Cyber fraud rose by 14% last year, fueled in part by the use of generative artificial intelligence to create deepfakes, according to a new survey of U.S. companies by software developer Trustpair. Ninety percent of respondents said their companies were targeted by cyber fraud in the past year, compared to 79% of companies in 2023. The use of generative AI tactics such as deepfakes and deepaudio increased by 118%.
Business email compromise and imposter email scams were the top tools used by fraudsters against businesses, increasing 103% last year. Nearly 60% of companies said the financial effects of payment fraud they experienced in 2024 were more than $5 million, which was a 136% increase from the year before. Twenty percent experienced financial effects above $25 million
Vendor fraud and wire transfer fraud (63%) were the top two fraud types companies were targeted by as well as the two types of fraud respondents said they were least prepared to deal with. While cyber fraud incidents have increased, roughly nine in 10 respondents reported confidence in their team’s ability to spot a deepfake, business email compromise scam or other advanced cyber fraud attack.
