Q4 2017 CYBERCRIME REPORT: Global Insights from the ThreatMetrix Digital Identity Network®

“All warfare is based on deception. Hence…when we are near, we must make the enemy believe we are far away; when far away, we
must make him believe we are near.” - Sun Tzu, The Art of War

The New Cybercrime Battleground

2017 has been a unique year for both public sector organisations and citizens alike. It has been a year when government departments have truly embraced mobile-first commerce, tailoring applications to become full service to provide an “alwayson, always-there” provision of goods and services.

At the same time, consumers in many highly developed economies have never been so tech-aware, changing buying habits and entrenched behaviors to fully embrace all that the evolving digital world has to offer. Examples include checking bank balances daily from a mobile device rather than from a less frequent desktop or in-branch transaction, to booking cabs and holidays via ridesharing and travel marketplace apps over more traditional services.

While we might assume this proliferation of mobile and in-app purchases protects both businesses (via enhanced app security features / biometrics capabilities of mobile devices) and highly tech savvy users who are more immune to bad actors, there is clear evidence that fraudsters are on the prowl.

Mobile attack rates are going up, and attack vectors are becoming more advanced than ever before. Meanwhile many digital users would assume they could spot a phishing attempt or a potential account takeover, yet fraudsters are adjusting their tactics to dupe even the most savvy consumer, employing the full gamut of stolen identity data to create near perfect simulacrums of trusted users and deploying pitch perfect social engineering attacks that can be virtually impossible to spot.

Meanwhile, as digital commerce becomes more global and cross-border than ever before, businesses are accessing a new customer base of unbanked and underbanked customers, and those less familiar with the full suite of online transactions.

This latest report from Threatmetrix outlines startling new figures on the rise and rise of cybercrime across the UK and world over to reveal where and how you should be focusing your defences for the coming year.

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