Content fraud—scams, spam, and other abuse lurking behind user-generated comments and messages—remains a common and valuable tool for cybercriminals. Both universally accessible and easy to execute, content fraud is the most direct way for fraudsters to undermine a site or app’s security, often without having to use identifying credentials or information of any kind.
New data from Sift’s global network shows rising content abuse across verticals, specifically scams, with alarming increases in risk reported by consumers across social media and marketplaces. And while the killing grounds are familiar, with dating sites and classifieds still plagued by fake posts and promises, how and where fraudsters are snatching profits isn’t as recognizable. The target has evolved with the economy, leading to a rise in cryptocurrency-based fraud that can devastate individuals and businesses alike.
Crypto attracted fraudsters faster than gnats to honey, leading to bitcoin-driven schemes and untraceable losses that are difficult to catch and often impossible to recover from. With a global recession unfolding, the rapid and unexpected disruption now rattling the crypto sphere means that trust and safety teams must continue to stay on high alert for changing fraud and abuse tactics—especially those designed to exploit unregulated, decentralized finances and banking.
The below infographic illustrates key points from our Q2 Digital Trust & Safety Index: Quantifying the collateral damage of content fraud. Explore the following visuals and download the complete report here.