According to a report from Arkose Labs, recent data predicts a 60% increase in online fraud across all industries.
Arkose Labs released new data on the latest fraud trends, revealing increasingly frequent threats during the holidays, rising attacks by bots, and a resurgence in attacks on travel companies. As shoppers fill their online carts, account takeover (ATO) attacks and gift card fraud remain persistent. Additionally, the report shares the top six fraud-fighting trends from the previous three months and provides data highlighting that no digital business is immune from attack.
The increase in digital traffic for the travel sector created the perfect opportunity for cyberattacks, which increased 80% from Q2 to Q3 2021. Financial industries also experienced an increase in attacks — 32% more than in the first half of 2021. Fake new accounts continue to take a bite out of revenue. Nearly a quarter of IT executives claim fake accounts have increased operational costs. Fake accounts are also the gateway to a multitude of spam and abuse. More than half of the malicious activity targeted towards media and streaming businesses came through logins, and 20% of those attacks originated from human fraud farms. Bots continue to attack technology platforms, and last quarter accounted for 91% of all attacks.
Overall, cyberattacks are increasing in every industry, and they are growing more sophisticated. The Q4 Arkose Labs Fraud and Abuse Report is based on actual user sessions and cyberattack patterns analyzed by the Arkose Labs Fraud Deterrence Prevention Platform from July to September 2021. These sessions, spanning account registrations, logins, and payments from financial services, eCommerce, travel, social media, gaming, and entertainment, were analyzed in real-time to provide insights into the evolving fraud and risk landscape.
Read the original press release here.