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Arkose Labs finds 20% increase in online fraud, change in consumer behaviour during COVID-19

Wednesday 29 April 2020 13:37 CET | News

Arkose Labs has revealed data showing the impact of the COVID-19 crisis on online fraud. 

 

In Q1 of 2020, the Arkose Labs network recorded that 26.5% of all transactions were fraud and abuse attempts, which is a 20% increase over the previous quarter. The Arkose Labs Q2 2020 Fraud and Abuse Report revealed that the US emerged as the top originator of cyberattacks, however, there was a sharp increase in attacks originating from other well-established economies, such as the UK, Germany, and Canada. The company also detected a sharp decline in human-driven attacks originating from low-cost ‘sweatshop’ resources, which is attributed to early lockdowns in traditional fraud hubs within Asia.

Moreover, with changes in consumer behaviour due to COVID-19 varying drastically across the industries, fraudsters are shifting their focus accordingly. Top targets for online fraud in the COVID-19 era include:

  • Retail and travel: The attack rate has doubled from 13% of transactions to 26%, driven by attacks on ecommerce companies as travel tailed off due to restrictions;
  • Gaming: With a 30% rise in gaming traffic, the industry was hard hit with a 23% increase in attack rates;
  • Information technology: Attacks on tech platforms have risen 16%. Fraudsters looking to blend in with this traffic ramped up their attacks by 25% on new account registrations.

More: Link


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Keywords: Arkose Labs, fraud, digital behaviour, COVID-19, corona virus, cyberattacks, attacks, online fraud, fraudsters, accounts, retail, travel
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions