Attacker Profiles Vary From Lone
Fraudsters with a Single Mobile Device Targeting
Cross-Industry Organizations to Highly-Organized, Cross-Border
Fraud Crime Rings
ATLANTA and LOS ANGELES,
Sept. 10, 2019 /PRNewswire/ --
LexisNexis® Risk Solutions today released at the Digital Identity
Summit its Cybercrime Report providing a comprehensive view into
the shifting global fraud landscape from January 2019 through June
2019. During this period, the LexisNexis® Digital Identity
Network® recorded 16.4 billion transactions, of which 277 million
were human-initiated attacks, a 13% increase over the second half
of 2018.
The report highlights a shift toward networked,
cross-organizational and cross-industry fraud, and gives insight
into the evolution of bot attacks targeting new accounts in media
and e-commerce.
Key Findings from the LexisNexis Risk Solutions Cybercrime
Report:
- Networked Cybercrime – Cybercrime networks emerge when
digital identities are associated with confirmed fraud attempts
across more than one organization in the Digital Identity Network.
Organizations within the same industry, particularly banking,
lending and stock brokerage, are most acutely affected. The new
report details an example of how the Digital Identity Network
tracked one fraudster across three industries and six different
organizations (several financial services organizations, a media
streaming company and a credit reporting agency) as the fraudster
attempted to create new accounts, initiate repeated login attempts
and make fraudulent payments in an effort to monetize stolen
credentials, launder money and abuse bonus incentives.
- Bot Attacks – Fraudsters have shifted bot attacks
to target new account creation transactions, which is the only
transaction use case which recorded a growth in attacks during the
first half of the year. Fraudsters are using these new account
creation attempts to test, validate and build online identities for
financial gain. Within media, for example, bot attacks targeting
new account creations saw a 65% increase in just six months; The
Digital Identity Network revealed a number of bonus abuse attempts
where fraudsters attempted to sign up for a number of new accounts
in order to capitalize on free trials and streaming bonuses to sell
for profit. E-commerce companies also saw bot attacks on new
account creations increase 305% and were most prevalent in online
marketplaces, virtual gift card companies and ridesharing
sites.
- Mobile App Registration – While mobile continues to
prove more secure than desktop, fraudsters are seeing new mobile
account creations and app registrations as opportunities to
intercept one-time passcodes to fraudulently register mobile apps.
This provides fraudsters with a wealth of personal information and
bank account access. Globally, attacks on mobile apps rose 148% in
six months and are skewed towards media organizations, particularly
social media and gaming/gambling organizations, where bad actors
register for new player bonuses to sell for profit.
"Fraudsters no longer operate in silos, they are attacking
across industries and organizations," said Rebekah Moody, director of fraud and identity at
LexisNexis Risk Solutions. "As seen by a detailed example in the
report, one fraudster can carry out a large number of transactions
against a series of global organizations using a single mobile
device.
"In the end, corporations benefit the most when fraud defense
platforms include a multilayered approach that comprise digital
identity intelligence, physical identity and authentication
capabilities," continued Moody. "This approach, when executable in
near real-time and touching the entire customer journey, extends
beyond detecting complex fraud – it also allows for more
streamlined regulatory compliance processes and reduces friction
across the customer experience."
Download a copy of the LexisNexis Risk Solutions Cybercrime
Report, January through June 2019
here.
About LexisNexis Risk Solutions
LexisNexis® Risk
Solutions harnesses the power of data and advanced analytics to
provide insights that help businesses and governmental entities
reduce risk and improve decisions to benefit people around the
globe. We provide data and technology solutions for a wide range of
industries including insurance, financial services, healthcare and
government. Headquartered in metro Atlanta, Georgia, we have offices throughout
the world and are part of RELX (LSE: REL/NYSE: RELX), a global
provider of information and analytics for professional and business
customers across industries. For more information, please visit
www.risk.lexisnexis.com and www.relx.com.
Media Contact:
Marcy
Theobald
678.694.6681
Marcy.Theobald@lexisnexisrisk.com
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