With so many human activities transferring online, crime and fraud have also adapted to the digitization trend. Cyber-attacks are reported to be the fastest-growing crime in the USA, with increases in magnitude, sophistication, and cost to businesses and individuals. Some notable examples of large-scale fraud include the 2017 Yahoo hack of 3 billion accounts and the hack of Equifax compromising the data of 145.5 million customers. The volume of cybercrime-related damage is projected to rise to $6 trillion by 2021 globally
, which is twice more than in 2015 ($3 trillion).
Cyberattacks are varied in manifestations, commonly including attacks with ransomware and malware, identity theft, violation of privacy, weapons and drug sales online, and data theft, leakage, and intellectual property hacks. Most cybercrime is conducted on social media, giving $3.25+ billion in revenues to criminals every year. In 2019 alone, 85% of business organizations reported the detection of phishing or social engineering threats
, while another 75% of organizations are afraid of insider threats as a significant fraud risk.
The most alarming about fraud is that it may take too long to detect it. In the financial institutions conducting most of their operations offline, fraud detection may take as much as 40+ days
, leaving zero chances for criminals' identification and funds' recovery.