September 20, 2018
ThreatMetrix Data Reveals China, India, Japan and Vietnam Among Top Cybercrime Hotspots
Posted November 29, 2017
Nearly 260,000 daily attacks were detected and stopped in real-time, a 105-percent increase in volume since 2015
SAN JOSE, November 29, 2017 – ThreatMetrix®, The Digital Identity Company®, today released fresh data indicating the scale of attacks facing online retailers as cybercriminals attempt to capitalize on online shopping frenzies. Billions in revenue is at stake as retailers look to stop the onslaught from fraudsters without adding onerous security checks, which can lead to increased abandonment rates. In preparation, eCommerce businesses in the region must employ an effective risk management platform to successfully balance detecting fraudulent activity and minimizing friction for legitimate customers.
The ThreatMetrix 2017 APAC Cybercrime Report reveals that cybercrime in the Asia-Pacific region is increasing, with attacks becoming more organized and sophisticated. Cross-border transactions are considered riskier by most organizations, as they are far more likely to be automated bot attacks compared to domestic transactions, and attract higher instances of location spoofing as fraudsters attempt to hide behind VPNs and proxies to mask their true location. Geographically, China, India, Japan, and Vietnam are some of the top cybercrime hotspots in the world, with China ranking second behind the U.S. as the largest source of global threats.
“eCommerce sees the highest overall attack rates of all industries in the Asia Pacific region, at 14 percent of total transactions. Login transactions in general are attacked more heavily in eCommerce than in other industries as fraudsters seek to capitalize on the growing propensity to save credit card information to selected trusted brands. eCommerce account login attack rates are comparatively high in comparison to global averages, and has increased approximately 70 percent in two years,” comments Vanita Pandey, vice president of product marketing at ThreatMetrix.
“The report shows that Payments transactions continue to be the most attacked (279-percent growth in attack rate since 2015). Media account creation attack rates have grown 337 percent in two years in the APAC region; these transactions attract a higher percentage of attacks given their lower barrier to entry, relatively simple sign-up requirements, and instant consumption,” she added.
“Cybercrime continues to grow in Asia Pacific, with organizations being attacked more than ever before, fueled in large part by the proliferation of data breaches that continue to provide fresh identity data to exploit,” Pandey continues. “Fraudsters are acting with haste, before data breaches are disclosed publicly, to test stolen credentials with a view to perpetrate large-volume attacks on digital businesses. In just the past 90 days alone, the ThreatMetrix Digital Identity Network detected 171 million attacks globally, which is a 32-percent increase since the beginning on 2017.”
2017 APAC Cybercrime Report Key Highlights:
- The ThreatMetrix Digital Identity Network is continuing to see tremendous growth in the region with overall transaction volume increasing 62 percent over the previous year.
- Mobile transactions make up 46 percent of overall transaction volume and continue to grow year-on-year, increasing 56 percent since 2015.
- Nearly 260,000 daily attacks were detected and stopped in real time. This has increased 105 percent since 2015, illustrating the Asia-Pacific region’s increased vulnerability to cyberattacks.
- Mobile transactions now account for more than half of transactions in financial services, demonstrating the popularity of mobile banking in the Asia-Pacific region. Mobile transactions also account for more than half of transactions in eCommerce, reflecting the growing shift toward shopping on the move and using mobile devices to secure the best deals.
- Asia-Pacific sees a higher percentage of rejected login transactions compared to global figures, in part due to the high instance of cross-border transactions, which are more susceptible to bot attacks and location spoofing than domestic transactions.
ThreatMetrix 2017 APAC Cybercrime Report – download now.
About the ThreatMetrix 2017 APAC Cybercrime Report
The ThreatMetrix 2017 APAC Cybercrime Report is based on actual cybercrime attacks 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®, empowers the global economy to grow profitably and securely without compromise. With deep insight into 1.4 billion anonymized user identities, ThreatMetrix ID™ delivers the intelligence behind 75 million daily authentication and trust decisions to differentiate legitimate customers from fraudsters in real time.
ThreatMetrix is recognized as the sole Leader in the 2017 Forrester Wave™ for risk-based authentication. Learn more at www.threatmetrix.com.
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Ken Lam, Senior Director, Marketing, APAC and Japan
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