Connect with us

News

Callsign Predicts Widespread Fraud As We Approach 2023

Experts have made five predictions for the new year based on conversations with customers in the private and public sectors.

Published

on

callsign predicts widespread fraud as we approach 2023
Getty Images

Digital trust and security experts, Callsign, have just released their predictions for 2023 in relation to fraud. The company has listed several emerging trends that will affect banks, telecommunication companies, social media, and eCommerce platforms. Here’s a summary of their top five predictions:

Dormant Account Takeovers Will Increase

Callsign’s first prediction is that dormant bank accounts — where consumers have not used a service for an extended period — will increasingly be utilized by fraudsters to launder illegal money.

Once a dormant account has been taken over, scammers will likely use deceptive social media adverts and phishing to trick unsuspecting members of the public into sending money.

Buy Now, Pay Later Fraud Will Rise

Buy now, pay later (BNPL) is already very popular in the Middle East, and will only continue to grow over the coming years. Unfortunately, the BNPL market isn’t yet as well regulated as other financial sectors, which can often mean neglected security protocols.

Callsign predicts that there will be a sharp rise in BNPL fraud in 2023, with businesses being exposed to various types of refund scams and more accounts will be opened using stolen or fake credentials.

Deep Fake Technology Will Become More Sophisticated

Although deep fake videos of celebrities make for interesting viewing, the technology does have a much darker side. Callsign reports that scammers are already using the technology to convince consumers to part with their cash, utilizing a mixture of visual identification and impersonation.

Fraud Will Enter The Metaverse

Web 3.0 is being heralded as a way to enable seamless connectivity across platforms and networks, with the potential to allow deeper collaborations and new opportunities for business and learning. As great as all of that sounds, the metaverse will undoubtedly suffer from many of the same issues currently plaguing the regular internet, including fake avatars, scams, and fraud.

Callsign thinks that 2023 will be the first year where widespread criminality makes its way onto Web 3.0, and depressingly, believes that “everything wrong from a security perspective with social platforms today will be considerably worse in the metaverse of tomorrow.”

A New Cycle Of Victims Will Emerge

According to Callsign’s Digital Trust report, Middle Eastern consumers tend to have higher levels of digital trust than those in other regions. That means that despite digital fraud being widespread for decades, 2023 will see a whole new segment of the global population falling victim to scams as greater numbers of people take their work, finance, and social lives online.

Advertisement

📢 Get Exclusive Monthly Articles, Updates & Tech Tips Right In Your Inbox!

JOIN 17K+ SUBSCRIBERS

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

Published

on

binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.

Continue Reading

#Trending