Moving Forward in 2023: Insights from McAfee’s IT Security Predictions

The threats that were encountered during that time have laid the groundwork for the threat environment in 2023. New technologies like Web3 or AI will be advantageous to cybercriminals.

The year 2022 is almost over, and according to McAfee, the threats that were encountered during that time have laid the groundwork for the threat environment in 2023.

The use of artificial intelligence-produced videos and images for fraud has increased in 2022 compared to previous years, according to McAfee predictions, as more applications make the tool available to users without any prior AI knowledge.

Additionally, victims might not be aware that various scams can use AI technology against them, which is now widely available.

Along with the fraudulent use of video AI, fake voice AI has become more prevalent and is frequently used in vishing fraud to make phone calls seem more realistic and conceal the fraudster’s real voice. The development of AI-generated content has benefited everyone, including cybercriminals interested in using phony videos to influence public opinion.

Also Read: Three Ways Artificial Intelligence Can Help with Data Privacy and Protection

Here are some predictions for IT security, to look forward in 2023:

Through Web3, financial fraud will continue to rise through 2023

A lot of cryptocurrency frauds, some of which were professionally carried out, also occurred in 2022. One scam, for instance, lured users to click on a fake website by showing them an old video of Elon Musk discussing cryptocurrencies with other experts in order to double the users’ cryptocurrency funds. Another phishing email sent to Trezor users who were actually using the device asked them to download a fake app and provide the seed of their cryptocurrency wallet so that scammers could steal their coins.

Investment scams are particularly easy to fall for among users looking for extra cash, and McAfee predicts that they will continue to rise. The losses from these scams increased from USD 336 billion to USD 1.46 trillion in 2021, according to an IC3 report.

Fake loans also hurt borrowers badly, especially those who are regrettably most defenseless. According to McAfee experts, this fraud will significantly rise in 2023. They strongly advise users to only use reputable providers and exercise caution when using online advertisements.

The increased use of the metaverse may also draw more cybercriminals who will take advantage of people’s ignorance of its operation to defraud them. As more people access those virtual worlds in 2023, a sharp rise in fraud is anticipated.

ChromeOS threats increase

The most popular operating system for smartphones, Android, has long been a target of cybercriminals. This is partly because Android has so many applications available and most users don’t pay much attention when adding new ones. Cybercriminals may also use malicious Chrome extensions on those systems.

In 2023, McAfee anticipates that fraudsters will target Chromebook users more frequently via malicious Android applications, progressive web applications, or Chrome Web Store extensions. Users should exercise caution when installing applications and should never install untrusted apps in order to reduce risks and avoid having a device infected with malware.

Why there will be more Web3 threats in 2023

A new version of the internet known as Web3 is one that incorporates ideas like decentralization, blockchain technology, and token-based economics.

Also Read: Building a Robust Cybersecurity Training Strategy in Today’s Rapidly Evolving Threat Landscape

The Web3 threat, according to McAfee, will profit from FOMO, or the fear of missing out, which people can experience when they skip a party where other people are having more fun than they are. With Bitcoin and some other cryptocurrencies being talked about everywhere and more users wanting some, the hype surrounding cryptocurrencies has skyrocketed. Emphasizing that situation, amateur investors who are looking for a quick way to make a lot of money by playing around with the cryptocurrency market may fall victim to fraud.

The majority of users who are interested in Web3 will begin experimenting with and developing it before fully understanding how it operates and where its risks are. Cybercriminals will find it simpler to defraud them using cryptocurrencies or non-fungible tokens as a result.

There is no denying that Web3 has increased the attack surface and vectors, despite the fact that it offers many exciting features and opportunities. In 2023, McAfee predicts that Web3 cybercrime will increase.