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THREATMETRIX DATA FORECASTS 50 MILLION GLOBAL CYBERATTACKS OVER THE 2017 HOLIDAY SHOPPING PERIOD
Highest-Ever Attack Period Predicted as Black Friday and Cyber Monday Shopping is Targeted Using Swathes of Freshly Breached Identity Data
ThreatMetrix®, The Digital Identity Company®, today released new data from its Q3 2017 Cybercrime Report that details the scale of attacks facing online retailers during the upcoming holiday shopping season. Billions in revenue is at stake as retailers look to stop the onslaught from fraudsters without adding onerous security checks and increasing abandonment rates.
With 2017 online holiday shopping poised to beat in-store purchases for the first time, according to Deloitte, the Black Friday week is predicted to see the largest number of cyberattacks on retailers to date. Intensified bot activity on the ThreatMetrix Digital Identity Network® during the past quarter shows cybercriminals leveraging automated attacks, which will help scale cybercrime this holiday season.
In the run-up to the busiest online shopping period, ThreatMetrix analysis demonstrates prominent spikes in attacks that can be attributed to the high-profile data breaches dominating the news. Fraudsters are acting with haste to test stolen credentials, with an aim to perpetrate large-volume attacks on digital businesses. In the past 90 days alone the ThreatMetrix Digital Identity Network® detected 171 million attacks, which is a 32 percent increase since the beginning on 2017.
“Bot activity has significantly intensified in the second half of this year. We predict that the top retailers will sustain heightened attacks from bot operators looking to test personal accounts. During the next week, we are expecting approximately 5 to 8 million daily identity testing attacks,” says Vanita Pandey, vice president and product marketing at ThreatMetrix.
The ThreatMetrix Q3 2017 Cybercrime Report reveals the latest attack trends, based on the analysis of 2 billion monthly transactions. Those trends show online fraudsters gearing up for the upcoming holiday shopping season by recruiting armies of fraudsters and developing new, sophisticated cybercrime techniques that they are expected to exploit during the busiest online shopping period of the year. More than 50 million attacks are anticipated to target businesses during the peak holiday shopping days around Black Friday. With the average ticket size of fraudulent transactions being double that of a good transaction, these attacks represent a significant potential loss in revenue.
“In the same way that retailers are bringing on supply staff to cover this busy shopping period, cybercriminals are creating armies of automated cyber robots (bots) to carry out large-scale attacks on businesses,” says Pandey. “By analyzing our most recent data, we can see that the scale of eCommerce attacks in the final quarter of 2017 is likely to surpass the entire attack number for all industries – including banking and media – from Q4 2016.”
As a result of recent large-scale data breaches, there has been a spike in the trading of personal identity data on the dark web, helping the preparations for a big ‘hit’ over the holiday shopping period. Retailers preparing for this crunch period need a sophisticated way to recognize true customer digital identity versus fraudsters posing as individuals using stolen data.
Q3 2017 Cybercrime Report Reveals:
- 171 million attacks last quarter, which is a 100 percent increase over Q3 2015
New account registrations are twice as likely to be fraudulent than
- Identity data has replaced credit card data as the key target for cybercriminals for long-term gain
- 450 million bot attacks were detected, predominantly focusing on initial identity tests of breached data
- EMEA is a hotbed of cybercrime, with transactions 63 percent more likely to be an attack than in North America
- Brazil emerges as one of the top attack originators, especially for new account origination attacks.
ThreatMetrix Q3 2017 Cybercrime Report: Download now
Register for the Q3 2017 Cybercrime Report webinar “It’s all About the Data Breaches” on Thursday, December 14.
About the ThreatMetrix Q3 2017 Cybercrime Report
The ThreatMetrix Q3 Cybercrime Report is based on actual cybercrime attacks from July to September 2017 featuring global insights from the ThreatMetrix Digital Identity Network®.
ThreatMetrix®, The Digital Identity Company®, operates a global shared intelligence network to differentiate trusted customers from fraudsters. The ThreatMetrix Digital Identity Network® recognizes behavior and identities across 4.5 billion unique devices from 1.4 billion anonymized users worldwide. More than 5,000 businesses rely on ThreatMetrix as their decision engine to deliver a frictionless digital customer experience across all online transactions for increased profitability and security.
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