The current threat and cybercrime environment is like a huge firestorm that keeps feeding itself. Data breaches turn into more account breaches and it becomes a cycle. At the same time, fraud attacks are evolving, and becoming more widespread in the first quarter.
The latest status report from ThreatMetrix says breaches continue to hit the headlines, with the Mossack Fonseca leak of 11 million documents in Panama to the Bangladesh bank heist that saw around $100 million wiped from the country’s foreign currency reserves.
Other ThreatMetrix 1Q/16 Findings:
Continued growth of attacks across segments. 52% increase in attacks over Q1 2015.
Growth of connected devices; 600 million new devices added to The Network in Q1.
Identity / credential testing going up causing a rise in new account origination fraud.
200% growth in mobile transactions compared to the previous year. Attacks on mobile devices steadily growing.
Mobile banking is more popular than ever amongst returning customers in financial services, who are logging in to online banking via the mobile app almost twice as much as via desktop.
Additional ThreatMetrix surprise 1Q/16 findings:
Bot attacks are varied and pernicious, range from high velocity ‘loud and fast’ attacks to curated ‘low and slow’ attacks designed to evade existing controls.
35% growth in bot attacks over the already high levels from Q4 2015.
Fraudsters are customizing their attack vectors / attack methods to leverage the variations in business models / user sophistication for different industries (FinTech/charities) and regions.
More than 50% of mobile users transact solely on their mobile device across many industries.
Loyalty and trust is critical: 86% of transactions in The Network come from returning devices.
ThreatMetrix transactions span e-commerce, financial services and media sectors and cover the authentication, payments and account originations use cases. Logins and payments continue to be the biggest use cases as customers deploy ThreatMetrix to authenticate user identities without impacting consumer experience.
1Q/16 is typically a low transaction season but the attack levels have remained steadily high with top retailers and banks continuing to be the biggest targets for attacks. Attacks using automated traffic continue to be high with some of the big organizations sustaining 10-15 million bot attacks during the peak attack days.
Large increase in account creation and account takeover fraud driven by the increased availability of stolen identities in the wild, harvested from massive breaches. The overall attacks increased by over 50% compared to the previous year. Attacks on account logins and new account creations went up significantly compared to the previous year; 53% and 163% respectively.]
50% of transactions come from financial services, however the overall attack levels are low given high consumer engagement and a high proportion of customers accessing services via their mobile phone / app.
For a complete archive of more than 60,000 articles published since 1995 search the CardFlash.com library.