From April to June 2015, billions of online transactions were analyzed and more than 75 million cyber-attacks were detected. These attacks were immobilized in real time via the Digital Identity Network “ThreatMetrix”.
According to ThreatMetrix, combating cybercrime requires shared knowledge which will enable fraud prevention, improve customer experience while also boost revenue.
Looking at the results of ThreatMetrix’s Cybercrime trend data report for Q2 2015 we notice the change in two of the top 5 attack originators. The report showed that U.S., U.K. and Germany were the top 3 countries for originating cyber-attacks and that Canada and France were replaced by Dominican Republic and India in that top 5 list.
This noticed shift in cyber-attacks may well become a trend that will go forward.
Until the technology reaches a point where it can estimate where cyber-attacks will come from next, the best action that merchants can take is to try to be as much proactive as possible in their cybersecurity efforts. If you want to keep up with cybercriminals, then constant fine-tuning of the rules and policies that are in place will have to be in your regular tasks.
Some highly favored attack targets for cybercriminals are the cross-border transactions and this has been noted by ThreatMetrix’s data as a significant increase is shown in the rejection rates among these types of transactions.
Attacks relative to e-Commerce transactions
ThreatMetrix’s report spanned financial services, media verticals and e-Commerce which covers the following types of use: Authentication, Account origination, Payments.
The number of attacks in e-Commerce sector has been increased by 20 percent over the last year and this is roughly estimated to as much as $3 billion of stopped losses.
Vince Lau, Senior Product Managet at ThreatMetrix, noted that the data show higher download of retailer’s mobile applications, resulting to a significant increase in the number of transactions that were performed using a mobile device. This could suggest an area of vulnerability which is associated with the use of retail-designed mobile apps, used for shopping.
As per Lau’s statement, “People are favoring mobile and you can’t ignore that”. There is a significant increase in the mobile transactions performed and this is due to the growing usage of mobile services in developed as well as emerging economies. Even by comparing with just the past year’s results you will notice a 50 percent increase in mobile transactions.
But as you can understand, it is not just the number of mobile transactions that grows, it is also the number of attacks targeting the mobile channel that increases.
The key for fighting cybercriminals without causing any inconvenience to the customers is to recognize a consumer’s identity, behavior and device. Using the ThreatMetrix Digital Identity Network customers have the ability to better recognize the following three criteria: