The number of attacks is expected to continue to grow in 2017. Indeed, the number of attacks specifically targeting alternative lending increased by 150% quarter-over-quarter in the fourth quarter of 2016. That does not mean criminals have stopped targeting banks. ThreatMetrix says it detected 80 million attacks using fake or stolen credentials during 2016 in the finance sector alone.
It should be noted that attacks are increasing both in number and in proportion: growth in attacks outpaced overall transaction growth, and the overall rejected transaction rate grew by 15%.
The report is based on data drawn from ThreatMetrix Digital Identity Network, which analyses about 2 billion transactions per month for insight into traffic patterns and emerging threats. The network uses a real-time policy engine to analyse transactions, about 44% of which originate from mobile devices, for legitimacy based on hundreds of attributes, including device identification, geolocation, previous history and behavioural analytics.
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