LexisNexis Risk Solutions has released a new Cybercrime Report that analyzes the most noteworthy cyber trends from the second half of 2019. The report noted that cybercrime is an international operation, and that a growing percentage of cyberattacks are now carried out across mobile channels.
LexisNexis Risk Solutions observed that every single fraud network analyzed in the report’s July-December window involved organizations that were spread across multiple countries, regions, and industries. Thanks to that level of connectivity and coordination, devices that are used in one cyberattack can rapidly be deployed in another, and the diffuse nature of the digital economy makes it easier to launder any money gained through those attacks.
Many cybercriminals relied on automated bot attacks to improve their chances of success. Those attacks tended to focus on the same media and financial services organizations even though they originated in different countries, which further speaks to the highly coordinated global efforts of modern fraudsters.
Meanwhile, LexisNexis Risk Solutions found that those fraudsters are increasingly turning their attention to mobile channels. While the overall rates of fraud are similar (2.7 percent for desktop transactions and 2.5 percent for mobile), mobile attack rates went up 56 percent while desktop attacks are actually in decline, dropping 23 percent in the same timeframe. Mobile attacks were more likely to target browser transactions than app transactions, although the growth rate was much higher for app attacks.
“Today, fraudsters are able to attack with unprecedented ease and speed and it is not enough for businesses to focus their fraud mitigation efforts on individual attacks,” said LexisNexis Risk Solutions Fraud and Identity Director Rebekah Moody. “To mitigate the hyperconnected nature of global cybercrime, businesses need access to a shared view of risk that can operate across channels, across industries and across country borders.”
LexisNexis Risk Solutions advised organizations to adopt behavioral biometrics, bot management, and risk intelligence as potential solutions to the problem. The organization previously reported that retail fraud has tripled in the past three years, and many healthcare providers are overconfident when it comes to their digital security practices.
March 10, 2020 – by Eric Weiss