The upcoming holiday season could be a lucrative time for cybercriminals, according to a newThreatMetrix Q3 Cybercrime Report. The digital identity company detected 45 million e-commerce attacks during Q3, a 25 percent increase over the previous quarter. Login attacks were also up 40 percent more than in the previous quarter.
E-commerce transactions broken down consist of the following percentages and risks:
- 78 percent of transactions were account logins, with five percent high risk.
- 21 percent of transactions were payments, with 3.2 percent high risk.
- One percent of transactions were account creations, with nearly seven percent high risk.
During this period ThreatMatrix detected 90 million attempted attacks across industries, representing a 20 percent increase over Q3.
This increase in attacks can largely be attributed to the growing sophistication of cybercriminals and the amount of customer data available for interception. Fraudsters are using bots and botnets to run massive identity testing sessions in order to penetrate fraud defenses.
With consumers storing more personal information in online accounts – cybercriminals find personal data to be a prime target for takeover. It was also noted in the report, that with the migration to EMV in the United States, the attacks on e-commerce retailers are expected to increase this holiday season.
Vanita Pandey, senior director, strategy and product marketing at ThreatMetrix said “We are living in a dystopian post-breach world where our trusted and established paradigms are fast changing. As traditional businesses embrace a “mobile-first” approach, they are faced with a constant threat of attacks, whether from well-organized crime rings, regular hackers and fraudsters or simply unsuspecting good customers and employees who become victims of cybercriminals. As a result, timely detection is fast becoming more critical than prevention.”
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