Cybercriminals exploit CNY surge with AI-powered scams, warns Fortinet

KUALA LUMPUR: Chinese New Year (CNY), traditionally a season of giving, can also turn into a season of taking, as cybercriminals, aided by artificial intelligence (AI), target unsuspecting consumers and vulnerable businesses through sophisticated schemes designed to exploit the surge in digital transactions.

Cybersecurity solutions provider, Fortinet Inc Southeast Asia senior director Peerapong Jongvibool said cybercriminals are quick to capitalise on increased online activity during the holiday shopping season.

"Our FortiGuard Labs report highlights the prevalence of AI-powered phishing schemes, website cloning software, and Remote Code Execution (RCE) exploits, enabling faster and more effective attacks.

"The ever-expanding array of resources available to cybercriminals on the dark web is concerning. Additionally, the growing accessibility of cybercrime-as-a-service has made it easier for even inexperienced attackers to exploit vulnerabilities during the festive season," he told Bernama.

Jongvibool said generative AI has enhanced the sophistication of cybercriminal tactics, making scams more convincing than ever.

He urged businesses and consumers to remain vigilant and adopt proactive measures to mitigate cyber risks.

"Shoppers should verify website URLs, use payment methods with fraud protection, enable multi-factor authentication, avoid public Wi-Fi, and regularly review financial statements for signs of unauthorised transactions.

"For businesses, it is important to maintain e-commerce security through regular platform updates, vulnerability scans, and the integration of fraud detection tools. Educating consumers about phishing attempts and safe shopping habits is also essential to reducing the risk of scams," he said.

Jongvibool emphasised the importance of businesses monitoring domain registrations and swiftly reporting fraudulent websites to safeguard their brand and customers.

"Strengthening internal security by securing administrator access with strong passwords, restricting access where necessary, and conducting regular system audits are equally critical," he added.

-- BERNAMA