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1 in 9 Online Accounts Created in 2017 Was Fraudulent

Account takeovers hot, stolen credit cards not.

More than one in nine of all online accounts created in 2017 was fraudulent, according to a report released today by ThreatMetrix.

According to "Cybercrime Report in 2017: A Year in Review," attackers continue to move away from the quick-buck business of credit card theft and are moving toward attacks that provide longer-term profits — for example, using stolen identity data to open new accounts. Between 2015 and 2017, attackers attempted to open 83 million fraudulent new accounts. Emerging industries, including ride-sharing and gift card-sharing, are particularly susceptible to fraud, according to the report. 

Account takeover attacks also increased by 170%; an account takeover attack occurs every 10 seconds, according to ThreatMetrix.

Overall, ThreatMetrix detected a 100% increase in attack volume over the past two years, including "unprecedented spikes" of irregular behavior immediately after the Equifax breach.   

See here for more.

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