August 24, 2016
Report: Automated Fraud Attacks on the Rise, and Looking More Human
May 2, 2016
Botnet attacks, automated attacks using a network of compromised devices, against e-commerce businesses are increasing in number and sophistication, according to a new report. The ThreatMetrix Q1 2016 Cybercrime Report found bot attacks increased by 35 percent from Q4 2015 to Q1 2016 and that e-commerce businesses were targeted more than 260 million times during that period. Additionally, fraudsters are adjusting the way botnets attack, making fraud attempts look much more like humans making legitimate transactions.
According to ThreatMetrix, when fraudsters get access to a new list of stolen user credentials, they cause huge transaction spikes probing for good username/password combinations. Once they identify the combinations that work, they are taken to other sites to launch slower velocity attacks.
“These attacks are particularly hard to detect because they aren’t always picked up by traditional rate control measures,” said Vanita Pandey, vice president of strategy and product marketing at ThreatMetrix. “Our normal lines of defense just aren’t working. Businesses need a smarter approach that can differentiate between a human and a bot the moment they start to transact.”