Elevated attack rate expected to remain during
2023 as Cybercrime Becomes More Sophisticated and
Widespread
ATLANTA, May 17, 2023
/PRNewswire/ -- LexisNexis® Risk Solutions today released the
results of its annual Cybercrime Report, an analysis of data from
79.8 billion transactions processed through its LexisNexis® Digital
Identity Network® throughout 2022. The report, Trust and
Collaboration as Foundations to Fight Fraud, shows that the
global digital attack rate increased 20% year over year (YOY)
compared to 2021, continuing the trend of digital fraud rising as
economies re-open following the pandemic.
The LexisNexis® Identity Abuse Index, which records the
percentage of attacks per day, shows attack rates fell in the
fourth quarter of 2022 although the picture varies by region, with
sizeable spikes in APAC, LATAM and North
America at the end of the year.
Despite the effects of economic uncertainty, inflation and the
war in Ukraine, digital
transactions in 2022 went up by 24% YOY primarily driven by
increasing transactions in financial services (29%) and ecommerce
(17%).
Organizations are looking to establish consistent digital
identity insights across all digital channels and end-customer
touch points to mitigate rising fraud levels. They are striving to
increase the level of trust with their customers, as well as
identifying risk more easily. The report showed that the percentage
of transactions classified as trusted in the Digital Identity
Network® platform increased by 9% YOY, allowing organizations to
provide a smoother customer journey.
"Businesses remain vulnerable to transactional fraud during this
time of accelerated digitalization," said Stephen Topliss, vice president of fraud and
identity strategy for LexisNexis Risk Solutions. "Despite
heightened regulatory scrutiny, technological innovations and
higher public awareness, there are persistent challenges in
preventing fraud. This trend is likely to endure as consumers
continue adopting digital channels. As fraud levels and its
sophistication increase, relying on multi-factor authentication
alone as a defense is inadequate in today's digital world.
Organizations, industries and countries must collaborate and
identify the interconnected signals of complex fraud attacks
because criminal networks working in a structured way are here to
stay. Addressing the latest scams requires targeted machine
learning models that can consume the latest digital intelligence
insights, behavioral biometrics signals and mule account
indicators."
Key findings from The LexisNexis Risk Solutions
Cybercrime Report, January to December 2022:
- Mobile Channels Increasingly Popular –
Mobile transactions have reached a record high of 77% of all
observed transactions in the Digital Identity Network, with the
mobile app channel making up 82% of all mobile interactions.
- Attack Rate Continues to Rise – The global attack
rate continues to increase, driven by an uptick in the financial
services and ecommerce industries at 31% and 29% respectively. The
report shows that criminals continue to target the communications,
mobile and media industries more than any other sector. However, a
noticeable decline of 27% YOY in the overall attack rate suggests
criminals are changing focus.
- Vulnerabilities in Payments – Across all desktop and
mobile channels, attack rates on digital payments increased 27%
YOY. Alternative payment methods, such as digital wallets, QR code
payments and peer-to-peer transfers, continue to gain popularity,
particularly in APAC. The shift has contributed to the 32% YOY
growth in payment transactions in that region, yet criminals are
also fast at exploiting vulnerabilities. The report shows a 50% YOY
increase in APAC's payment attack rate.
- Lucrative Avenue for Cybercrime – Automated bot attacks
in the ecommerce space have grown 195% globally. Almost half of
these attacks focused on the U.S., where ecommerce focused bot
attacks increased by 127% YOY. Bot attacks increased 112% in the
U.S. gaming and gambling industry, while the sector grows due to
legalization in more states.
Download a copy of Trust and Collaboration as Foundations to
Fight Fraud: The LexisNexis® Risk Solutions Cybercrime
Report 2022.
Methodology
The LexisNexis Risk Solutions Cybercrime
Report is based on cybercrime attacks detected by the Digital
Identity Network platform. It processed 92 billion transactions in
2022, including common attack types such as new account creation,
account login and payment fraud. It analyzes transactions for
legitimacy based on device identification, geolocation, history and
behavioral analytics in near real-time, providing insight into
global digital identities. Customers benefit from global risk views
and custom-tuned policies. The report covers "high-risk"
transactions scored by global customers. Digital Identity Network
does not include transaction data from all countries in the
world.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions includes seven brands that span
multiple industries and sectors. We harness the power of data,
sophisticated analytics platforms and technology solutions to
provide insights that help businesses and governmental
entities reduce risk and improve decisions to benefit people around
the globe. 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. For more information, please
visit www.risk.lexisnexis.com and www.relx.com.
Media Contact:
Ade O'Connor
+44 7890 918 264
ade.o'connor@lexisnexisrisk.com
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SOURCE LexisNexis Risk Solutions