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700 million cyber attacks financial services and e-commerce hacks last year, more in 2018?

CyberWisdom Safe Harbor Commentary on cyber attacks financial services and e-commerce trend

A recent story from report on a new ThreatMetrix report, last year’s attack rate increased 44% compared with last year, with a total of 700 million cyber attacks.

Businesses in the fields of financial services and e-commerce suffered the worst impact on cyber attacks in the world.

Over the years, Mobile has become the leading way to acquire new clients from financial institutions. More than 57% of customers are now from mobile devices.

Unfortunately, the mobile wallet is also becoming the highest targeted attack target, suffered high login and payment attacks. In 2017 there were 130 million attacks using stolen or fake documents harvested during the most recent violations.

The report shows that nearly 60% of financial services transactions are mobile, with mobile transactions up 70% from a year earlier. In addition, more than 45% of users are mobile-only.

Mobile users are more engaged, with nearly twice as many mobile logins per desktop as desktop users, approaching one each day.

As in previous years, ThreatMetrix noted that e-commerce activity has increased during the holidays, resulting in an increase in financial services transactions as users periodically access their online bank accounts to check balances and pay bills.

Cyber attacks financial services and e-commerce -Online shopping, online banking

The rise of the Black Net makes it easier for cybercriminals to buy, trade, add, and unlock stolen credentials. Source: Shutterstock

The report pointed out that many high-profile violations in 2017 have become a favorable target for cybercriminals to profit from the use of pirated and synthetic vouchers.

The rise of the Black Net makes it easier for cybercriminals to buy, trade, add, and unlock stolen credentials. In addition, since they are created using a bundle of stolen data, false credentials are almost indistinguishable from real objects.

However, here are some of TreatMetrix’s projections for the coming year:

  1. Changing consumer behavior will impact the way business grows: Mobile usage in all use cases will continue to grow and will take up more traffic than desktop trading.
  2. Cross-border traffic will create digital commerce for a growing number of key retailers, while businesses in other regions want to trade or try to access restricted goods and services
  3. Non-traditional gifts and one-click payments will force retailers to better balance fraud and friction: Retailers expect non-traditional tailored non-traditional methods such as gift / gift card transactions, online ordering and travel bonuses.
  4. The adoption of digital gifts and same-day shipments will better support last-minute shoppers.
  5. Cyber fraud and financial crime will continue to converge: fraudulent new account creation in financial services has increased by 240% in two years.

In 2018, cybercrime is expected to be combined with traditional financial crimes and take the form of fraudsters, using robotic attacks to apply for fraudulent loans or to hijack existing ones and then transfer funds to other countries.

The digital and emerging industries will be the main target: P2P and shared economy are expected to get into trouble next year.

Fraudsters are using the new platform to monetize vouchers between fake driver / driver accounts and create fraudulent new accounts for counterfeit loan applications that are never going to be repaid.

The digital models of many of these emerging P2P and shared economy companies make them particularly vulnerable to fraud.

Violations will spread worldwide, triggering mobile attacks Initiators: Identity certificates will continue to be sold at low prices, resulting in a breach of identity in global cyber attacks.

This trend will be more pronounced in growing economies and areas where there is less static authentication service.

Read More…

23 October, 2017 Breached data will disseminate globally, sparking shifting attack originators: Identity credentials will continue to be sold at bargain prices, causing breached identity credentials to appear in cyberattacks worldwide. This trend will be more pronounced in growth economies and areas with fewer static identity verification services…. Engaging post, Read More…

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