Use Of Bots Has Increased Fake Account Creations

The Growing Threat of Cybercrime in 2017: Insights from the ThreatMetrix Cybercrime Report

The recent release of the ThreatMetrix Cybercrime Report 2017 is a cause for concern for anyone who takes data security seriously. As a fraud prevention company that protects nearly a billion and a half users worldwide, their insights into the threat landscape is invaluable. According to their findings, cyber criminals are evolving and taking new approaches to commit fraud. This article will delve into the report's main finding and discuss the implications of these changes for businesses around the world.

The report highlights that hackers, scammers, and fraudsters are moving away from using stolen credit and debit cards. They understand that these types of stolen data have short shelf lives. Instead, the cyber criminals are now turning towards stolen identity data to create bogus accounts and then applying for lines of credit themselves. The use of automation technology is making this process faster and easier than ever before. Shockingly, the report found that the volume of global credit fraud attacks has increased by 100 percent in just two years, with 700 million incidents reported in 2017 alone.

Bots are also playing an increasingly important role in the activity of the fraudsters. New fraudulent accounts are being created and handed over to bots to test and validate, thus increasing their value on the Dark Web. It is reported that ThreatMetrix blocked 1.5 billion bot attacks last year alone, with some retailers reporting that over 90% of their daily traffic is composed of bots.

The report suggests that the growth in cybercrime is driven by regular large-scale data breaches. These breaches hand over hundreds of millions of data records to fraudsters, making them more equipped and knowledgeable than ever before. The attackers use the information they obtain to create fake identities that are incredibly difficult to detect.

Sadly, this type of cyber fraud is not going away anytime soon. As financial institutions and retailers develop more sophisticated fraud detection technology and methods, fraudsters are also evolving and finding new avenues for exploitation. Therefore, it is essential that businesses put robust security measures in place to stay ahead of the game and protect their customers.

Conclusion:
The ThreatMetrix Cybercrime Report 2017 is an eye-opening read for anyone involved in data security. It shows how cybercrime is evolving as fraudsters shift their attention to identity theft and automation technologies. As we head into another year, it is vital to stay ahead of the game and develop new methods of protection to combat these growing threats. While cybercrime might be on the rise worldwide, knowing the risks and staying vigilant will help you defend your company against attack.