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Human-Initiated Digital Attacks Rose 19% in 2023 While Account Takeover Remains Dominant
Account takeover, long the scourge of retailers and businesses, remained the top fraud type in 2023, according to the latest data from LexisNexis Risk Solutions. Released Wednesday, the “Confidence Amid Chaos” report found 28.7% percent of fraud in 2023 was third-party account takeover. That was followed by scams and bonus …
Read More »The Account Takeover Toll; Paysafe Adds Another Gaming Client; Fiserv’s Big Plans for New Jersey
Account Takeover Attacks Are Taking a Toll on Financial Services Firms, Sift Reports
Financial-services firms, and fintechs particularly, have been swamped with account-takeover attacks over the past year, leaving many consumers wary of visiting these sites, according to a report issued Thursday by Sift Science Inc. Indeed, the volume of account-takeover attacks overall more than tripled between the second quarter of 2019 and …
Read More »The Perils of Underestimating Account Takeovers; Central Banks and Crypto; Plus Weekly Recap
Account Takeover Is Still A Major—And Underestimated— Problem, Says Arkose Labs
While account takeover is a major concern for financial institutions and merchants, many underestimate the cost as well as the frequency of attacks, says a report released Thursday by Arkose Labs, a San Francisco-based provider of fraud-prevention technology. Indeed, one of the costliest aspects of account takeovers is the loss of …
Read More »Digital Trust & Safety Index: Account Takeover Fraud and the Growing Burden on Business
Account takeover fraud has been a challenge for e-commerce merchants since business online. But recent years have proven exactly how pervasive ATO is across every industry, and revealed that it’s the average fraudster’s weapon of choice. Between the second quarter of 2019 and Q2 2020, overall ATO rates (the percentage …
Read More »The Fallout From ID Fraud And Account Takeovers Includes a Lot More P2P Payment Fraud
Losses from identity fraud grew 13% in 2019 to $16.9 billion even though instances of ID fraud fell nearly 10%, according to the newly released 2020 Identity Fraud Report from Javelin Strategy & Research. The study also found that person-to-person payments fraud increased 733% from 2016 to 2019. Based on …
Read More »Card Fraud and Account Takeovers Continue to Haunt Multiple Industries, Says IDology
Credit, debit, and prepaid card fraud shows no signs of retreat, finds the Sixth Annual Fraud Report from IDology, an Atlanta-based identity-verification company. Sixty-seven percent of executive respondents to an IDology survey said card-based fraud is most prevalent among their industries. That compares to 65% in 2017. Other fraud types …
Read More »Account Takeovers And Digital-Goods Fraud Attacks Show No Signs of Abating
Merchants selling digital goods were dealt a heavy blow last year as the fraud rate for the category soared 167%, finds the Fraud Attack Index from online-fraud prevention specialist Forter and the Merchant Risk Council, a merchant group that addresses fraud prevention. Released Tuesday, the index also found that account …
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