Fraud deterrence and account security company Arkose Labs has released a new report regarding the expansion of global fraud economy, Q2 2022 State of Fraud & Account Security report.
The new release shows specific attack attempts skyrocketing, with different types of fraud like fraud returns being incredibly profitable for fraudsters. As the ROI for cyberattacks is at unprecedented levels, fraudsters are willing to invest more energy to become successful in their attacks and turn profits.
Bot attacks are the latest “addition” to the fraud types, with peak seasons being targeted the most. These attacks mimic human behaviour and evade security measures, leading to new monetisation techniques. As per the report, scraping attacks increased by 60% in Q1 2022.
Certain industries have been challenged with an increase in fraud attempts too. Fintech was targeted 2.5 times more than in 2020, while gaming companies experienced 260% more attacks, including an 85% increase in fake account registrations. By comparison, ecommerce and retail companies saw 30% more attacks than in 2020 and handled a 65% increase in fake accounts.
As a novelty, attacks on metaverse companies increased by 40% in Q1 2022, with most fraudsters being based in Asia, mainly from China and India. The top countries with the most cybernetic attacks are the US, India, China, Great Britain, and Vietnam.
Finally, around a third of cybercrime losses come from online consumer account-based fraud, with confidence fraud, spoofing, personal data breach, and tech support counting for over USD 2 billion in losses declared.
For more information about Arkose Labs, you can check its company profile on The Paypers’ company database here.
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