Cybercrime on the rise as account takeovers become leading method [Wealth Professional (Canada)]
RELX PLC PLC American Depositary Shares (Each representing One Ordinary Share) (RELX)
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Source: Wealth Professional
Third-party account takeovers have emerged as the leading type of fraud reported by clients in 2023, according to the newly published LexisNexis Risk Solutions Cybercrime Report . Almost three in ten of the cyber frauds reported involved the account login stage and attacks at this stage were up 18% year-over-year. Bot-initiated attacks maintained a steady 2% year-over-year growth to reach 3.6 billion as increasingly successful detection and prevention of these attacks has limited their growth, but human-initiated attacks surged by 40% in volume to 1.3 billion. North America is a key target for cybercriminals and ecommerce transactions are where significant vulnerability lies. “Cybercriminals continue to increase the scale and complexity of their illegal operations, with dedicated scam centers becoming a permanent fixture to mount digital attacks on consumers worldwide,” said Stephen Topliss, vice president of fraud and identity, LexisNexis Risk Solutions. “While these scam cent
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