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.”
Wealth Consulting Group, Coastline and Maridea report fresh capital, acquisitions and asset growth as advisor M&A keeps climbing
Carson Group's Dani Fava, Jason Pereira of Woodgate Financial, and Sally George of Convergency Partners led the raise as the growth-tech startup builds out its AI platform and leadership bench.
New teams from William Blair, Ameriprise and UBS bring more than $560 million in combined client assets to the firm's employee and independent channels.
Regulators this year approved UBS Bank USA’s conversion to a nationally chartered bank.
How a subprime lender’s car-loan bonds allegedly unraveled before bankruptcy.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
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