News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Fraudsters Making Each Minute on the Internet ‘Evil’

Fraudsters Making Each Minute on the Internet ‘Evil’

Every minute of every day, global consumers and businesses lose more than $1.1 million, according to an analysis by digital threat management firm RiskIQ. The meta-analysis of third-party and proprietary research defined the threat e-commerce businesses are facing each minute in its Evil Internet Minute report. In defense, RiskIQ found, businesses are spending more than $170,000 per minute to guard against the threats.

The company put the ATO threat into a 60-second perspective as well, noting that the 2.9 billion data records leaked last year came out to more than 5,500 records lost each minute.

“Companies’ fraud losses are proportional to the fraudster’s success in using the victim’s data to steal money, services, and goods,” said Ryan Wilk, vice president of delivery and customer success for Mastercard-owned NuData Security. “It is for this reason that businesses are starting to implement solutions that can devalue this stolen data and better protect user accounts. These technologies let organizations immediately verify users based on their previous behaviors and interactions, and can also spot and thwart fraud attempts in real time before losses occur.”

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