News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Q3 Online Fraud Attacks Doubled from Just 2 Years Ago

Q3 Online Fraud Attacks Doubled from Just 2 Years Ago

There have been more online fraud attacks through nine months this year than there were in an entire year in 2016, according to antifraud technology provider ThreatMetrix. In its Q3 2017 Cybercrime Report, the San Jose, Calif.-based software company said it detected and stopped 171 million attacks directed at merchants on its network in Q3 2017, a 100 percent increase from the same three-month period just two years ago. With each major breach, the market for stolen information is flooded and that information is used to attack companies almost immediately, causing irregular spikes throughout the year, the company said.

“It’s no coincidence that the highest attack volumes occur right after the most high-profile breaches. After all, the most valuable time for fraudsters is right after a breach has happened but before it has been discovered and reported,” the company said in a blog post. “Compared to previous years’ analysis, we see far more pronounced spikes in attack levels. This demonstrates the downstream effects of these large-scale breaches; businesses are being attacked with greater ferocity than ever before.”

According to the report, account creations faced the highest attack rate in the July-September timeframe. More than 11 percent of all attempted account creations across ThreatMetrix’s network were fraudulent, compared with 5.1 percent of payment transactions and 3.7 percent of account logins.

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