The San Jose, Calif.-based ThreatMetrix, The Digital Identity Company, confirmed a 100% increase in attack volume over the last two years and 2017 set a record in the cybercrime battle.
Based on its analysis of real world cybercrime attacks – as seen across its global network, which analyzes 100 million transactions a day – the ThreatMetrix Cybercrime Report 2017: A Year in Review also disclosed a record number of these attacks thwarted by organizations investing in innovative, digital-first strategies to protect consumers facing downstream attacks from large-scale data breaches.
However, fraudsters no longer look to make a quick buck from stolen credit cards. Instead, they develop more ambitious attacks producing long-term profits and leverage sets of stolen identity data. ThreatMetrix said highly elevated attack rates on account creations, the most vulnerable activity, saw more than one in nine of all new accounts opened in 2017 as fraudulent.
Cybercriminals use stolen identity data to open new e-commerce/bank accounts, sign up for new loans, take out fraudulent insurance policies and cultivate fake social media accounts. Identity testing bot attacks often precede higher value new account creations.
ThreatMetrix Cybercrime Report 2017 data also revealed bot activity levels, represented by 1.5 billion bot attacks, account for up to 90% of traffic on some retail sites. Even consumers not directly affected suffer, as they experience lengthier identity verification by many businesses attempting to separate legitimate activity from fraud.
Cyberattack levels hit more extreme spikes in 2017 than ever before. These spikes, when aggregated across thousands of organizations, point to major data breaches – often even before they have hit the headlines. For example, the ThreatMetrix Digital Identity Network detected unprecedented spikes in irregular behavior immediately after Equifax fell victim to major incidents.
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