Fraudsters increasingly exploit the mobile channel, LexisNexis Cybercrime Report reveals

Wednesday 4 March 2020 12:10 CET | News

Fraudsters are increasingly exploiting the mobile channel, according to LexisNexis Risk Solutions’ Cybercrime Report covering July 2019 through December 2019.

The findings stress how fraud has evolved to become borderless on a global scale, with fraudsters migrating attacks to exploit the mobile channel. Of the 19 billion transactions recorded by the LexisNexis Digital Identity Network in this six-month period, for the first time, mobile attacks outpaced desktop attacks, with a 56% growth in the mobile attack rate year-over-year, according to the official press release.

While attack rates targeting desktop transactions (2.7%) and mobile transactions (2.5%) are almost identical, the mobile attack rate grew 56% while the desktop attack rate fell 23%, confirming the growing shift toward mobile fraud.

Within the mobile space, there are also nuanced differences between browser and app attacks. Mobile browser transactions are attacked at a higher rate – 4.2% compared with 1.9% for apps – but mobile app transactions realised a greater growth in attack rate, up 171% compared with a steadier growth rate of 14% for browsers.

Furthermore, the threat of networked cybercrime grows daily. Fraudsters are working in hyperconnected, global networks, targeting businesses across country borders, and industries. In one month, 73,000 devices associated with a fraudulent event at one organisation were later recorded at another organisation within the Digital Identity Network.

Over the period examined, bot volumes saw strong growth from key regions, as fraudsters use automation to maximise success. The Digital Identity Network recorded strong growth in bot attacks from Canada, Germany, France, India and Brazil. Bots from Canada, France and Germany all targeted the same group of organisations, which were mainly in financial services and media.

The conclusion of the report stressed that sharing information about known fraudsters across industries and geographies is more important than ever. To download a copy of the LexisNexis Risk Solutions Cybercrime Report, July through December 2019 you can access this link.

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Keywords: LexisNexis Risk Solutions, Cybercrime Report, bot attacks, cyber attacks, Digital Identity Network, mobile attack, attack automation, report
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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