ATLANTA, Sept. 15, 2020 /PRNewswire/
-- LexisNexis® Risk Solutions today released its
biannual Cybercrime Report, which tracks global cybercrime activity
from January through June 2020. The
report dives deep into how the COVID-19 pandemic has impacted the
global digital economy, regional economies, industries, businesses
and consumer behavior. The period has seen strong transaction
volume growth compared to 2019 but an overall decline in global
attack volume. This is likely linked to growth in genuine customer
activity due to changing consumer habits.
The LexisNexis Risk Solutions Cybercrime Report analyzes data
from more than 22.5 billion transactions processed by the
LexisNexis® Digital Identity Network®, a 37%
growth year over year. Mobile device transactions also continue to
rise, with 66% of all transactions coming from mobile devices in
the first half of 2020, up from 20% in early 2015. The Digital
Identity Network® also noted an uptick in transactions
from new devices and new digital identities. We can attribute this
to many new-to-digital consumers moving online to procure goods and
services that were no longer available in person or harder to
access via a physical store during the pandemic.
The United States (U.S.) and
Canada encountered lower overall
attack rates in comparison to other global regions from January
through June 2020. This is true
across both desktop and mobile browser channels. The U.S. does
contribute the highest volume of human-initiated and automated bot
attacks globally. There are also pockets of attack growth across
specific industries and use cases. These include upticks in attack
rates targeting all use cases in the media industry, as well as
financial services new account creations.
There is a clear pattern of networked fraud recorded across the
region, highlighted by large, interconnected e-commerce fraud
networks in the U.S. This network saw at least $27.9 million exposed to fraud across five online
retailers and one online marketplace. This network alone consisted
of 850 devices, 134,000 email addresses and 61,000 telephone
numbers.
Additional Key Findings from the LexisNexis Risk Solutions
Cybercrime Report:
- Decline in Attack Rate – The overall
human-initiated attack rate across the Digital Identity Network
fell through the first half of 2020, showing a 33% decline year
over year. The breakdown by sector shows a 23% decline in financial
services and a 55% decline in e-commerce attack rates.
Latin America experienced the
highest attack rates of all regions globally and realized
consistent growth in attack rates from March to June 2020. The attack patterns in U.S.,
Canada and EMEA had less
volatility and fewer spikes in attack rates during the six-month
period observed.
- Attack Vector Global View - Media is the
only industry that recorded an overall year over year growth in
human-initiated cyberattacks. The Digital Identity Network recorded
the 3% increase solely across mobile browser transactions
Globally, automated bots remain a key attack vector in the Digital
Identity Network. Financial services organizations experienced a
surge in automated bot attacks and continue to experience more bot
attacks than any other industry.
- Across the Customer Journey - New account creations
see attacks at a higher rate than any other transaction type in the
digital customer journey. However, the largest volume of attacks
targeted online payment transactions. Login transactions have seen
the biggest drop in attack rate in comparison to other use
cases.
Analysis across new customer touchpoints in the online journey is
included in this report for the first time, providing additional
context on key points of risk such as money transfers and password
resets.
- During COVID-19 - All industries have felt the
impact of COVID-19. There are clear peaks and troughs in
transaction volumes coinciding with global lockdown periods.
Financial services organizations realized a growth in
new-to-digital banking users, a changing geographical footprint
from previously well-traveled consumers and a reduction in the
number of devices used per customer. There have also been several
attacks targeting banks offering COVID-19-related loans.
E-commerce merchants have seen an increase in digital payments and
several other key attack typologies that coincide with the lockdown
period. These included account takeover attacks using identity
spoofing and more first-party chargeback fraud.
"This is the first LexisNexis Risk Solutions Cybercrime Report
to include data on the new reality of conducting business during a
pandemic," said Rebekah Moody,
director of fraud and identity at LexisNexis Risk Solutions. "The
move to digital, for both businesses and consumers, has been
significant. Yet with this change comes opportunity for
exploitation. Fraudsters look for easy targets: whether government
support packages, new lines of credit or media companies with fewer
barriers to entry. We need to ensure that all consumers, especially
those who might be new to digital, are protected. Businesses must
arm themselves with a layered defense that can detect the full
spectrum of possible attacks and is future-proofed against evolving
threats."
"In our recent True Cost of Fraud report, which surveyed
retail and e-commerce merchants, respondents reported an overall
increase in fraud attempts and confirmed fraud. This is contrary to
what the Digital Identity Network identified, with a 61% decline in
the attack rate for U.S. e-commerce merchants," added Kimberly Sutherland, vice president of fraud and
identity strategy at LexisNexis Risk Solutions. "This suggests that
customers that are part of the Digital Identity Network may benefit
from the protection this layered defense affords, with the
additional benefit of access to global shared intelligence relating
to fraud detection helping to keep fraud rates low."
Download a copy of the LexisNexis Risk Solutions Cybercrime
Report, January through June
2020. Join Rebekah Moody, director of fraud and
identity at LexisNexis Risk Solutions, for an overview of the
latest Cybercrime Report on Tuesday,
September 15 at 10:00am
ET.
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-based analytics and decision tools
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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