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There’s an old song that goes “New York, New York. It’s a wonderful town. The fraud is up…” Wait, those aren’t the exact words. They may not be the exact words, but, they are the right ones according to a ThreatMetrix™ study of nearly a billion e-commerce transactions.
New York leads in online fraud origination followed by Atlanta, Chicago, Los Angeles, and Omaha.
ThreatMetrix reviewed the online activity for the first quarter of 2012, evaluating close to a billion transactions from select e-commerce merchants. Each transaction was scored as low, medium or high fraud risk. High risk transactions were typically rejected automatically by merchants while medium risk ones tended to result in a manual review. The top 150 U.S. cities were then ranked based on their percent of high and medium risk transactions.
“New York was ranked No. 1 in e-commerce fraud risk with transactions 1.5 times as likely to be at risk in comparison to second ranked Atlanta, and twice as likely in comparison to No. 3 Chicago,” said Alisdair Faulkner, chief products officer, ThreatMetrix. “As fraudsters grow more sophisticated and expand globally, it’s only natural that large cities with international profiles, easy access to shipping and high connectivity rates will become breeding grounds for new generations of cyber threats, including both fraud and malware.”
In 2011, 25 million new, unique strains of malware were released – a number that is projected to explode to 87 million by the end of 2015, according to the Aite Group. That means cities like New York and Chicago and Los Angeles are a gold mine for cybercriminals that steal identities, passwords and credit cards. “We would expect to see a highly connected city like San Francisco rank higher, but perhaps the relatively high penetration of Apple devices which are largely seen to be less vulnerable to malware explains its relatively low ranking”.
With the recent acquisition of TrustDefender™, ThreatMetrix offers the only integrated solution combining intelligent device identification with malware detection and remediation. Protecting more than 5,000 websites for some of the world’s largest brands, ThreatMetrix profiles nearly 1 billion devices every month.
Faulkner adds, “ThreatMetrix is committed to identifying and addressing the full range of cyber threats that are being deployed against e-commerce merchants and financial institutions – no matter where they originate. Like our clients, we are relentless in our efforts to stay ahead of the curve and to anticipate the next wave of attacks before they occur.”
Since a high number of cyber attacks originate outside the U.S., ThreatMetrix will release a similar list of the top international cities for fraud origination in future reports.
For more information, please visit the ThreatMetrix Resource Center at http://threatmetrix.com/resource-center/.
From highest in online fraud origination to lowest, the rankings are:
1. New York
4. Los Angeles
7. San Francisco
9. Washington D.C.
10. Lexington, KY