Online fraud prevention company ThreatMetrix’s second quarter report shows the number of cyber attacks are rapidly rising.
ThreatMetrix stopped 112 million million attacks in the quarter, an increase of 50 percent over 2Q15.
The greater number of stolen identity credentials in the marketplace fostered a 250 percent year-over-year increase in the number of attacks on new accounts. Fraud perpetrators using those credentials have unleashed 50 percent more automated bot attacks since Q1. TheatMetrix’s network detected 450 million threats.
“Digital authentication continues to be one of our biggest use cases globally,” ThreatMetrix vice president Vanita Pandey said. “The challenge remains, how do businesses accurately identify genuine attacks from legitimate transactions.”
Forty percent of transactions on the ThreatMetrix network come from mobile devices, and mobile transactions are growing by 200 percent every year. It is therefore not surprising that ThreatMetrix detected its first mobile bot attack last quarter.
E-commerce attacks are also on the rise, increasing by 90 percent to 69 million over the past year. Rejection rates across account logins, new account creations and payments are on the rise. The impact of EMV migration is clearly beginning to be felt.
“EMV migration represents a big win for straightforward, friction-free transacting, but at what cost?” Ms. Pandey asked. “Businesses increasingly have to balance careful fraud and risk management with strong customer authentication to ensure this upward trajectory of fraud attacks is held in check.”