Economies Shift to Digital & Mobile, Threats Increase

Economies Shift to Digital & Mobile, Threats Increase

June 27, 2019

A look at real-time interactions highlighting shoppers’ online behavior across Europe, the Middle East and Africa (EMEA) revealed that 71 percent of the 3.1 billion transactions during the first quarter of 2019 originated from mobile devices.

The ThreatMetrix EMEA Cybercrime Report: Q1 2019 analyzed cybercrime and fraud attacks detected between January and March 2019 that occurred throughout users’ online journeys from the creation of new accounts to logins and payments. The report found that, “as the online digital economy continues to grow and replace many traditional forms of brick-and-mortar/in-person commerce, organizations have had to place greater emphasis on the security of customer credentials, robust digital identity verification, low-friction authentication and effective fraud control.”

This increased scrutiny of customer credentials, however, continues to create tension between security and the frictionless experience e-merchants want to offer their customers. As businesses struggle to find the balance between effective fraud detection and low friction, “consumers do not expect the care of their personal data, or strong authentication strategies, to come at the expense of laborious identity verification processes or unnecessary step ups.”

Stephen Topliss, vice president of Fraud and Identity for LexisNexis Risk Solutions said, “As economies increasingly shift toward mobile transactions, particularly in EMEA, we need to be aware of criminals who seek to exploit new vulnerabilities and encourage companies to share best practices and knowledge when fighting cybercrime.”

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