Gen report reveals sharp rise in AI-powered cyberattacks

Gen, a global leader in consumer Cyber Safety, has released its Q2/2024 Threat Report, highlighting a significant increase in cyberattacks targeting consumers, particularly through ransomware and AI-fueled scams.

According to the report, Gen's Cyber Safety brands successfully thwarted over one billion unique attacks each month during the second quarter, marking a 46% increase compared to the previous year.

Siggi Stefnisson, Gen's Chief Technology Officer, emphasised the growing sophistication of these cyberattacks. "We continue to see cybercriminals expand their toolkits with even more uses of AI to strengthen their attacks," Stefnisson stated.

"Scammers are cunning and adept at exploiting what is most likely to be on consumers' minds – whether it has to do with elections, love or financial security. Now with AI and other new tech, their schemes are more sophisticated and convincing than ever before. We urge consumers to stay informed and alert. We will continue to keep a watchful eye on the latest threats and provide the latest knowledge and tools needed to be safer despite the evolving threat landscape."

The report sheds light on various tactics employed by cybercriminals, many of whom are leveraging generative AI to craft realistic deepfakes. These deepfakes often feature celebrities and widely publicised events to deceive potential victims. For instance, the report highlights a campaign by the scam group CryptoCore, which used deepfakes disseminated on compromised YouTube accounts during the SpaceX Starship integrated flight test. This particular scheme resulted in 500 fraudulent transactions totalling USD $1.4 million.

Aside from deepfake scams, other evolving threats include part-time job scams and revived fake antivirus alerts. Scammers are now using AI-generated voice communications to bolster part-time job scams, promising easy money in exchange for promoting goods on social media. The report indicates that this tactic has added a new layer of deception and realism to the scams. Additionally, there has been a resurgence of fake antivirus alerts which misleadingly claim the user's computer is infected to trick them into purchasing unnecessary software.

Digital identity theft remains another major concern. Cybercriminals are shifting their focus to stealing digital identities using tools like Information Stealers (InfoStealers) and Mobile Bankers. These methods allow attackers to gather valuable personal information directly from compromised devices. Notably, malware families like AgentTesla have surged in prevalence, increasing their market share by 11% in the last quarter. Mobile Bankers such as TeaBot, disguised as legitimate applications like PDF readers, are also targeting specific financial institutions.

The report additionally notes a significant rise in consumer-targeted ransomware attacks, with a 24% increase quarter over quarter. India witnessed a particular surge, with a 379% increase in ransomware incidents. The telemetry from Gen illustrates that many of these attacks are disseminated through pirated content. In response, Gen continues to collaborate with global governments and has recently released the Avast DoNex Ransomware Decryptor to assist victims.

Gen's quarterly report provides insights based on extensive research and underscores the importance of continuous vigilance in the face of escalating cyber threats. The company remains committed to protecting consumers by offering innovative cybersecurity solutions and tools while keeping them informed of the latest trends in the threat landscape.