LexisNexis: new cybercrime opportunities and risk in APAC
In an announcement made by LexisNexis Risk Solutions, the company launched its latest edition of its biannual Cybercrime Report. In the report the company has analysed the impact COVID-19 has had on the global digital economy, as well as regional economies, industries, businesses and consumer behaviour.
"This is the first LexisNexis Risk Solutions Cybercrime Report to include data on the new reality of conducting business during a pandemic," commented Rebekah Moody, director of fraud and identity at LexisNexis Risk Solutions.
Compared to 2019, the report identifies that, January to June has seen a strong growth in transaction volume, but an overall decline in global attack volume. The company attributes this to the growth in genuine customer activity as a result of changing consumer behaviours.
Key findings from the report include:
- A 37% growth - year on year - in transactions data analysed (over 22.5bn)
- 66% of transactions came from mobile devices in the first half of 2020, a rise of 20% in the last five years
- A rise in transactions from new devices and digital identities
- Asia Pacific (APAC) reporting a 3% attack rate - higher than the global average of 1.4% - experiencing growth in April and May, as well as a spike in June
- A year on year decline across all channels in the APAC region, with the exception of automated bot attacks which grew by 9%
- A global average growth of automated bot attacks of 13%
- Japan, India and Australia ranking fifth, seventh and eighth - respectively - as some of the largest originators of automated bot attacks
- Hyper-connected, networked fraud being a continuous feature of attacks
"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," added Moody.
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