Page 8 - AeM_May_2017

RESEARCH, ANALYSIS & TRENDS

Global cybercrime attacks rise 35% in the past

quarter with cybercriminals targeting the

complex cross-border environment in China

Latest data from ThreatMetrix reveals highly elevated • 80% increase in digital wallet transactions year-on-
attack levels in China during the past quarter. China has year and a 180% increase in associated bot at-
the highest rate of transactions being rejected as fraudu- tacks;
lent across the entire Asia Pacific region, as global busi-
nesses are increasingly targeting the Chinese domestic • 45% of transactions now come from mobile plat-
market, despite the complexities imposed by tight re- forms;
strictions online.
• Financial services have the strongest mobile foot-
"Global brands are facing unique fraud prevention chal-
lenges in China. Legitimate consumers are displaying print and highly elevated customer engagement
behavior traditionally associated with fraudsters, such as from mobile users, who login 3x more often.
having jailbroken devices and using proxies, to circum-
vent web restrictions," says Pascal Podvin, SVP of oper- "The complexity and speed of evolving attack vectors
ations at ThreatMetrix. "Businesses must factor in these continues to take us by surprise," says Vanita Pandey,
complexities when accepting cross-border transactions VP of product marketing at ThreatMetrix. "Businesses
from China, without making themselves vulnerable to must become the all-powerful lion to the fraudsters'
increased cybercrime." gazelle, outsmarting them with dynamic intelligence to
understand customers' unique digital identities."
In the Asian region as a whole, cybercrime levels are
rising due to stolen and breached identity data being The ThreatMetrix Q1 Cybercrime Report can be down-
widely available to cybercriminals. Asia also has the loaded here, which is based on actual cybercrime at-
highest global levels of identity spoofing attacks and at- tacks from January to March 2017 that were detected
tacks on account logins, as cybercrime gangs attempt to by the ThreatMetrix’s Digital Identity Network. The mar-
monetize this stolen identity data. ket-leading cloud solution for authenticating digital per-
sonas and online transactions is verifying more than 20
The Q1 2017 Cybercrime Report found that attack vec- billion annual transactions, supporting 30,000 websites
tors and attack patterns are evolving and becoming and 4,500 customers globally, through its network that
more harmful: aims to secure businesses and end users against ac-
count takeover, payment fraud and fraudulent account
• Strong footprint of Remote Access Trojans (RATs) in registrations resulting from malware and data breach-
the financial services industry; es. ◊

• Fintech saw identity spoofing attacks targeted at By MediaBUZZ
peer-to-peer loans and emerging platforms;
8 May 2017 - (Cyber) Security & Data Protection