LexisNexis® Risk Solutions publishes its 16th cybercrime report, which tracks global cybercrime activity from January 2020 to June 2020. The report explores in depth the effect of the COVID-19 pandemic on the global virtual economy, regional economies, industries, businesses and customer behavior.
The era experienced a sharp expansion in transaction volume compared to 2019, but an overall decrease in the overall volume of attacks, similar to expansion in genuine visitor activity due to the conversion of customer habits.
LexisNexis Risk Solutions Cybercrime Report analyzes knowledge of more than 22. 5 billion transactions processed through LexisNexis® Digital Identity Network®, 37% year-on-year growth. Mobile transactions also continue to increase, with 66% of all mobile device transactions in the first part of 2020, to 20% in early 2015. Digital Identity Network® also sees an increase in transactions for new devices and identities.
They characterize this by the fact that many novice consumers travel online to purchase goods and facilities that were no longer available to the user or that were more difficult to access through a physical store during the pandemic. Decrease overall attack rates than the maximum in other regions of the world from January to June 2020 This is due to the higher volume of reliable connection transactions in relatively mature cellular applications.
Attack patterns in EMEA were also more benign and had less volatility and fewer attack rate spikes.
Attack patterns in emEA dominance were also more benign and had less volatility and fewer attack rate spikes; however, there are some notable exceptions. EMEA domain office transactions had a higher attack rate than the global average and the volume of automated robot attacks was higher by 45% year-on-year.
The UK is also a specific problem. The UK is to blame for the increased number of man-made cyberattacks in the EMEA area, with Germany and France at the time and third place in the region. The banking fraud network has detected more than $17 million exposed to fraud in 10 monetary facility organizations. This network alone consisted of 7,800 devices, 5,200 email addresses and 1,000 phone numbers.
Additional key findings from the LexisNexis Risk Solutions Computer Crime Report:
Lowest attack rate: The overall rate of human-initiated attacks on the virtual identity network was reduced in the first part of 2020, falling by 33% year-on-year. The breakdown of the sector shows a 23% decrease in money and a 55% decrease in e-commerce attack rates.
Latin America had attack rates in any region of the world and recorded stable expansion in attack rates from March to June 2020. Attack models in North America and emEA region showed less volatility and fewer attack rate spikes over the six-month period.
Financial organizations have noticed an increase in automated robot attacks
Attack Vector Global View: The media is the only sector that has experienced a general expansion year after year in human-caused cyberattacks. The Digital Identity Network recorded a 3% increase in cellular browser transactions alone. Vector in the virtual identity network Financial organizations have noticed an increase in automated robot attacks and continue to suffer more robot attacks than any other sector.
Throughout the visitor’s adventure: Creations of new accounts experience attacks at a higher rate than any other type of transaction in the online visitor’s adventure. However, the increased volume of attacks targets online payments. Connection transactions experienced the highest minimisation in the rate of attack to other uses. This report includes for the first time an analysis of new visitor contact issues in the online adventure, which provides more context on key threat issues such as cash transfers and password reset.
During COVID-19 – All industries felt that COVID-19 had an effect. There are transparent peaks and troughs in transaction volumes that match the overall closing consistent with periods. Financial services organizations have noticed an increase in the number of novice virtual banks. a geographical footprint of conversion compared to busy consumers in the past, and a relief on the number of devices used according to the customer.
There have also been several attacks on banks lending COVID-19. E-commerce traders have noticed an accumulation in virtual invoices and several other types of key attacks that match the blocking period. These include account-taking attacks, identity theft, and more first. – Party debit rejection fraud.
The move to digital, for businesses and consumers, has been significant”
“This is the first LexisNexis Risk Solutions cybercrime report to come with insight into the new truth of business conduct in a pandemic,” said Rebekah Moody, director of fraud and identity for LexisNexis Risk Solutions. “The move to digital, whether for businesses and consumers, has been important. However, with this replacement comes an opportunity for exploitation. Scammers are looking for simple targets: whether they are government aid programs, new lines of credit or media corporations with lower barriers to entry.
“We want to ensure that all consumers, especially those who may be new to virtual technology, are protected. Businesses want to arm themselves with a multi-level defense capable of detecting the full spectrum of imaginable and future-proof attacks as opposed to ever-changing threats. ».
“While the face of cybercrime will continue to transform to fit the developing global virtual economy, companies’ ability to reliably recognize the right trusted consumers must remain constant,” added Dr. Stephen Topliss, vice president of fraud and identity. LexisNexis Risk Solutions.
“We want to identify and block scammers, whether opportunistic or highly connected fraud networks, when they are transacting and sharing wisdom will have to be as important to global corporations as it will to cybercriminals who attack them.