A report by payments authentication and monitoring solutions provider Outseer has detailed a massive spike in global brand abuse attacks in the third quarter of 2021.
The report covers July through September of last year and was collected with while authenticating consumer transactions and investigating threats on behalf of Outseer customers.
Outseer found that brand abuse attacks continued to dominate fraud actor tactics, climbing 274% in the third quarter of 201 annually and comprising 45% of all attacks detected and investigated by the Outseer Anti-Fraud Command Centre.
The firm has strongly advised organisations to employ monitoring services that rapidly detect, investigate and take down scams that impersonate authentic brand websites, mobile apps and social media profiles.
The report also found that over 56,000 global cyberattacks occurred during Q3, with 68% of digital banking fraudulent transactions originating on mobile. Meanwhile, rogue mobile apps showed a 50% quarterly increase compared to the previous quarter
The US kept its position as the top hosting country for phishing attacks in the third quarter, accounting for 73% of ISPs hosting these kinds of attacks. India followed in second place, recording 6% of phishing attacks. In addition, Russian hosted phishing attacks shot up 42% from the second quarter.
Outseer detailed that in the first three quarters of last year, it recorded over 12.9m unique compromised cards and car previews from online stores and fraud communication channels. On average, over 48,000 cards were recovered on a daily basis in 2021.
Outseer CMO and chief identity officer Armen Najarian said, “As consumer buying behaviour has shifted to a digital-first experience throughout this seemingly endless pandemic, newer payment models and transaction methods continue to proliferate. It should come as no surprise that payment transaction fraud has skyrocketed to new heights.
“This is particularly evident in regions where 3-D Secure as the go-to payment authentication method has not been widely adopted yet. This report validates that every digital business must prioritise strong and effective fraud prevention measures like 3-D Secure in order to protect their brand and their customers.”
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Copyright © 2018 RegTech Analyst
