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LexisNexis Risk Solutions released its Cybercrime Report this week, examining the cyber security trends over 2021.
The report uncovered that while bot attacks have increased by an estimated 41 per cent over the first six months of the year, the number of human-initiated operations had dropped by 29 per cent.
To undertake the research, the report analysed transactions that took place under the LexisNexis Digital Identity Network, with 28.7 billion transactions examined in the first half of 2021.
Interestingly, the report determined that the move to digital payments spurred by the pandemic is likely to remain a permanent behavioural change in people’s spending habits.
The findings further uncovered an increase in attacks occurring from Mexico, placing Mexico in the top 10 bot attack originators and cementing Latin America as a hotspot for cyber attacks. Meanwhile, attack rates in North America increased, challenging previously held notions that North America conducted fewer cyber attacks.
However, the report also determined that banks had enhanced their funds tracking capabilities, better allowing financial institutions to observe the movement of money used in criminal networks.
Stephen Topliss, vice president of fraud and identity for LexisNexis Risk Solutions, explained that criminals were using increasingly sophisticated methods to undertake cyber operations.
“Today’s report not only confirms cyber criminals’ reliance on automated processes, but also highlights that fraudsters are further establishing sophisticated and expansive networks to conduct fraud,” he said.
“Explosive transaction and user growth rates in industry sectors such as virtual banks and buy now pay later are likely exposing emergent risks for these newer businesses as they grab the attention of fraudsters. The digital businesses that survive and thrive will be those that deploy layered cyber crime prevention solutions as they scale.”
[Related: LexisNexis Risk Solutions launches financial crime compliance solution]
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