E-Commerce in the Cross Hairs for Fraudsters

E-Commerce in the Cross Hairs for Fraudsters

May 7, 2020

The e-commerce industry has experienced a 46 percent growth in the payments attack rate year-over-year, while the attack rate has declined for both financial services and media organizations. This according to new data from LexisNexis Risk Solutions. The LexisNexis Risk Solutions Cybercrime Report examines cybercrime and fraud trends over the second half of 2019

It finds mobile attacks outpace desktop attacks for the first time with a 56 percent growth in mobile attack rate year-on-year (YOY). 

“Mobile app attack rates have been heavily influenced by global bot activity that can often overwhelm a business’s fraud defenses,” said LexisNexis Risk Solutions in the report. “These bots are vast, automated and come from multiple global geographies and were particularly targeting new account creation transactions during the second half of 2019.”

The report also notes that fraud and cybercrime are highly networked, complex and ever-evolving. It reveals how cybercriminals often move money across industries, cashing out with a fraudulent payment in financial services, a digital gift card purchase in e-commerce, or a gambling account credit. Likewise, they may use a fraudulent account registration in one industry to make an attack in another industry more successful. 

“Businesses can no longer focus on mitigating individual attacks using point solutions. Fraud solutions should align with the fraud typologies they need to defend against: networked, layered, inter-connected and operating without borders,” the report concludes.

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Joan Goodchild

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