McAfee security lab releases new report cites fraud expectations for 2018

In a new report from McAfee security labs released earlier this week, expectations for fraud and scams is looking worse in 2018 for consumers and businesses.

In its report, the firm which was spun off by Intel (INTC) in April, expects continued risks from malware authors, phishing attackers, ransomware scams and even, perhaps, the companies selling smart home devices.

On a good note, McAfee’s report isn’t calling for a rise in attacks on newer online defenses like two-step verification or biometric unlocking for your mobile devices. Instead, we’re in store for more of the same annoyances.

McAfee’s report leads off by predicting that the same artificial-intelligence techniques used to guess what you want to read or buy will soon be pointed at you for offensive purposes.

For example, it suggests that machine learning could strengthen “social engineering” attacks that prey on people’s inclination to trust something that they think comes from a friend.

“We expect to see more advancements in the use of machine learning and analytics by attackers to accelerate and sharpen social engineering attacks — phishing, fraud, spyware, and scams — across more industry sectors than they can do today using manual reconnaissance techniques,” said McAfee Labs vice president Vincent Weafer.

But it’s not a one-sided fight. The companies trying to defend you online are using techniques to keep your data safe. Facebook for instance, already runs every login through a bunch of machine-learning algorithms to see if it falls outside your usual habits.

Read the full story over at Yahoo Finance.

This story was summarized by Canadian Fraud News Inc.

Devin Jones is the head writer and social media producer at Canadian Fraud News. Devin was raised in Toronto and is a graduate of the Ryerson University journalism program. As a former Digital Media editor at the Ryerson Review of Journalism, you can find Devin camera and coffee in hand, at his home photo studio.

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