LexisNexis
The LexisNexis® Identity Abuse Index, which records the percentage of attacks per day, shows that attack rates spiked at both the beginning and end of 2023. A significant factor was that North America’s attack rate rose to meet and then surpass that of Latin America throughout the year.
The number of ecommerce transactions increased modestly by 7% in 2023, as rising interest rates and global inflation cooled consumer spending. However, where consumers held back, fraudsters became more active. The volume of human-initiated attacks surged 80% YOY, resulting in an attack rate of 2.8% (up by 59% YOY). A key component of this growth in attacks was fraudsters’ focus on account takeover of ecommerce accounts, with the attack rate at login reaching 3.3% (an increase of 119% YOY).
Greater adoption globally of 3D Secure to mitigate the risk of fraud from Card-Not-Present (CNP) transactions is just one method businesses are employing to confront the heightened threat posed by cybercriminals. Regulatory changes in specific markets, such as establishing clearer liability frameworks, serve as a model for enhanced global cooperation aimed at minimizing the impact of digital activities carried out by criminals.
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