European digital transactions bombarded with cyberattacks

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New research from ThreatMetrix has revealed a 30 per cent year-on-year increase in the volume of cyberattacks hitting Europe during the first quarter of 2018. 

The company's ThreatMetrix Q1 2018 Cybercrime Report: Europe Deep-Dive shed further light on evolving attack trends and the way that they differ across the region based on analysis of 1.9bn digital transactions. 

European digital businesses were hit with 80m fraud attempts as attack patterns morphed across the region leading to more pronounced spikes of peak attack periods throughout the first quarter of this year.  The attacks themselves have evolved from short, isolated peaks of fraud attacks to more sustained, high-volume attacks that lasted a number of days or even works. 

Identity spoofing also saw an uptick across the region as a result of the large amounts of stolen personal data available on the dark web.  Germany was affected the most with identity spoofing attacks more than doubling when compared to Q1 2017. 

ThreatMetrix also highlighted the fact that Europe is at the forefront of the mobile-first revolution with 58 per cent of all transactions coming from mobile devices.  This is higher than the global average of 51 per cent and this trend is even more pronounced in the UK where 67 per cent of transactions come from mobile. 

The increase in mobile transactions is being led by the banking sector and in the UK 73 per cent of all banking transactions take place on mobile devices.  Mobile is proving to be the more secure channel for conducting digital transactions and consumers are also choosing it out of convenience. 

Chief Products Officer at ThreatMetrix, Alisdair Faulkner explained why more businesses and consumers are using their mobile devices for digital transactions, saying: 

“When employing the correct technology, the mobile channel offers a wealth of opportunities to effectively identify consumers in a way that is persistent and reliable, but totally invisible to the user. Mobile users have zero tolerance for being slowed down by clunky security steps, but the future of this channel relies on the continued ability of digital businesses to offer consumers peace of mind that their identity and financial information is secure.”   

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