In the ever-evolving world of cybercrime, authentication continues to be a mainstay of global digital businesses; accurately recognizing trusted returning users and promoting a frictionless online environment builds a loyal customer base and reduces attrition.
However, cybercrime is becoming an increasingly global phenomenon, operating across borders in well organized criminal gangs, with knowledge sharing and centralised intelligence.
Attacks continue to evolve quicker than the tools and techniques used to detect them. Some key attack trends analysed this quarter include:
- The multifarious attack methods used in a 2017 cybercrime attack
- The evolution of attacks from single to multi-vector approaches
- Identity theft is a key issue for all industry sectors as they continue to see attacks involving stolen and synthetic credentials, harvested from omnipresent data breaches
- The proliferation of RATs in the financial services sector
- The sophistication of bot attacks
- The only effective armour is to genuinely understand who your real customers are and how they transact, by collecting and processing all the information you know about them and using this to make informed risk decisions.
The ThreatMetrix Cybercrime Report: Q1 2017 is based on actual cybercrime attacks from January – March 2017 that were detected by the ThreatMetrix Digital Identity Network (The Network) during real-time analysis and interdiction of fraudulent online payments, logins and new account applications.
The Network provides visibility and insight into traffic patterns and emerging threats. The Network analyses close to two billion transactions per month, over 45% of which originate from mobile devices.
These transactions are analysed for legitimacy based on hundreds of attributes, including device identification, geolocation, previous history and behavioural analytics.
The Network and its real-time policy engine provide unique insight into users’ digital identities, even as they move between applications, devices, and networks.