19 Nov Online transaction Cybercrime on Rise
Digital consumers are more connected than ever, using multiple devices to access and consume a vast range of products and services across a growing number of businesses that are adopting a “digital-first” strategy.
In this evolving digital landscape, there is an ongoing cat and mouse game between cybercriminals and businesses. It is no longer enough to simply identify the device or recognize the behavior to identify attacks that conform to certain attack patterns and rules. Businesses need to look at their traffic holistically, comparing against global models and cross-business behavioral patterns.
We are living in a dystopian post-breach world where our trusted and established paradigms are fast changing. As traditional businesses embrace a “mobile-first” approach, they are faced with a constant threat of attacks, whether from well-organized crime rings, regular hackers and fraudsters or simply unsuspecting good customers and employees who become victims of cybercriminals. As a result, timely detection is fast becoming more critical than prevention.
Q3 2015 report is based on actual cybercrime attacks from July 2015 – September 2015 that were detected by the ThreatMetrix Digital Identity Network (The Network) during real-time analysis and interdiction of fraudulent online payments, logins and new account registrations. During this period, billions of transactions were analyzed by the ThreatMetrix Digital Identity Network and more than 90 million attacks were detected and stopped in real time, representing ~20% increase over the previous quarter. Aside from potential brand and reputation impact, these attacks represent billions of dollars in financial losses that were avoided for customers across the globe.
Get the insights of this report conducted by ThreatMetrix here!
