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Complete Story
04/30/2020
New Research Shows 20% Spike in Fraud as Digital Behavior Shifts Amid COVID-19 Pandemic
Security Boulevard
New data showing the impact of the COVID-19 crisis on online fraud in the first quarter of 2020 shows that 26.5% of all transactions were fraud and abuse attempts, which is a 20% increase over the previous quarter. And with new fraud campaigns driven by automation, there has been a sharp decline in human-driven attacks originating from low-cost ‘sweatshop’ resources.
Arkose Labs researchers said this was the highest attack rate ever seen, as consumer behavior is in flux and digital transactions are on the rise.
“Organized fraud operations have been quick to mobilize, targeting spikes in digital activity,” researchers said.
The United States came out as the top originator of cyberattacks, with attack levels increasing 20% since Q4 2019. Researchers also recorded a substantial increase in attacks originating from the United Kingdom, Germany and Canada – all well-established economies.
“The speed at which the cybercrime ecosystem adapts to changing socio-economic circumstances is highlighted by changing attack methods,” researchers said, adding that new data shows a sharp decline in human-driven attacks originating from low-cost ‘sweatshop’ resources.
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