Over 90 mln attacks detected and stopped in Q3 2015

According to a report conducted by ThreatMetrix, a 20% increase over Q2 2015 has been registered. Aside from potential brand and reputation impact, these attacks represent billions of USD in financial losses that were avoided for customers across the globe.

Findings indicate that the mobile share of transactions now accounts for over a third of total transactions. Mobile consumers are increasingly cross channel with over 35% of them accessing services using both mobile and desktop devices in the last month alone.

Organizations are working harder than ever to protect and maintain profitable relationships with their customers. Also, fraudsters replay stolen identities using proxies, device / location spoofing to cloak the true digital identity, and hijacking user sessions with malware or Man-in-the-Middle attacks.

Moreover, as businesses are becoming dependent on digital identification to interact and transact with their customers, organizations that store personal data have become a prime target for hackers and cybercriminals. Every time a major organization is breached, more fragments of digital information are leaked that further enable cybercriminals to stitch together aspects of a customer’s digital persona.

With the recent breaches, the traditional identity-proofing methods are fast becoming ineffective. Businesses need a layered approach which can bring together device identification, geolocation analysis, big data analytics, behavior analytics, telephone number and address validation, credit card fraud detection (when applicable), identity validation, and/or identity scoring.

Three of the top five attack originators are from Western Europe, while the US is one of the biggest players in cyber fraud origination.

Cybercriminals are using bots to increase the efficiency of attacks on confidential data such as login and payment details. Customer experience is further compromised as botnets run identity testing sessions to try and penetrate fraud defenses.

The ThreatMetrix report is based on cybercrime attacks from July 2015 – September 2015 that were detected by the ThreatMetrix during analysis and interdiction of fraudulent online payments, logins and new account registrations.