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Posted August 23, 2016
London, UK — (23 August 2016)
Peer-to-Peer (P2P) media platforms saw a tremendous spike in fraudulent activity ahead of the holiday season, a new report has revealed. As many Brits planned for their summer breaks and holidays in the sun, review sites and other media platforms have become a major target amongst cybercriminals over the last 90 days.
During the second quarter of 2016 ThreatMetrix®, The Digital Identity Company™ – which protects and monitors more than 20 billion online transactions each year – spotted that fraudulent new account registrations had increased 350 percent over the previous year, ahead of the holiday season.
P2P marketplaces are now more popular than ever, with consumers preferring to trust user-generated content over the individual brands or organisations’ websites. One of the biggest reasons consumers flock to peer-to-peer marketplaces is often to save money and nowadays P2P sites offer a way of shopping around to make sure they get the best deals. However, cybercriminals have spotted a huge opportunity with this trend and are using it to their advantage.
“Using compromised and stolen identities from recent breaches and social engineering hacks, fraudsters are able to exploit these platforms and readers. While there is no direct victim of malicious or false content, the impact is extensive. Over the last few months we’ve seen and stopped millions of compromised identities being tested each day by cybercriminals and bots mimicking the behaviour of trusted customers” commented Vanita Pandey, vice president, strategy and product marketing at ThreatMetrix.
UK-specific data and trends:
Other key findings from the report include:
About the ThreatMetrix Q2 2016 Cybercrime Report
The ThreatMetrix Q2 Cybercrime Report is based on actual cybercrime attacks from April 2016 – June 2016 that were detected by the ThreatMetrix Digital Identity Network during real-time analysis and interdiction of fraudulent online payments, logins and new account applications.
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.
For more information, visit www.threatmetrix.com. Join the cybersecurity conversation by visiting the ThreatMetrix blog, Twitter, LinkedIn and Facebook pages.
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