90% of US Companies Face Cyber Fraud in 2024

Protect Yourself and Your Company from Cyber Fraud - Get_Malwarebytes_for_Free

90% US Companies Faced Cyber Fraud in 2024

90% Us Companies facing Cyber Fraud is a staggering statistic! Cyber fraud has indeed become a significant issue for many organizations. According to recent reports, Cyber Fraud is predicted to cost the world $9.5 trillion USD in 2024, and the number of cyberattacks continues to rise. It's clear that companies need to prioritize cybersecurity measures more than ever. According to The recent Trustpair researchreport, 90% of U.S. Companies experienced Cyber Fraud in 2024, which is a significant increase from 79% in 2023.

The rise in Cyber Fraud is largely attributed to the rapid adoption of AI by fraudsters, including the use of deepfakes and deepaudio. According to the report, 47% of companies suffered losses exceeding $10 million, 38% of companies were targeted by payment fraud more than 10 times, Business Email Compromise (BEC) and imposter Email scams were the top methods used by fraudsters, increasing by 103% year over year.

Despite the growing threat, many executives remain confident in their ability to detect and prevent these attacks. However, this confidence may be misplaced, as the sophistication of cyber fraud continues to evolve.

We Strongly Recommend Everyone to Get_Malwarebyte_Free or Buy_Malwarebytes_Premium or such other industry standard Anti-Malware Software to safeguard all their devices and prevent falling victim to Cyber Fraud. Malwarebytes Free is forever Free. The free version protects you provided you manually do the Malware Scan yourself regularly. The Malwarebytes Premium keeps scanning your devices continuously and automatically giving you Real-Time Protection by Detecting and Removing Malware before they can do any harm to your device.

Prevention is better than Cure.

What is a Cyber Fraud

Cyber fraud is when criminals use the internet to deceive and steal money or sensitive information. According to the Trustpair research in 2024, nearly every large company in the U.S. (90%) was hit by some form of Cyber Fraud. This means 9 out of 10 companies dealt with online scams or hacking attempts that aimed to steal their money or sensitive data. For Cybercriminals no Company or individual is small for a Cyber Fraud. Here's a quick rundown of the findings:

• Big Losses in Cyber Fraud: Almost half of these companies (47%) lost over $10 million due to Cyber Fraud.

• Frequent Cyber Frauds: Many companies (38%) faced Cyber Fraud more than 10 times.

• Common Cyber Fraud: The most common Cyber Fraud were fake emails that tricked employees into sending money or sharing sensitive information. These types of scams increased by 103% compared to the previous year.

Despite these attacks, many business leaders still believe they can catch and stop these Cyber Fraud. However, as the Cyber Fraud techniques used by Cyber Criminals become more sophisticated, it's becoming harder to keep up.

In summary, Cyber Fraud is a big problem for U.S. companies, causing significant financial losses and requiring more advanced measures to fight against it.

What is Vendor Cyber Fraud

Vendor Cyber Fraud is said to happen when a vendor (a company or individual that provides goods or services), deceives a business to gain money or benefits unfairly. Here are some common types of Vendor Cyber Fraud:

1. Billing Cyber Fraud: Vendors send fake or inflated invoices to the company, hoping to get paid for goods or services that were never delivered or were overpriced.

2. Duplicate Payments Cyber Fraud: Fraudsters manipulate payment records to get paid twice for the same invoice.

3. Fake Vendor Accounts: In this type of Cyber Fraud, the company's own Employees create fake vendor accounts and make payments to these accounts, diverting money to themselves.

4. Overbilling Cyber Fraud: Vendors charge for more goods or services than they actually provided.

5. Check Forgery: In this type of Cyber Fraud, the Company's own Employees forge or alter checks to divert payments to their own accounts.

6. Kickbacks and Bribes: In this Cyber Fraud, the Vendors bribe employees of another company to secure contracts or manipulate prices in their favor.

Vendor Cyber Fraud can be challenging to detect, especially if a company has weak internal controls. About 69% percent of companies say they were targeted by this type of fraud in 2024, up from 47% who said this a year ago. Vendor fraud and wire transfer fraud (63%) are the top two fraud types companies were targeted by and the two types of fraud companies say they are least prepared to deal with.

Outside of financial losses, the reputational impact with customers (53%), investors (49%), and vendors and suppliers (48%) is what keeps most executives up at night. It's crucial for businesses to have strong verification processes and regularly audit their vendor transactions to prevent such Cyber Frauds.

Almost half (43%) of companies have invested in fraud awareness training over the past 12 months, which is an important step, but training and policies only go so far. In fact, companies said one of their biggest challenges in fraud prevention is that employees don’t always follow fraud prevention policies (39%).

In such a scenario, we recommend you to Try_Malwarebytes_Free to protect your Computers, Phones and Tabs from avoidable threats like Malware, Viruses, Trojan Horses, Ransomware, Spyware, Rootkits, Worms, Browser Hijackers, Keyloggers and more. Detect and Remove these before they can do any harm to your devices.

Read more..