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Social Media Fraud Increased 43% in 2018, Finds Study

With one out of five cyber attacks attributed to rogue mobile apps in 2018, RSA identified an average of 82 rogue mobile applications a day last year across popular app stores

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According to researchers, fraud in the mobile channel has grown significantly over the last several years, with 70 per cent of artifice originating in the mobile channel in 2018. Pixabay

In a sign that platforms like Facebook and WhatsApp are emerging as new public square for criminal deception, a study has found that social media fraud increased 43 per cent in 2018.

The results suggest that cyber criminals are increasingly relying on Facebook, Instagram, WhatsApp and other legitimate social media and messaging platforms to communicate with each other and sell stolen identities, credit card numbers and other ill-gotten gains.

Given the ease of use, absence of fees and other benefits of these platforms, continuation of this trend in 2019 should come as no surprise, said “Current State of Cybercrime – 2019” white paper, released by RSA Security.

Trade in stolen identities would gain greater momentum with more stores likely opening on legitimate platforms to sell this type of data, the study said.

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Social media takes over your mental health as well.

According to researchers, fraud in the mobile channel has grown significantly over the last several years, with 70 per cent of artifice originating in the mobile channel in 2018.

In particular, fraud from mobile apps increased 680 per cent between 2015 and 2018, said the study, adding the use of rogue mobile applications to defraud consumers was on the rise.

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With one out of five cyber attacks attributed to rogue mobile apps in 2018, RSA identified an average of 82 rogue mobile applications a day last year across popular app stores.

“We expect the popularity of the mobile channel for fraud will continue through 2019, especially as cyber criminals keep finding ways to introduce tactics and technologies such as phishing and malware to the mobile channel,” the report said. (IANS)

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Four App Startups Sue Social Media Giant Facebook For Anti-Competitive Behaviour

The documents was obtained by NBC News and international journalistic partners

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Facebook replied to the lawsuit, saying it has no legal basis. Pixabay

Blaming Facebook of anti-competitive behaviour, four app startups have sued the social networking giant, alleging that it inappropriately revoked developer access to its platform in order to harm competitors.

The lawsuit, filed in the US District Court for the Northern District of California on Thursday, is based on more than 7,000 pages leaked last year “from an ongoing lawsuit brought by another defunct startup known as Six4Three, which made a short-lived app known as Pikinis”.

The documents was obtained by NBC News and international journalistic partners.

The documents showed that CEO Mark Zuckerberg and other Facebook officials used their market position to squeeze potential rivals and competitors from 2011 through 2015.

“This action seeks to halt the most brazen, willful anticompetitive scheme in a generation — a scheme that verges on final, irreparable completion as of the date of this Complaint,” the complaint alleged in the class-action lawsuit.

“Facebook stands today as a paragon of unbridled market power”, said the lawsuit filed by The lawsuit was filed by LikeBright, Lenddol, Cir.cl Inc and Beehive Biometric Inc.

Facebook
Blaming Facebook of anti-competitive behaviour, four app startups have sued the social networking giant, alleging that it inappropriately revoked developer access to its platform in order to harm competitors. Pixabay

Facebook replied to the lawsuit, saying it has no legal basis.

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“We operate in a competitive environment where people and advertisers have many choices. In the current environment, where plaintiffs’ attorneys see financial opportunities, claims like this aren’t unexpected but they are without merit,” a company spokesperson was quoted as saying. (IANS)