NuData Security has announced some new findings on online fraud trends. The findings are particularly relevant in the wake of recent high-profile data breaches.
One of the online security solutions company’s main findings is that account takeover is a more pervasive form of online fraud than credit card fraud; and in a sense it could be more devastating, as it provides hackers access to a wealth of personally identifiable information. NuData also found, via analysis of more than 500 million account creations between May and July, that about 57 percent were either fraudulent or flagged as high-risk, reflecting a 100 percent increase since February of this year.
NuData has expertise in this area. The company’s NuDetect platform, which has received industry acclaim from a number of organizations, uses behavioral analytics to spot the early signs of potential online fraud, including behaviors associated with fake account creation. Its newly announced findings also offer a glimpse at the kinds of behaviors analyzed by its passive authentication system: The company notes that between May and July it was able to observe over 270 million “fraudulent or high-risk behavior events” by analyzing about 191 million IP addresses, 388 million email addresses, 9.3 billion clicks, and 32.8 billion keystrokes.
While these findings are useful in themselves, they also highlight the utility of big data, behavioral analytics systems like NuData’s; as the kind of online threats advance and proliferate, different kinds of security strategies must come into play to keep pace.
August 26, 2015 – by Alex Perala