Fake accounts dominate the cyber-crime landscape

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Criminals opening up large numbers of fake user accounts are behind a huge increase in cyber-attacks in the last two years, a new report has claimed.

There has been a 100 per cent increase in the volume of attacks in the last two years, new figures from ThreatMetrix are showing. 

These figures were released in a new report based on an analysis of 100 million transactions a day, which also revealed that cyber-criminals are changing their practices. 

The company highlighted that many criminals are no longer looking for quick earnings from stolen credit card information, but instead focusing on more ambitious attacks that produce long-term profits. The report says hackers are using stolen identity data to open fake accounts. More than one in nine of all new accounts opened in 2017 were fake.

Bots are also trendy – some retail sites have up to 90 per cent of their traffic coming from bots. This affects consumers as they are forced a lengthier ID verification.

Fortunately, ThreatMetrix adds that a “record number” of these attacks are thwarted by organisations that invest in advanced consumer-protecting strategies.

“As attacks intensify, so does the need for investment in advanced technologies to protect consumers, including individuals with breached identity and financial credentials,” said Vanita Pandey, vice president of product marketing and strategy at ThreatMetrix. 

“Analysing transactions based on true digital identity is the most effective way to instantly differentiate between legitimate users and cybercriminals. We leave traces of our identity everywhere, and by mapping the ever-changing associations between people, their devices, accounts, locations and addresses, across the businesses with which they interact, trusted behaviour for an individual becomes apparent.”

To access the Cybercrime Report 2017 click here.

Image Credit: Maksim Kabakou / Shutterstock