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Social media threats for payment services jump over 550% in 2021 Q2

According to data presented by Atlas VPN, social media attacks on payment services increased by 561.8%, comparing 2021 Q1 to 2021 Q2. Social media platforms have many weak points that allow threat actors to carry out various types of internet crime. 

The data is supplied by PhisLabs, where researchers analyzed hundreds of thousands of phishing and social media attacks targeting enterprises, their employees, and their brands.

“There are countless attack vectors, and social media has not been at the forefront for most threat actors. Yet, we see a different trend in the first half of 2021 – cybercriminals increasingly use impersonation, fraud, and other cyber threats to attack businesses on social media.” says Edward Garb, a cybersecurity researcher at Atlas VPN.

While attacks on payment services increased the most, other industries also experienced significant growth in threats.

Hospitals and healthcare enterprises also saw a massive jump in attacks. Attacks on healthcare companies increased by 187.8%. Hackers also carried out significantly more attacks on businesses in the broadcast media industry, with a steep surge of 112.5%.

Fraud looms on social media

Individuals and brands encounter various types of threats on social media such as fraud which  is by far the most common type of internet crime that plagued businesses in 2021 Q2 . Nearly half of the threats encountered (45.6%), fall under the fraud category. Compared to Q1, fraud threats escalated by 23.7%.

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