Cybercriminals are becoming more prolific and evolving their methods of committing fraud, necessitating robust defensive action from consumers.
Third-party account takeovers have emerged as the leading type of fraud reported by clients in 2023, according to the newly published LexisNexis Risk Solutions Cybercrime Report. Almost three in ten of the cyber frauds reported involved the account login stage and attacks at this stage were up 18% year-over-year.
Bot-initiated attacks maintained a steady 2% year-over-year growth to reach 3.6 billion as increasingly successful detection and prevention of these attacks has limited their growth, but human-initiated attacks surged by 40% in volume to 1.3 billion.
North America is a key target for cybercriminals and ecommerce transactions are where significant vulnerability lies.
“Cybercriminals continue to increase the scale and complexity of their illegal operations, with dedicated scam centers becoming a permanent fixture to mount digital attacks on consumers worldwide,” said Stephen Topliss, vice president of fraud and identity, LexisNexis Risk Solutions. “While these scam centers will continue to drive the threat of human-initiated attacks, organizations cannot afford to be complacent about the growing sophistication of bots, which can display more human-like behavior to evade traditional prevention solutions. By focusing on identifying advanced bots in real time, businesses can mitigate their ability to create fraudulent accounts or test stolen login credentials for future account takeover attacks.”
“Today’s actions send a clear message that even the biggest financial institutions are not above the law,” said Treasury Secretary Scott Bessent.
To build a truly self-sustaining practice, enterprising advisors have to start with a vision of what they want to be – and accept the realities that come with building toward it.
Serial acquirers add a 35-year-old Oregon wealth manager and a New York practice focused on women navigating life transitions.
Mara Glassel and Julie Fox will co-lead the fast-growing hybrid RIA’s ultra-high-net-worth and private wealth businesses.
The banking giant's wealth arm extends its revenue streak as it pushes to exit consent orders weighing on growth since 2020.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
