July 16, 2019
Digital Identity Summit London: Why It Takes a Network to Combat Cybercrime
Posted June 25, 2019
The $3 trillion global digital economy is expanding faster than ever as cross-border digital commerce starts to build a borderless society with strong networks of businesses and their customers. But now, these same networks may need to join forces to fend off cybercriminal organizations that are rapidly forging global federations of their own. Digital identity will be pivotal to that effort.
In recent months, mounting evidence of networked cybercrime has emerged within the ThreatMetrix Digital Identity Network—including patterns of growth in attacks for some key industries, that are highlighted in our new EMEA Cybercrime Report.
The Digital Identity Network analyzes millions of digital transactions in near real time across billions of users and devices for thousands of global businesses, and is the world’s largest source of crowdsourced, cross-industry digital identity intelligence. Combined with behavioral analytics, this digital identity intelligence is used to accurately distinguish fraudsters from legitimate customers in near real time.
Based on analysis of fraudulent online payments, logins, and new account creations within the Network, it’s increasingly clear that cybercriminal organizations in EMEA and around the world are using networks of computers, criminals and tactics to increase their success rates.
How Networked Fraud is Fueling Attacks
Simply put, this emerging networked fraud pattern is seen when the same fraudster, linked by digital identity attributes, is associated with confirmed fraud attempts against more than one organization. This can happen within the same industry, with attacks on multiple organizations within a specific sector such as banking, lending, or retail, or across different industries.
The EMEA Cybercrime Report also reveals a detailed example of this networked fraudulent behavior in action. The report tracks the path of a fraudster across the UK banking network, attempting a number of fraudulent new account creations, account takeovers and transfers of funds. Over time, each organization is able to benefit from the shared view of risk that the Network facilitates.
Better, Stronger, Faster—Together
At ThreatMetrix, we’ve long understood the power of sharing intelligence on cyberthreats across a network with global scale. It’s a truth our clients long ago came to appreciate.
By using intelligence shared across our network to understand how people transact across websites and apps using their devices, locations, and behaviors, we’re able to create one unique digital identity for each individual digital identity that is dynamic and can’t be faked or stolen.
It’s exactly this kind of depth and breadth of networked capabilities and intelligence that can spot cybercriminals or their bots armed with stolen identity information in order to block not only fraudulent payment transactions, but also malicious account creations and logins. And being part of a global network means organizations can benefit from a shared view of risk.
That’s the network effect in action, and it’s a concept that will prove increasingly important in the EMEA region.
To learn more about cybercrime trends and the power of digital identity and the network effect, download the latest EMEA Cybercrime Report.