According to the latest cybercrime statistics, more than 210 million attempted fraud attacks occurred during the first quarter of this year, representing a 62 percent increase from 2017.
In its “Q1 2018 Cybercrime Report,” ThreatMetrix reported a record volume of 1 billion bot attacks, 100 million of which came from mobile device users. These campaigns primarily targeted e-commerce merchants. In fact, the report suggested that e-commerce transactions are 10 times riskier than those in a more traditional financial services setting.
Cybercrime Statistics Indicate Increasing Sophistication of Fraud Attacks
The rising use of bots may reflect the increasing sophistication of attacks involving fraudulent online payments and the creation of phony new accounts, according to ThreatMetrix. For example, there were 150 million rejected transactions over the course the quarter, representing an 88 percent increase over the same period a year ago. Bots are being used to launch account validation attacks, test passwords on good user accounts and more.
The report noted that cybercriminals are also evolving in terms of the frequency, complexity and duration of attacks. In some cases, high-volume attacks are being conducted over sustained periods of days or even weeks, as opposed to the shorter, more isolated incidents that have been detected in the past.
The authors admitted, however, that there are still unanswered questions about attack volumes since some victims may be slow to discover, contain and report breaches.
E-Commerce Fraud: A Global Threat
It’s no wonder that cybercriminals are focusing on e-commerce, the study noted, given that merchants are trying to strike the right balance between providing a streamlined user experience and protecting customers’ information. The report revealed that payment attacks represented only 3.6 percent of incidents. Incidents occurring during the login and account creation stages, meanwhile, accounted for 13.5 and 32.8 percent of attacks, respectively.
While the U.S., U.K. and other large European countries have traditionally been the top regions in terms of attack origins, ThreatMetrix reported an increase in activity from smaller growth economies, such as Russia and Vietnam. In other words, as the world becomes more digital, the work of cybercriminals and bots is becoming equally global in scope.
GDPR Watchdog – At the same time FBI released their crime report, and it’s not looking good….
On May 7, 2018, the FBI released the Internet Crime Complaint Center (IC3) 2017 Internet Crime Report, which highlights trending Internet scams. The information in the report was compiled from complaints of suspected criminal Internet activity filed with the IC3 in 2017. The report’s data represents a total of 301,580 complaints with reported losses in excess of $1.4 billion. The top three crime types reported by victims in 2017 were non-payment/non-delivery, personal data breach, and phishing. In addition to the 2017 statistics, the IC3 2017 Internet Crime Report contains information about the IC3, an explanation of the support provided to law enforcement by the IC3, and hot topics for 2017, including business e-mail compromise, ransomware, tech support fraud, and extortion.
The IC3 received its 4 millionth consumer Internet crime complaint on October 12, 2017, and has received a total of 4,063,933 since its inception in 2000. With the release of the 2017 Internet Crime Report, the FBI is increasing public awareness about current Internet scams and fraud; reiterating the importance of the IC3 in understanding, mitigating, and combating cyber crime; and encouraging victims to report Internet crime through the IC3. By reporting Internet crime, victims are not only alerting law enforcement to the activity, but aiding in the overall fight against cyber crime.
To further highlight the need for public support in the fight against cyber crime, the FBI released 30-second public service announcements for radio and television featuring Criminal Minds actress Kirsten Vangsness encouraging the public to report suspected Internet crime to www.ic3.gov. The public service announcement can be viewed and downloaded at www.fbi.gov as well as through the National Association of Broadcaster’s Spot Center.
The FBI Reminds the Public that Reporting Internet Crime is Necessary to Combating Internet Crime
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