06 Dec LexisNexis Risk Solutions’ report reveals bot attacks risk 155%
LexisNexis Risk Solutions has released its first Global State of Fraud and Identity Report and revealed that while businesses globally have seen a 38% increase in malicious bot attacks over the past year, for digitally-based businesses the growth was a massive 155%. And in worrying news for the Middle East, the EMEA region recorded the highest growth in bot volume (92%).
The report has also underlined how digital transactions are dominating the global marketplace with the lingering effects of covid leading many consumers to migrate to online interactions.
Stephen Topliss, Vice President, Fraud and Identity, LexisNexis Risk Solutions, said: “The latest surge in scams shows how the fraud landscape will continue to morph. Organisations need to use flexible fraud prevention models coupled with an adaptive authentication approach.”
He continued: “Using digital identity intelligence can improve the omnichannel consumer experience by providing a unified and persistent view of associated risks, helping to drive conversion rates, customer satisfaction and loyalty. A solution approach deep in layers, combining behavioural biometrics with global digital identity data and risk-appropriate authenticators, enables businesses to confidently make risk-based decisions while delivering a friction-appropriate customer journey.”
Other findings from the report include:
- Human-initiated attacks also grow: The rate of human-initiated attacks grew 32% year-of-year, with EMEA showing the second highest increase.
- Fraud is evolving with new payment methods: Buy-now-pay-later is gaining traction in EMEA, leading to an increase in new account opening fraud.
- Risk of account takeover fraud: Mobile app login attack rates increased 211%, pushing account takeover fraud to be one of the biggest threats.
- ID verification top challenge: Customer identity verification is the biggest hurdle for businesses globally. With challenges including limited real-time third party data (46%) and limited real-time transaction tracking (43%) the main issues.