Online fraud skyrocketing: Gaming, streaming, social media, travel and ecommerce hit the most
An Arkose Labs report is warning UK commerce that it faces its most challenging year ever. Experts analyzed over 150 billion transaction requests across 254 countries and territories in 2021 over 12 months to discover that there has been an 85% increase in login attacks and fake consumer account creation at businesses. Your digital identity is a currency for fraudsters and wherever there is online commerce, cybercriminals are quick to identify vulnerabilities Alongside this, it identified that one in four new online accounts created were fake. A further 21% of all traffic was confirmed as a fraudulent cyber attack.
“From the earliest days of online information to the rapid evolution of today’s metaverses, the internet has come a long way. However, this latest data shows that it is more under attack than ever before,” said Arkose Labs CEO Kevin Gosschalk .
He continued: “Your digital identity is a currency for fraudsters and wherever there is online commerce, cybercriminals are quick to identify vulnerabilities.” Fake consumer account creation plaguing many different sectors
The latest research took a deep dive into UK business specifically to understand which sectors were the most attacked by online criminals. The ongoing popularity of online gaming puts it top of the list for fraudsters with 46% of all the attacks in the UK, as seen by Arkose Labs.
Digital media companies (social networks and online streaming platforms) are also high value targets and represent a third of all attacks, seeing an 88% increase since 2020. Across all sectors including ecommerce/retail, travel, gaming, financial services, one in every four new online accounts created were fake throughout 2021. Metaverse companies are more likely to be targeted by “Master Fraudsters”
The rise of virtual worlds has created new attack opportunities for bad actors. Early insights show scams, microtransaction abuse, and unfair play […]
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