Cryptocurrency Marketplaces Hit by a Spectrum of Attacks
Amidst Major Shifts in Cybercrime, Reveals New ThreatMetrix Report
Amidst Major Shifts in Cybercrime, Reveals New ThreatMetrix Report
A Quarter Billion Cyberattacks Last Quarter: Cryptocurrency
in the Crosshairs, the Rise of Russian Cybercrime and a Holiday Shopping Season
Onslaught
in the Crosshairs, the Rise of Russian Cybercrime and a Holiday Shopping Season
Onslaught
SINGAPORE – (February
12, 2018) ThreatMetrix®, The Digital Identity Company®,
today revealed a 113 percent year-over-year increase in cyberattacks in Q4 2017,
as both the volume and the nature of attacks transform.
12, 2018) ThreatMetrix®, The Digital Identity Company®,
today revealed a 113 percent year-over-year increase in cyberattacks in Q4 2017,
as both the volume and the nature of attacks transform.
The Battle for a Safe Cryptocurrency Market
The Q4
2017 Cybercrime Report reveals that cryptocurrency marketplaces, designed
to facilitate trading on the full range of digital currencies, are experiencing
a range of fraudulent activity. The world of cryptocurrency has moved from
being the playground of the criminal underworld to be a prime target for
attacks on legitimate transactions.
2017 Cybercrime Report reveals that cryptocurrency marketplaces, designed
to facilitate trading on the full range of digital currencies, are experiencing
a range of fraudulent activity. The world of cryptocurrency has moved from
being the playground of the criminal underworld to be a prime target for
attacks on legitimate transactions.
Fraudulent new accounts are created using
stolen or synthesized identities to set up mule accounts to launder money.
Additionally, legitimate accounts are being hacked to make fraudulent payments
and transfer cryptocurrency balances out when at their highest value.
stolen or synthesized identities to set up mule accounts to launder money.
Additionally, legitimate accounts are being hacked to make fraudulent payments
and transfer cryptocurrency balances out when at their highest value.
“Cryptocurrency marketplaces need a more
accurate way to verify the identity of new customers who open an account in
order to prevent the infiltration of criminals,” said Vanita Pandey, Vice
President of Product Marketing at ThreatMetrix. “Using intelligence from the
ThreatMetrix Digital Identity Network, these marketplaces can better
differentiate between good customers and fraudsters the moment they arrive, and
thus see an immediate reduction in fraudulent activity on their platforms.”
accurate way to verify the identity of new customers who open an account in
order to prevent the infiltration of criminals,” said Vanita Pandey, Vice
President of Product Marketing at ThreatMetrix. “Using intelligence from the
ThreatMetrix Digital Identity Network, these marketplaces can better
differentiate between good customers and fraudsters the moment they arrive, and
thus see an immediate reduction in fraudulent activity on their platforms.”
From Russia and Vietnam Without Love
The Q4 2017 Cybercrime Report also revealed an
increased volume of attacks originating from Russia and Vietnam, using both
automated bots and location spoofing tools. In fact, for the very first time,
Russia emerged as a top attack originator, with the majority of incidents
targeting ecommerce retailers in the U.S. In addition, Vietnam was one of the
top 5 attack originators for the first time ever, with a strong concentration
of bot attacks on global merchants. Attacks from Vietnam targeted leading
businesses in the US, UK, Australia, Singapore and Japan.
increased volume of attacks originating from Russia and Vietnam, using both
automated bots and location spoofing tools. In fact, for the very first time,
Russia emerged as a top attack originator, with the majority of incidents
targeting ecommerce retailers in the U.S. In addition, Vietnam was one of the
top 5 attack originators for the first time ever, with a strong concentration
of bot attacks on global merchants. Attacks from Vietnam targeted leading
businesses in the US, UK, Australia, Singapore and Japan.
Key shopping days in Q4 over the holiday
season saw up to 2 million bot attacks coming from Russia alone. These
persistent, but increasingly sophisticated, attacks were primarily targeting
top American retailers.
season saw up to 2 million bot attacks coming from Russia alone. These
persistent, but increasingly sophisticated, attacks were primarily targeting
top American retailers.
eCommerce
Attacks: The Dark Side of the Holiday Season
Attacks: The Dark Side of the Holiday Season
The number of attacks on eCommerce during the
fourth quarter of 2017 was 113 percent of the volume of attacks across all
industries in the previous quarter, underscoring the pressure retailers are
under during this period. Almost 193 million transactions were rejected as
fraudulent, representing a 173 percent increase over the previous year.
fourth quarter of 2017 was 113 percent of the volume of attacks across all
industries in the previous quarter, underscoring the pressure retailers are
under during this period. Almost 193 million transactions were rejected as
fraudulent, representing a 173 percent increase over the previous year.
The quarter also saw heavy bot activity from
across the globe with more than 34 million attacks during the peak holiday
shopping period. In addition to these 34 million attacks, ThreatMetrix recorded
about 800 million bot attacks throughout the quarter, ranging from simple
account validation attacks to sophisticated bots attempting to masquerade as
legitimate customer traffic.
across the globe with more than 34 million attacks during the peak holiday
shopping period. In addition to these 34 million attacks, ThreatMetrix recorded
about 800 million bot attacks throughout the quarter, ranging from simple
account validation attacks to sophisticated bots attempting to masquerade as
legitimate customer traffic.
Other key highlights from Cybercrime Report: Q4 2017
●
ThreatMetrix detected and stopped
251 million attacks in real time last quarter, as the overall attack rate grew
50 percent year-on-year.
ThreatMetrix detected and stopped
251 million attacks in real time last quarter, as the overall attack rate grew
50 percent year-on-year.
●
52 percent of all online
transactions now come from mobile devices, a 54 percent increase from two years
ago.
52 percent of all online
transactions now come from mobile devices, a 54 percent increase from two years
ago.
●
58 percent of all account
creations are now done on a mobile device, and attacks on mobile account
creations grew 150 percent since the start of 2017.
58 percent of all account
creations are now done on a mobile device, and attacks on mobile account
creations grew 150 percent since the start of 2017.
●
Cross-border transactions continue
to grow quarter-on-quarter: 30 percent of transactions are now cross-border, up
from 25 percent at the beginning of 2017.
Cross-border transactions continue
to grow quarter-on-quarter: 30 percent of transactions are now cross-border, up
from 25 percent at the beginning of 2017.
●
The ThreatMetrix Digital Identity
Network analyzed more than 610 million transactions during the peak holiday
shopping days around Black Friday.
The ThreatMetrix Digital Identity
Network analyzed more than 610 million transactions during the peak holiday
shopping days around Black Friday.
●
Bot attacks have reached
unprecedented levels this quarter with 840 million bot attempts detected and
blocked.
Bot attacks have reached
unprecedented levels this quarter with 840 million bot attempts detected and
blocked.
“ThreatMetrix holds an unprecedented vantage
point from which to help businesses distinguish between trusted users and
potential threats, using everything we know about the way a user interacts
digitally to better understand the legitimacy of each and every online
transaction,” said Pandey. “By harnessing intelligence from the ThreatMetrix Digital
Identity Network, businesses can better detect the markers of high-risk
behavior, and thus block cybercrime before it impacts the trust of end
users—whether through breached data, monetary loss, or simply by increased
friction.”
point from which to help businesses distinguish between trusted users and
potential threats, using everything we know about the way a user interacts
digitally to better understand the legitimacy of each and every online
transaction,” said Pandey. “By harnessing intelligence from the ThreatMetrix Digital
Identity Network, businesses can better detect the markers of high-risk
behavior, and thus block cybercrime before it impacts the trust of end
users—whether through breached data, monetary loss, or simply by increased
friction.”
About the ThreatMetrix Cybercrime Report
The Q4 2017 Cybercrime Report is based upon
actual cybercrime attacks, detected and blocked during real-time analysis and
interdiction of fraudulent online payments, logins and new account applications
on the ThreatMetrix Digital Identity Network® between October and
December 2017.
actual cybercrime attacks, detected and blocked during real-time analysis and
interdiction of fraudulent online payments, logins and new account applications
on the ThreatMetrix Digital Identity Network® between October and
December 2017.
About ThreatMetrix
ThreatMetrix®, The Digital Identity
Company®, empowers the global economy to grow profitably and
securely without compromise. With deep insight into 1.4 billion anonymized user
identities, ThreatMetrix ID™ delivers the intelligence behind 110 million daily
authentication and trust decisions to differentiate legitimate customers from
fraudsters in real time.
Company®, empowers the global economy to grow profitably and
securely without compromise. With deep insight into 1.4 billion anonymized user
identities, ThreatMetrix ID™ delivers the intelligence behind 110 million daily
authentication and trust decisions to differentiate legitimate customers from
fraudsters in real time.
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