Cybercriminals likely to hit more businesses, exploit digital payments in 2022

Credit: DaytonDailyNews

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Cybersecurity by the numbers

Credit: DaytonDailyNews

After years of data breaches exposing individuals’ personal information, cyberthieves will increasingly use that information to attack businesses in 2022, according to the Identity Theft Resource Center’s predictions for the upcoming year.

“We also tracked a record number of data breaches and a steady flow of new victims of unemployment benefits identity fraud long after the enhanced benefits ended,” said Eva Velasquez, president and CEO of Identity Theft Resource Center

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Velasquez anticipates an increase next year in the number of people who have been victims of identity theft multiple times. And she warned of particular risk ahead as people change how they pay for things.

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Eva Velasquez, president and CEO of Identity Theft Resource Center

Eva Velasquez, president and CEO of Identity Theft Resource Center

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Eva Velasquez, president and CEO of Identity Theft Resource Center

“Look for cybercriminals to take advantage of the shift to alternative digital payment methods, such as payment apps, digital wallets and peer-to-peer services,” Velasquez said.

With cryptocurrency becoming increasingly popular, scammers will find new ways to steal from consumers, according to the resource center, which is a nonprofit that tracks data compromises and provides free assistance to victims.

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The center’s predictions for 2022 include:

  • An accelerated shift from identity theft to use of already stolen personal information and credentials to commit identity fraud and attack businesses.
  • Consumers may shift away from some online transactions and email communications due to the increasing problem of phishing, which is when cybercriminals use a fraudulent email or website to masquerade as a legitimate business or person.
  • The effects of pandemic-related fraud will continue into 2024, with some fraud cases taking years to resolve and unemployment compensation fraud efforts likely becoming permanent.
  • Ransomware, when hackers use malicious software to infect and lock a computer network and demand demand money to restore access, may surpass phishing as the top cause of data breaches.
  • Supply chain attacks, which is when malware infects a single organization that is linked to multiple others, will become more common.
  • Single incident attacks will impact greater numbers of individuals, including social media account takeovers that victimize followers and networks.

“All of these trends point toward increases in identity fraud that will change consumer behaviors, revictimization rates and pandemic-related identity crimes for years to come,” Velazquez said “We expect to see these types of cyberattacks and who they target continue to evolve as they did in 2021.”

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The resource center called for wider consumer education efforts and improved data protection.

The number of publicly reported data compromises is already higher this year than in all of 2020. The center’s third quarter report shows that as of Sept. 30, data compromises rose by nearly 17 percent over all of 2020. The report found that nearly 281.5 million people were victims this year.

There were 1,291 data compromise events so far this year, compared to 1,108 in all of 2020. The record is 1,529 in 2017.

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Last month the resource center released data showing that 16 percent of 1,050 U.S. adult consumers surveyed took no action after receiving a data breach notice, according to the survey by the resource center and DIG.Works, a consumer research company.

Fewer than one-third of survey respondents had frozen their credit at one time for any reason and only 3% did so after receiving a data breach notice, the survey found.

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Victims of identity theft or those looking for assistance and information about the problem can get free help from the resource center by calling 888-400-5530 or visiting idtheftcenter.org to live-chat.

Publicly reported data compromises - U.S.   
YearEventsVictims
2021*1,291281.5 million
20201,108310.1 million
20191,279883.6 million
20181,1752.2 billion
20171,5291.8 billion
20161,1052.5 billion
2015785318.3 million
* 2021 is of 9/30/21  
Source: Identity Theft Resource Center 

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