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Posted May 4, 2017
Data reveals 50 percent more cybercrime attacks originating from all of Europe than US, the single most-attacked nation, and increasing attacks from developing countries
SAN JOSE, California – May 4, 2017: Latest data revealed today shows that 130 million fraud attacks were detected in just a 90-day period with the growth in attacks outpacing transaction growth by 50 percent.
These heightened risk levels have been attributed to significant growth in cybercriminal activity from emerging markets including several countries in South America, as cybercrime becomes more networked, global and cross-border. In addition, Europe is evolving as a cybercrime hub, targeting other strong economies with higher levels of attacks.
The latest research, from ThreatMetrix®, The Digital Identity Company® – which analyzes and protects more than 5 billion online transactions each quarter – cited that the sheer volume of these attacks underlines the widespread and increasingly devastating impact of stolen and breached identity data available to cybercriminals.
“We saw a number of high-profile global breaches over the last year. Identities are being bought, sold, traded and augmented by criminals seeking to improve the success of their increasingly complex attacks,” says Vanita Pandey, vice president of product marketing at ThreatMetrix. “All of this points to one thing: Identities are the critical currency in cybercrime this year and it is up to businesses to look beyond static data to check that users are who they say they are.”
New cybercrime techniques lead to rising attack levels
The Q1 2017 Cybercrime Report also revealed that attack vectors and attack patterns are evolving and becoming more pernicious:
“The complexity and speed of evolving attack vectors continues to take us by surprise. Fraudsters are operating within a much broader cybercrime landscape; one that shares knowledge, tools and exploits; trades information, tests and refines and constantly analyzes the market for new opportunities”, says Pandey. “Businesses must become the all-powerful lion to the fraudsters’ gazelle, outsmarting them with dynamic shared intelligence to genuinely understand online users’ unique digital identities.”
Europe becomes a real threat in global cybercrime
At a time of political and financial uncertainties in Europe, cybercrime data reveals a significant rise of attacks originating from Europe.
Digital mobility is rapidly changing the way consumers are transacting
As mobile penetration and mobile app adoption continues to grow, digital businesses are increasingly prioritizing the mobile experience to improve customer engagement and increased transaction volumes.
ThreatMetrix Q1 2017 Cybercrime Report – download now
About the ThreatMetrix Q1 2017 Cybercrime Report
The ThreatMetrix Q1 Cybercrime Report is based on actual cybercrime attacks from January to March 2017 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 4,500 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.
© 2017 ThreatMetrix. All rights reserved. ThreatMetrix and the ThreatMetrix logo are trademarks or registered trademarks of ThreatMetrix in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.
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