Mobile fraud is on the rise, particularly in the United States, where mobile attacks grew 44 percent in the first half of 2018. But purchases made from smartphones are still far more secure than those placed on traditional computers, new data from ThreatMetrix shows.
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In all, mobile fraud attacks reached 150 million incidents in the first half of 2018, growing globally by 24 percent, when compared to the same span of 2017.
Fraudsters are targeting mobile transactions because consumers are increasingly turning to their phones to make purchases. ThreatMetrix data found that in the last three years, mobile transactions have tripled in share when compared to traditional desktop purchases.
In all, mobile transactions — including account creations, logins and payments — have accounted for 58 percent of all traffic thus far in 2018. Despite this, mobile purchases are still far less risky than those placed on desktops.
ThreatMetrix’s data, culled from 17.6 billion digital transactions on its Digital Identity Network, show that one-third of all fraud attacks target mobile transactions. The company said that while digital companies must fight back against mobile attacks, mobile remains far more secure than desktop.
“Mobile is quickly becoming the predominant way people access online goods and services, and as a result organizations need to anticipate that the barrage of mobile attacks will only increase,” said Alisdair Faulkner, Chief Identity Officer at LexisNexis Risk Solutions. “The good news is that as mobile usage continues to increase, so too does overall customer recognition rates, as mobile apps offer a wealth of techniques to authenticate returning customers with a very high degree of accuracy. The key point of vulnerability, however, is at the app registration and account creation stage. To verify users at this crucial point, organizations need to tap into global intelligence that assesses true digital identity, compiled from the multiple channels that their customers transact on.”
For more, see ThreatMetrix’s full Q2 2018 Cybercrime Report, which is now available as a free download.