The Q2 Cybercrime Report is based on actual cybercrime attacks from April-June 2016 that were detected by the ThreatMetrix Digital Identity Network during real-time analysis and interdiction of fraudulent online payments, logins and new account applications.
The report revealed that the rise in stolen identity credentials available in the market led to an increased level of attacks on new accounts, a 250% increase year-over-year.
Attack levels also continue to increase as the global digital economy grows, and as consumers make more online transactions, with fraudsters capitalising on this growth, evolving their tactics to target new payment platforms, EMV transactions and the mobile platform.
As mobile transactions increase, fraudsters’ mobile attacks evolve. At present, 40% of network transactions now come from mobile devices.
EMV has a noticeable impact on ecommerce attacks. There were 69 million ecommerce attacks this quarter, an increase of 90% over the previous year. Broader trends include EMV migration impact and increases in mobile and cross-border transactions.
Online review sites and other media platforms were a key target this quarter; fraudulent new account registrations increased 350% over the previous year ahead of the summer holiday season.
Vanita Pandey, VP, strategy and product marketing at ThreatMetrix, said digital authentication continues to be one of the biggest use cases globally. The manner of how can businesses accurately identify genuine attacks from legitimate transactions is still a challenge.
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