent activities worldwide over the past few years. According to a recent report, in Q2 2023 alone, 59,167 malicious installation packages were identified as related to mobile banking trojans.

Clickjacking is a widely used cyberattack technique where users are tricked into clicking on something without realizing it’s harmful. Clickjacking attacks can lead to serious problems like data theft and financial fraud, damaging organizations’ reputations. According to the Javelin 2022 Identity Fraud Study, 22% of U.S. adults have been victims of account takeover attacks. But here’s the good part.