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Posted September 21, 2015
Mobile Wallet Growth and the Launch of Android Pay Signal the Need for Heightened Mobile Cybersecurity Strategies
San Jose, CA – September 21, 2015 – ThreatMetrix®, the fastest-growing provider of context-based security and advanced fraud prevention solutions, today announced it has experienced a 50 percent increase in mobile volume since September 2014, as well as the addition of 250 million new mobile devices to the ThreatMetrix® Digital Identity Network (The Network) this year alone.
Usage of mobile continues to grow as more customers switch to these devices to access content, conduct banking transactions, and buy products and services. The increased reliance on connected devices has also led to a rise in off-hour and weekend mobile use by on-the-go consumers.
“We are seeing significant growth of mobile across industries and geographies,” said Dean Weinert, director, mobile products at ThreatMetrix. “Recent data from The Network shows that mobile now makes up one-third of the transactions analyzed by ThreatMetrix each month. As the holiday shopping season nears, mobile will inevitably become a top target for fraudsters looking to cash in on consumers’ digital identities.”
The move to mobile is a trend that will continue as more consumers embrace digital commerce and as new players enter the space offering innovative solutions, like Android Pay. Following Android Pay’s launch on September 10, fraudsters will be on the lookout for ways to exploit this new mobile payment system, just as they did shortly after the launch of Apple Pay. Leading up to the biggest shopping season of the year, cybercriminals will be focusing their efforts on accessing mobile wallets through attacks such as targeted malware and NFC hacking for wireless Android payments.
According to the “ThreatMetrix® Cybercrime Report: Q2 2015,” Android has shown strong growth, especially in emerging markets, but iOS devices account for nearly two-thirds of total mobile transactions. Despite Android’s dominance in the market and browser share, iOS generates nearly twice the number of payments, logins, and authentications than all other mobile operating systems combined.
“Jailbroken devices are more of a concern than the industry previously realized. iOS has always been viewed as a ‘safe harbor’ for mobile operating systems, but the latest mass-scale attack on more than 225,000 Apple accounts calls to light the fact that jailbroken devices pose a real threat to consumers,” said Nick Blievers, director, mobile R&D at ThreatMetrix. “Once a device is jailbroken, malware has free reign.”
The risks associated with bypassing security controls, as seen in jailbroken and rooted devices, are amplified when those devices contain payment information and log-in credentials. The prevalence of stolen identities and tools to enable cloaking/spoofing is causing a continued increase in the attacks targeted at mobile devices.
“Apart from jailbroken devices; businesses are also susceptible to their consumers inadvertently downloading malicious apps”, said Blievers. “There are tens of thousands of malicious apps on the leading app stores that consumers use on a regular basis.”
ThreatMetrix stays up to speed with the latest changes across iOS and Android to continually offer customers the best possible protection in modern mobile operating systems, including malware detection, application integrity evaluation, and jailbreak and root detection. The Network analyzes more than one billion transactions each month and offers the only frictionless cybersecurity solution that combines enhanced mobile identification, location-based authentication, endpoint intelligence, behavior intelligence and real-time trust analytics into a powerful, context-based authentication and fraud prevention solution.
ThreatMetrix offers market-leading advanced fraud prevention and frictionless context-based security solutions leveraging a global shared digital identity network and real-time, customer-driven analytics platform. These solutions help customers differentiate between trusted users and potential fraud resulting in reduced friction, incremental revenue and lower fraud and operational costs.
ThreatMetrix secures customers against account takeover, payment fraud, fraudulent account registrations resulting from malware, and data breaches. Underpinning the solution is the ThreatMetrix Digital Identity Network, which analyzes billions of transactions and protects hundreds of millions of active user accounts across tens of thousands of websites and mobile applications. The ThreatMetrix solution is deployed across a variety of industries, including financial services, enterprise, e-commerce, payments, social networks, government and insurance.
For more information, visit www.threatmetrix.com or call 1-408-200-5755.
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