The findings are based on an analysis of the transaction data from the LexisNexis Digital Identity Network, which processed 47.1 billion transactions in 2020. The company’s reports shows that there was a massive decrease (184 million) in the number cyberattacks initiated by humans, but this was offset by the increase (100 million) in bot attacks, many of which targeted the ecommerce sector – with a 2.7% attack rate for payments through mobile apps.
The volume of digital transactions was up 29% in H2 of 2020 over H2 of 2019, with financial services, ecommerce, and media seeing the biggest gains. Media sites (such as streaming applications) had the highest rates of new account fraud, since criminals regularly used them to test stolen identity information.
Customers under the age of 25 were the most likely to be the victims of fraud attacks, though the average losses in those attacks was lower than it was for older generations. Those 75 and older faced the second highest attack rate and experienced the biggest monetary losses as a result.
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