ATLANTA, March 4, 2020
Fraud Networks Use Bots to Target the Mobile Channel
ATLANTA, March 4, 2020 /PRNewswire/ -- LexisNexis® Risk Solutions today released its Cybercrime Report covering July 2019 through December 2019.
The findings crystalize how fraud has increasingly become borderless on a global scale. As the report analysis shows, cybercrime is a well-organized, global endeavor powered by networks of fraud. While consumers enjoy access to goods and services from all over the world, fraudsters are able to harness stolen identity data to launch corresponding cross-border fraud attacks.
This global, networked pattern of cybercrime is further reflected in mobile attack rate growth, which is heavily influenced by a global bot attack targeting mobile app registrations. Fraudsters are migrating attacks to exploit the mobile channel: Of the 19 billion transactions recorded by the LexisNexis® Digital Identity Network® in this six month period, for the first time, mobile attacks outpaced desktop attacks, with a 56% growth in the mobile attack rate year-over-year.
Key Findings from the LexisNexis Risk Solutions Cybercrime Report:
Sharing information about known fraudsters across industries and geographies is more important than ever. Businesses can combat networked fraud by utilizing solutions like networks and consortia to share intelligence related to cybercrime.
"The ability to harness intelligence related to devices, location, identity and behavior to combat fraud is critical, given the globally connected fraud that permeates the global digital economy," said Rebekah Moody, director of fraud and identity at LexisNexis Risk Solutions. "Today, fraudsters are able to attack with unprecedented ease and speed and it is not enough for businesses to focus their fraud mitigation efforts on individual attacks. To mitigate the hyperconnected nature of global cybercrime, businesses need access to a shared view of risk that can operate across channels, across industries and across country borders.
"The layering of next generation fraud defenses creates the opportunity to slow the onslaught of cybercrime," continued Moody. "With tools like behavioral biometrics, consortium-based data sharing, bot data management and risk intelligence signals, LexisNexis Risk Solutions has developed the necessary innovations to help organizations stay ahead of fraudsters. Now more than ever, it is necessary for businesses to implement these advanced global solutions that can truly prevent the evolving nature of fraud."
Download a copy of the LexisNexis Risk Solutions Cybercrime Report, July through December 2019 here.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. 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 and analytics and decision tools for professional and business customers across industries. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
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