Outseer reports rise in 3-D Secure transactions and brand abuse attacks

Tuesday 25 January 2022 13:39 CET | News

RSA company Outseer has published its quarterly Fraud and Payments report, revealing a spike in brand abuse attacks, with insights from July through September 2021.

According to the report, brand abuse attacks have continued to dominate fraud actor tactics, growing 274% in Q3 2021 annually and comprising 45% of all attacks detected and investigated. Organisations are advised to employ monitoring services that rapidly detect, investigate, and take down these scams that impersonate authentic brand websites, mobile apps, and social media profiles, the company says.

As CNP digital payments registered growth throughout 2021, 3-D Secure transaction volume also scaled across every region. In the first three quarters of 2021, 3-D Secure transactions grew nearly 50% compared to the same time period in 2020, according to data put forth in the report.

Aite-Novarica group has revealed that 69% of the 756 merchants surveyed claimed they are currently using 3-D Secure as a payment authentication method, with the majority attributing their usage of 3-D Secure ‘to lower fraud losses’ and ‘increased authorisation approval rates'.

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Keywords: 3-D Secure, CNP fraud, digital payments, merchants, survey, fraud prevention
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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