DataVisor, a fraud detection company with solutions powered by transformational AI technology, has released its ‘Digital Fraud Trends Report 2021’, highlighting the key trends seen in the landscape after analysing 128 billion events and more than 2 billion users.
The events of 2020 created no shortage of challenges for fraud teams. With quarantines and lockdowns looming for much of the year, millions of consumers turned to digital channels to purchase items and conduct business, opening up new opportunities for fraudsters. Online spending reached more than 18% of total retail sales in the first two quarters of 2020, up from 14% in 2019.
Many businesses shifted to a remote work model, leaving many businesses struggling to cobble together a remote work technology stack, leaving very little time for research, testing, and security best practices. IT departments were left to figure out how to safeguard internal resources via fragmented teams. Good communication became more mission-critical than ever, and call centres, live chats, social media, and email served as important albeit vulnerable vehicles. Bigger emphasis has also been placed on mobile technology for consumers, companies, and employees alike. Mobile is increasingly growing in the market, changing everything from how we bank to how we shop.
With such major changes in a short time span, it’s no surprise that fraudsters were eager to evolve
their attacks and exploit gaps in defences. Using data collected from the previous several months, DataVisor reveals the current fraud landscape and what might come next.
Key Takeaways from the Report Include:
- 79-90% of financial fraud attacks are account takeovers,
- The fraud rate for mobile platforms is 0.5%, compared to the 7.4% rate for desktop.
- 22 times more events occur via rooted or jailbroken devices, both of which appear to be much more active than non-jailbroken or non-rooted devices.
- 100% of fraudulent accounts use automation at some point in their lifecycles, making it harder to distinguish between humans and bots.
- Social platform fraud has shown the steadiest growth, traffic volume shows consistent growth across verticals.
To find out more or read the report in full, click here.