Fraud schemes exposed
Explore the latest scams and fraud tactics uncovered by Sift’s Trust and Safety Architects.
The global Fraud Economy
Fraudsters have evolved from siloed attacks to a full-blown Fraud Economy—a sophisticated and interconnected network of cybercriminals looking to exploit online businesses.
Bots-as-a-service
Mechanics of an automated scam
Step 1
The fraudster joins a bot-as-a-service scam group on a deep web forum and pays for temporary use of the OTP bot.
Step 2
The fraudster enters the victim’s phone number into the OTP bot.
Step 3
The fraudster provides the bot with the caller ID for the site or app they want to spoof.
Step 4
The bot calls or texts the victim, impersonates the business, and asks them to provide their OTP.
Step 5
The fraudster receives the OTP to successfully log into the victim’s account.
Step 6
The fraudster can now access and steal the victim’s payment information to make unauthorized purchases.
