ATLANTA — LexisNexis® Risk Solutions today released its biannual Cybercrime Report, which tracks global cybercrime activity from January 2020 through June 2020. The report dives deep into how the COVID-19 pandemic has impacted the global digital economy, regional economies, industries, businesses and consumer behavior. The period has seen strong transaction volume growth compared to 2019 but an overall decline in global attack volume. This is likely linked to growth in genuine customer activity due to changing consumer habits.
The LexisNexis Risk Solutions Cybercrime Report analyzes data from more than 22.5 billion transactions processed by the LexisNexis® Digital Identity Network®, a 37% growth year over year. Mobile device transactions also continue to rise, with 66% of all transactions coming from mobile devices in the first half of 2020, up from 20% in early 2015. The Digital Identity Network® also notes an uptick in transactions from new devices and new digital identities. We attribute this to many new-to-digital consumers moving online to procure goods and services that were no longer available in person or harder to access via a physical store, during the pandemic.
The Europe, Middle East and Africa region (EMEA) saw lower overall attack rates in comparison to most other global regions from January through June 2020. This is due to a high volume of trusted login transactions across relatively mature mobile apps. The attack patterns in EMEA were also more benign and had less volatility and fewer spikes in attack rates. However, there are some notable exceptions. Desktop transactions conducted from EMEA had a higher attack rate than the global average and automated bot attack volume grew 45% year over year.
The United Kingdom (U.K.) is also a particular pain point. The U.K. originates the highest volume of human-initiated cyberattacks in EMEA, with Germany and France second and third in the region. The U.K. is also the second largest contributor to global bot attacks behind the U.S. One example of a U.K. banking fraud network saw more than $17 million USD exposed to fraud across 10 financial services organizations. This network alone consisted of 7,800 devices, 5,200 email addresses and 1,000 telephone numbers.
Additional Key Findings from the LexisNexis Risk Solutions Cybercrime Report:
Globally, automated bots remain a key attack vector in the Digital Identity Network. Financial services organizations experienced a surge in automated bot attacks and continue to experience more bot attacks than any other industry.
Analysis across new customer touchpoints in the online journey is included in this report for the first time, providing additional context on key points of risk such as money transfers and password resets.
“This is the first LexisNexis Risk Solutions Cybercrime Report to include data on the new reality of conducting business during a pandemic,” said Rebekah Moody, director of fraud and identity at LexisNexis Risk Solutions. “The move to digital, for both businesses and consumers, has been significant. Yet with this change comes opportunity for exploitation. Fraudsters look for easy targets: whether government support packages, new lines of credit or media companies with fewer barriers to entry. We need to ensure that all consumers, especially those who might be new to digital, are protected. Businesses must arm themselves with a layered defense that can detect the full spectrum of possible attacks and is future-proofed against evolving threats.”
“While the face of cybercrime will continue to re-shape to fit the growing global digital economy, the ability for businesses to reliably recognize good, trusted customers must remain constant,” added Dr. Stephen Topliss, vice president of fraud and identity at LexisNexis Risk Solutions. “We must identify and block fraudsters – whether opportunists or highly networked fraud rings – the moment they transact. Knowledge sharing must be as pivotal to global businesses as it is to the cybercriminals that attack them.”
Download a copy of the LexisNexis Risk Solutions Cybercrime Report, January through June 2020 (English only.) Join Rebekah Moody, director of fraud and identity at LexisNexis Risk Solutions, for an overview of the latest Cybercrime Report on Tuesday, September 15 at 3:00pm BST (English only).
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based and analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.co.uk and www.relx.com.