Online financial services, lending companies, and alternative payment systems are privileged targets of threat actors. According to the researchers at the security firm ThreatMetrix, the number of cyber attacks against online lending companies and alternative payment systems increased by 122% in 2016.
The cyber attacks against financial services cost consumers £8bn in 2016, the significant increment is associated with the increased propensity of customers in using online financial services.
“Due to its surge in popularity, and fast transaction cycles, online lending has become a prime target for cyber criminals,” explained Vanita Pandey, vice president of strategy at ThreatMetrix. “Online lenders are under increasing pressure to adopt smarter authentication methods to accelerate genuine loans and prevent fraud.”
Let us consider that the number of financial services transactions online in the UK grew by 10% in 2016.
The number of attacks targeting alternative lending has increased by 150% since Q3 2016.
The vast majority of attacks against the financial services leverages on fake or stolen credentials last year, ThreatMetrix detected 80 million attacks.
The identity theft was the most common crime in the UK last year, the availability of data resulting from the numerous data breaches allowed crooks to launch an impressive number of attacks.
According to the latest ThreatMetrix Cybercrime Report, new emerging countries appear on the cybercrime frontlines, the majority of fraudulent activities originated in developing nations, including Brazil, Egypt, Ghana, Jordan, Nigeria, and Macedonia.
“Brazil emerged in Q4 as a major attack destination, and ThreatMetrix saw a significant increase in attacks coming from emerging economies, including Tunisia, Ukraine, Malaysia, Bangladesh, Pakistan, Serbia, Morocco, Guadeloupe, Qatar and Cuba. Identity spoofing is the leading attack vector in such economies.” reads the report.
Below further key findings from the report:
(Security Affairs – financial services, cybercrime)