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.”
A $141M judgment and a federal asset freeze collide over one shrinking pool
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.