As ecommerce and financial institutions evolve, so does fraud

According to a recent survey conducted by ThreatMetrix, this is evidenced by the increase in fraud rates across all transaction types, mostly driven by the breaches and the availability of consumer credentials in the wild.

With the growth of the online and mobile commerce, retailers are trying to build long-term relationships with their customers by storing customer account information and creating mobile applications to make access easier. Ecommerce transactions broken down consist of the following percentages and risks: 80% of transactions were account logins, with 3% high risk, 19% of transactions were payments, with 3% high risk and 1% of transactions were account creation, with nearly 7% high risk.

In the online lending space, attacks spiked during this period and focused primarily on new accounts originations and payment disbursements. Financial services transactions broken down consist of the following percentages and risks: 83% of transactions were account logins, with 2% high risk, 16% of transactions were payments, with 3% high risk and 1% of transactions were account creation, with 2% high risk

Cybercrime continues to grow across industries and online channels. Consumer behavior has gone through a drastic change and this can be attributed to the reliance on mobile and other connected devices. Attacks detected during real-time analysis and interdiction of fraudulent online payments, logins and new account registrations show us that fraudsters are constantly developing sophisticated strategies to compromise digital identities.