Scammers make up more than half of login attempts on social media sites such as Facebook, Instagram, and Twitter, according to a new report.
A new fraud and abuse report by Arkose Labs found that 53% of logins along with 25% of new account signups on social media are by scammers. Most of the fraudulent activity, at 75%, comes from bots with the goal of stealing information and account takeovers to spreading spam or propaganda.
Another highlight of the report is the rising cost of cyberattacks and other cybercrimes, which are expected to cost $6 trillion in damages to the global economy by 2021. The top countries where the cyberattacks originate from include the Untied States, Russia, the Philippines, the United Kingdom, and Indonesia. The Philippines leads the list on the number of automated software attacks on social media.
The report analyzed more than 1.2 billion transactions from April 1 to June 30 for its data.