24 May LexisNexis Risk Solutions Cybercrime Report
LexisNexis® Risk Solutions today released the results of its annual Cybercrime Report, an analysis of data from 79.8 billion transactions processed through its LexisNexis® Digital Identity Network® throughout 2022. The report, Trust and Collaboration as Foundations to Fight Fraud, shows that the global digital attack rate increased 20% year over year (YOY) compared to 2021, continuing the trend of digital fraud rising as economies re-open following the pandemic.
The LexisNexis® Identity Abuse Index, which records the percentage of attacks per day, shows attack rates fell in the fourth quarter of 2022 although the picture varies by region, with sizeable spikes in APAC, LATAM and North America at the end of the year.
Despite the effects of economic uncertainty, inflation and the war in Ukraine, digital transactions in 2022 went up by 24% YOY primarily driven by increasing transactions in financial services (29%) and ecommerce (17%).
Organizations are looking to establish consistent digital identity insights across all digital channels and end-customer touch points to mitigate rising fraud levels. They are striving to increase the level of trust with their customers, as well as identifying risk more easily. The report showed that the percentage of transactions classified as trusted in the Digital Identity Network® platform increased by 9% YOY, allowing organizations to provide a smoother customer journey.