Fraud Trends: Networked Crime, Bot & Mobile App Attacks

Fraud Trends: Networked Crime, Bot & Mobile App Attacks

Based on the recent report from LexisNexis Risk Solutions, some of the fraud attacks grew in the 1st half of 2019. To discover which attacks are currently “trending” and know who can help you with the most reliable and cheapest high risk merchant account, just keep on reading. 

Fraud Attacks: High Risk Merchant Account

The latest Cybercrime Report, LexisNexis’ Digital Identity Network shows 16.4 billion transactions during January – June period. 277 million of them were organized by humans. This number points to 13% growth over the 2nd half of 2018.

E-commerce companies also note that bot attacks are on the rise, specifically, new account creation ones. The latter attacks grew 305% and are mostly observed in online marketplaces, companies offering virtual gift cards, and ridesharing sites.

Worldwide, attacks on mobile apps grew 148% in 6 months with the main focus on media companies, specifically on social media and gaming/gambling companies. This is the space where bad guys register for new player bonuses to sell so to gain profit.

What measure are you taking to protect your business from fraud? One thing is for sure: you can’t do without working with a secure and reliable payment processor in your field. A true payment expert can help you fight fraud by providing the most advanced fraud prevention and chargeback mitigation solutions in the industry. 

With a reputable credit card processor, you can get the safest and cheapest high risk merchant account and other payment processing services to grow successfully. 

Growing Fraud Trends

According to Rebekah Moody, director of fraud and identity at LexisNexis Risk Solutions, hackers are organizing their attacks across industries and companies. Here’re the main growing fraud trends:

  • Bot attacks: hackers are “interested in” transactions associated with the creation of new accounts. 
  • Mobile app registration: this is the result of the growing number of smartphone users.
  • Networked crime: this has to do with confirmed fraud attempts across multiple companies. 

As you see, fraud is still a major problem that eCommerce business owners deal with each and every day. So, it’s critical to work with a true payment processing expert that can help you avoid it as much as possible. 

Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high-risk merchant account processor in the country that offers the most secure and cheapest high risk merchant account in the space. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.

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