LexisNexis Risk Solutions Cybercrime Report Reveals that the Mobile Share of Transactions in the LexisNexis Digital Identity Network Reached 75%, Leading to Spike in Digital Fraud
Friday, March 25, 2022
Human Initiated Attacks Increased for the First Time Since 2019
ATLANTA, March 24, 2022 /PRNewswire/ -- LexisNexis® Risk Solutions today released the results of its latest Cybercrime Report, an analysis of transaction data from the LexisNexis® Digital Identity Network® in the second half of 2021. The report shows a significant shift to mobile fraud over the last four years, with mobile traffic representing 75% of all traffic.
The Cybercrime Report analyzed 35.5 billion transactions over the six-month period, up 44% year over year (YoY). This stemmed from increased transaction volumes from existing customers and an increased customer base within the Digital Identity Network®. Though global pandemic-related restrictions eased in the second half of 2021, the report found online transaction volumes continued to grow, specifically across financial services (52% YoY) and communications, mobile and media (45% YoY).
Increasing consumer confidence leads to enhanced demand for a customer-centric digital world. Companies are prioritizing their digital customer experience strategies to retain and acquire new customers, which is advantageous for legitimate consumers but may lead to opportunities for fraudsters.
-- Welcome to the Mobile age - Global accelerated digitalization and
adoption of mobile applications fueled by the pandemic continued across
a multitude of different demographics and geographies. The first
Cybercrime Report published in 2014 indicated that the percentage of
mobile traffic in the Digital Identity Network was a mere 25%. In the
second half of 2021, the mobile transaction split reached 75% for the
first time. This shift was driven by a few factors: a predominance of
mobile usage amongst younger generations; mobile app-only fintechs and
the emerging market population moving straight to mobile and skipping
desktop altogether; and the rapid decrease of service data and smart
handset costs.
-- Scams on the Rise in North America - Cryptocurrency excitement together
with pent-up consumer savings, relief checks and increased online
shopping due to Omicron, fueled U.S. transaction growth while triggering
a rise in scams. The Digital Identity Network tracked 15.3 billion
transactions in the U.S. and Canada in the second half of 2021, up 22%
YoY. There was also a significant rise in human-initiated attacks, with
a growth of 50% YoY based on 157 million attacks.
-- Automated Bot Attacks Continue to Rise; Human Initiated Attacks Rose for
the First Time Since 2019 - Automated bot attacks grew 32% YoY globally,
with LATAM showing the highest growth at 455%. The U.S. and Canada has
seen a 7% YoY decrease with 692 million attacks. Human-initiated attacks
rose for the first time since 2019.
-- The Life of a Prolific Fraudster - Just one fraudster can leave a large
footprint. The Digital Identity Network observed one fraudulent digital
identity that attacked 35 different organizations and had 580 events
associated with it. These included: 100 attempted
account/creations/credit card applicants/loan applications; 45 attempted
ecommerce purchases; 12 attempted password resets; and seven attempted
changes to account details. The ability for organizations to benefit
from global shared intelligence enables them to identify and stop more
attempted fraud in real-time as fraudsters continue to benefit from
breached identity data and automated bot credentials testing.
"It is time to unite in the fight against cybercrime. In a truly global digital economy, borders are no longer boundaries for trade or cybercriminals. It is more apparent than ever that fraud goes beyond single industries or countries," said Stephen Topliss, vice president of fraud and identity strategy for LexisNexis Risk Solutions. "For businesses to succeed in the digital world, they need to collaborate in the fight against fraud. This can be achieved by utilizing the power of a global anonymized digital identity network and through the establishment of more focused digital consortiums among industry peers."
Download a copy of the LexisNexis Risk Solutions Cybercrime Report, July through December 2021.
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
Media Contact:
Marcy Theobald
678.232.0948
marcy.theobald@lexisnexisrisk.com
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SOURCE LexisNexis Risk Solutions
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