During the first half of 2018, mobile fraud reached 150m global attacks as cybercriminals followed consumers shift from desktop to mobile transactions according to new research from ThreatMetrix.
The firm's findings come from analysis of the 17.6bn digital transactions on its Digital Identity Network during the first half of this year. During the last three years, the proportion of mobile transactions versus desktop has almost tripled and cybercriminals have taken notice of this shift.
Mobile fraud rates have tended to lag behind the channel's overall growth but during the first half of 2018, mobile attack rates rose by 24 per cent when compared to the first half of 2017. In the US, these attacks experienced an even higher growth rate of 44 per cent during the same period.
Globally, one third of all fraud attacks now target mobile transactions and digital companies must now prepare for an increase in attacks though mobile still remains the more secure channel when compared to desktop.
On mobile it is much easier for organisations to accurately assess user identity thanks to highly personalised device attributes, geo-location and behavioural analysis. Mobile offers strong customer authentication options which require no user intervention including cryptographically binding devices for persistent authentication known as Strong ID.
Chief Identity Officer at ThreatMetrix, Alisdair Faulkner explained how users are the most vulnerable to attack on mobile while registering for apps or creating accounts, saying:
“Mobile is quickly becoming the predominant way people access online goods and services, and as a result organisations need to anticipate that the barrage of mobile attacks will only increase. The good news is that as mobile usage continues to increase, so too does overall customer recognition rates, as mobile apps offer a wealth of techniques to authenticate returning customers with a very high degree of accuracy. The key point of vulnerability, however, is at the app registration and account creation stage. To verify users at this crucial point, organisations need to tap into global intelligence that assesses true digital identity, compiled from the multiple channels that their customers transact on.”
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