According to a report from Arkose Labs, recent data predicts a 60% increase in online fraud across all industries.
Arkose Labs released new data on the latest scam trends that revealed increasingly frequent threats during the holidays, increasing attacks from bots and a resurgence of attacks on travel companies. As customers fill their online carts, attacks on account-taking (ATO) and gift card fraud remain persistent. In addition, the report shares the top six anti-fraud trends from the previous three months and provides data highlighting that no digital business is immune to attack.
The increase in digital traffic for the travel sector created the perfect opportunity for cyber attacks, which increased 80% from the 2nd to the 3rd quarter of 2021. Financial industries also saw an increase in attacks – 32% more than in the first half of 2021. Fake new accounts continue to take a bite of the revenue. Nearly a quarter of IT executives claim that fake accounts have increased operating costs. Fake accounts are also the gateway to a wide range of spam and abuse. More than half of the malicious activity targeting media and streaming companies came through logins, and 20% of these attacks originated from scam farms with humans. Bots continue to attack technology platforms, and last quarter accounted for 91% of all attacks.
In general, cyber attacks are on the rise in all industries and they are becoming more sophisticated. Q4 Arkose Labs Fraud and Abuse Report is based on actual user sessions and cyber attack patterns analyzed by the Arkose Labs Fraud Deterrence Prevention Platform from July to September 2021. These sessions span account registrations, logins and payments from financial services, e-commerce, travel, social media, games and entertainment, were analyzed in real time to provide insight into the evolving scam and risk landscape.
Read the full report from Arkose Labs.
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