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BizReport : Ecommerce archives : February 05, 2016

Report: Fraud attacks up 80%

As more consumers use not only credit cards but online shopping venues, more retailers are being hit with fraud. According to data from ThreatMetrix 2015 say an 80% YoY increase in fraud attacks. More than 20 million of the attacks stoppby by ThreatMatrix were from new account creators.

by Kristina Knight

These new account creators use stolen or synthetic account identities in their efforts to defraud stores and businesses; this kind of attack is up 40% YoY.

"In our post-breach world, where identities can be bought and sold, static identity assessment is dead." said Vanita Pandey, senior director, strategy and product marketing at ThreatMetrix. "Botnet and malware attacks are so advanced that they mimic trusted user behavior. Identity authentication is under threat. Businesses must work harder than ever to verify true identity and minimize fraud losses."

The report also showed:

• The network identified and stopped more than 55 million ecommerce attacks, a 124% increase YoY
• Attacks using stolen identities to open new accounts increased 180% YoY
• 34% of the transactions analyzed were from mobile devices
• Identity spoofing led mobile attacks

Image via Shutterstock

Tags: ecommerce, ecommerce fraud, ecommerce trends, fraud trends, ThreatMetrix

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