One of the most pernicious trends plaguing fraud departments is the increasingly automated nature of fraud attempts. More and more often, e-commerce businesses are facing scripted attacks delivered at scale by malicious bots, according to the ThreatMetrix Cybercrime Report: H2 2018.
The second half of 2018 saw a decline in human-initiated bot growth on e-commerce volume, but automated bot traffic continues to cause disruptions for online businesses, making it a key vulnerability for e-commerce at the moment, according to Rebekah Moody, director of fraud and identity for LexisNexis Risk Solutions.
E-commerce businesses are trying to deliver a satisfying user experience for customers; however, bots enable fraudsters to “more easily access lists of stolen identities from data breaches and monetize them as quickly and cheaply as possible,” Moody said.
Despite efforts to educate consumers about social engineering and ransomware threats, the report found that consumers expect fraud and identity controls will not complicate the frictionless online experiences they have come to appreciate from their trusted e-commerce brands.
Because the volume of mobile bots has started to increase, Moody said they are a threat to watch out for. According to the report, account logins ranked the most significant growth in mobile attacks, “as fraudsters attempt to infiltrate user accounts by brute force (using mobile bots) or stealth (using mobile remote access attacks). This contributes to the 107 percent growth in mobile account takeovers in comparison to H1 2018, despite the fact that overall attack rates are low.”