Guest Post: Be Prepared – Cyberfraud Is Stronger Than Ever

ScottNelson

There has been a 50 percent increase in global cybercrime attacks, with 1 out of 10 new account applications now being rejected. This reflects the dual challenge of a rising threat as well as the potential for considerable impact on customer experience. These statistics come from a ThreatMetrix report named “ThreatMetrix Cybercrime Report,” and it gives a number of other powerful warnings:

*A larger supply of stolen identities not surprisingly leads to a growing number of attacks based on those identities. As those identities are shared, sold, and further distributed, the risk multiplies; the report shows a 250 percent year over year increase.

*In the ongoing security and fraud arms race, everyone continues to raise the bar. The modern cybercriminal is increasingly sophisticated, experienced and possesses a deep level of expertise. These are very worthy adversaries who continue to expand their capabilities and evolve as a serious threat.

*The report indicates that in this last quarter alone there were over 450 million bot attacks. That reflects a 50 percent year over year increase and may continue expanding. Bots are relentless, scalable, and require complex detection systems and technologies to effectively combat. Similar to the cybercriminals themselves, bots continue to evolve to be more insidious, difficult to detect and disable. Bots never sleep and require an equally diligent countermeasure.

*The report indicates a 500 percent increase in mobile transactions, and while it’s not surprising mobile transactions are growing, the magnitude of change is still very revealing. If there was any need to be convinced mobile technologies are important to address, this finding should provide a clear message. The report also found a 25 percent increase in mobile-only users, a large group of users who live completely through their mobile devices and who have a unique experience and focus. All this mobile activity naturally makes mobile a hotspot for fraudsters and an area every organization should be careful to address.

*Cross-border transactions are typically more likely to be flagged by their nature. As the world becomes smaller and legitimate cross-border transactions are more typical, there is a growing challenge for businesses. Maintaining the proper balance to authenticate the appropriate transactions and aggressively catch fraud can be very difficult. Failing to address this can either open your business up to increase fraud or create a negative customer experience for reputable customers.

–Scott Nelson is vice president of marketing at ProPay, Lehi, UT

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