How Online Retailers Can Prepare Now for the Holiday Shopping Boom in Cybercrime
Posted September 10, 2012
Top Cybersecurity Trends to Watch for During the Holiday Season 2012
San Jose, CA – September 10, 2012 – ThreatMetrix™, the fastest-growing provider of integrated cybercrime prevention solutions, announced today new threats online retailers should be aware of for the upcoming holiday shopping season and how to best protect against the rise in fraudulent transactions.
As mobile commerce is still relatively new, many retailers have yet to make their applications and mobile sites as secure as their websites. A notable rise in mobile transactions has been identified by ThreatMetrix, with many merchants seeing mobile transactions doubling year over year. Online merchants need to be ready for the rise in transactions – and potential fraud – that comes with the surge in holiday sales starting in November.
“Cybercriminals are targeting trusted brands and taking over accounts with malicious Trojans, stealing login credentials and customer identities,” said Alisdair Faulkner, chief products officer, ThreatMetrix. “The same software that preys on online banking customer login credentials is now being used to attack major brands and online retailers. Criminals are attacking where brands are most exposed – their reputation as safe places to shop.”
Top Holiday Hoaxes for Online Retailers
ThreatMetrix has identified particular scams that will occur during the holiday season.
• Phishing– This threat will attempt to acquire customer account login details by drawing them to another, malicious site. Cybercriminals will then steal authentication information to access stored credit card details.
• Man-in-the-Browser Attacks– MitB Trojans hijack customer login sessions to steal credit card details or take over accounts. This type of threat has already been seen targeting online retailers and large e-commerce brands.
Cybercriminals often try to cover their tracks when committing fraud and engaging in phishing and MitB scams by hiding behind virtual private networks (VPNs). A recent increase in the number of anonymous VPN service providers used to download and surf restricted content makes it easier than ever for cybercriminals to hide their true IP address and location. During this holiday shopping season, online retailers must take extra security measures to determine which transactions are legitimate.
“Using solutions that can differentiate between the good, the bad and the ugly transactions without interrupting the visitor’s online experience is a retailer’s best defense in protecting customers and revenue,” added Faulkner. “These measures must be put in place before the holiday rush – retailers should implement heightened online security as early as September. This allows retailers to dedicate more time to approving and fulfilling genuine orders as the holiday season approaches.”
ThreatMetrix®, The Digital Identity Company®, is the market-leading cloud solution for authenticating digital personas and transactions on the Internet. Verifying more than 20 billion annual transactions supporting 30,000 websites and 4,000 customers globally through the ThreatMetrix Digital Identity Network®, ThreatMetrix secures businesses and end users against account takeover, payment fraud and fraudulent account registrations resulting from malware and data breaches. Key benefits include an improved customer experience, reduced friction, revenue gain and lower fraud and operational costs. The ThreatMetrix solution is deployed across a variety of industries, including financial services, e-commerce, payments and lending, media, government and insurance.
Walker Sands Communications
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