Networked Bot Attacks Increase as Human-Initiated Attack Levels Fall
The Cybercrime Report is an analysis of transaction data from the LexisNexis® Digital Identity Network®. It analyzed 28.7 billion transactions over the six-month period, up 28% year over year, attributed to increased transaction volumes from existing customers and an increased customer base within the Digital Identity Network®. The increased shift to digital payments seen across advanced economies during the pandemic appears to be a permanent change, while accelerated digital transformation in emerging economies and industries continue to drive transaction growth as well as catch the attention of fraudsters.
The first half of 2021 saw geographical shifts in attack volume observed across transactions occurring within the Digital Identity Network. Based on bot IP addresses,
Key findings from The LexisNexis® Risk Solutions Cybercrime Report, January to
Bot attacks increase globally – All regions have recorded growth in bot volume between January-
June 2021in comparison to the same period last year. This was most marked in the Asia Pacific(APAC) and LATAM regions, with EMEA experiencing the smallest growth.
- Industry innovations altered risk profiles – The online payment market continues to proliferate and diversify. Buy now pay later (BNPL) services and digital wallets are becoming an increasingly popular payment method, with BNPL transactions growing 182% year-over-year. This growth is likely to continue as it caters to the increasing population of consumers who are transacting more online. However, it also creates new avenues of attack for cybercriminals.
- Financial services institutions deployed new methods to track money mules – Advances in beneficiary intelligence within the Digital Identity Network are making it less complicated for banks and other payment service providers to track payment transfers involved in money mule activity. This includes when the beneficiary tries to hide their tracks by splitting the initial payment and routing it via other entities in the payment network.
"Today's report not only confirms cybercriminals' reliance on automated processes, but also highlights that fraudsters are further establishing sophisticated and expansive networks to conduct fraud," said
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