“Criminals are finding new and sophisticated ways to target consumers, such as through social media and AI and deepfake technology,” Mike Haley, CEO of Cifas said.

Increasingly advanced technology has allowed fraudsters to increase the sophistication and efficacy of their malicious social engineering ploys, new research has found.

Cifas, a UK fraud prevention service, released its 2024 Fraudscape report, detailing the fraud trends seen in 2023 from more than 374,000 cases reported to its database.