Five fraud predictions for 2016: PayPal exec

1. Social networks will help fraudsters get more sophisticated. Fraudsters are constantly deploying an array of advanced tactics to obtain personal information. In 2016, as major social networks become more easily searchable, fraudsters will take advantage of these capabilities to target their victims. By closely examining an individual’s status, photos, friends, check-ins and location data – all easily searched anonymously – it’s getting easier for fraudsters to create more sophisticated social engineering attacks that trick people into revealing additional information. The coming year is sure to see a level of automation and scale to these attacks that will continue to surprise us all. For consumers, avoiding these attacks means following some basic consumer safety tips: Make your social profiles visible to only friends and family; use strong passwords, change them…

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