The ThreatMetrix Cybercrime Report Q1 2017 also revealed that there was a strong footprint of Remote Access Trojans (RATs) in the financial services industry; these attacks combine remote access software with precise social engineering attacks.
Fintech is being hit with identity spoofing attacks that capitalize on the rich pickings of peer-to-peer loans, global remittance and potential loopholes in new and emerging platforms. This is set within the context of continued growth in digital wallets and online remittances. There was an 80% increase in digital wallet transactions year-on-year as well as a 180% increase in associated bot attacks, typically used to mass test identity credentials.
The number of attacks originating from Europe is 50% higher than from US. Europe is emerging as a cybercrime hub, with the largest economies targeting each other in what appears to be a cybercrime show of strength. The UK, one of the largest attack originators, is targeting its attacks on the US, Ireland, Austria and Australia, as well domestic attacks.
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