Home > Latest News > Mobile Fraud Smashes Global Records in First Half Of 2018

Mobile Fraud Smashes Global Records in First Half Of 2018

LexisNexis risk solutions company ThreatMatrix has released a damning assessment of global mobile fraud in its cybercrime insights from the first half of 2018.

As consumer behaviour increasingly embraces mobile services for transactions, fraudsters are coming along for the ride in a big and increasingly dangerous way.

These latest findings are based on analysis of 17.6 billion digital transactions for the six months to June 30, during which time ThreatMatrix’s Digital Identity Network detected or stopped a massive 361 million cybercrime attacks.

The analysis also found that the proportion of mobile transactions versus desktop has almost tripled in just 12 months and now accounted for 58 per cent of all online traffic.

Mobile fraud rates also rose by 24 per cent over the 12 months to the end of June, while mobile attack rates rose by 26 per cent for the same period.

Globally, one third of all fraudulent cyber attacks are now targeting mobile transactions. However, the number of attacks actually succeeding remains low as mobile devices and services can more accurately assess user identity thanks to “highly personalised device attributes, geo-location and behavioural analysis,” the report said.

“They also have stronger customer authentication options that require no user intervention, including cryptographically binding devices for persistent authentication (Strong ID).”

“Mobile is quickly becoming the predominant way people access online goods and services, and as a result organisations 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.”

Financial institutions were besieged with 81 million cybercrime attacks globally in the first half of the year and 27 million of these targeted mobile transactions, due in part to the surge in mobile financial transactions in regions such as China, South East Asia and India.

“The biggest threat in financial services comes from device spoofing, as fraudsters attempt to trick banks into thinking multiple fraudulent log in attempts are coming from new customer devices, perhaps by repeatedly wiping cookies or using virtual machines,” the report said.

Australia experienced a 5 per cent jump in cyber attacks in the financial services sector, year-on-year, in the second quarter of this year alone.

Among the other highlights of the study were:

  • China appears on the top five cybercrime attackers list for the first time ever
  • There was a 33 per cent rise in bot attacks for transactions coming from India, compared with last quarter
  • 54 per cent of all eCommerce transactions are now cross-border, emphasising the industry’s global footprint
  • Cross-border eCommerce transactions are 69 per cent more likely to be rejected as fraudulent
  • 25 per cent of new eCommerce account applications are fraudulent, a 130 per cent rise over Q2 2017
  • Attacks on financial services’ mobile transactions increased by 33 per cent year-on-year.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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The car is scattered with cameras and RADARs to help it navigate roads without the help of a human.

RAC group chief executive Terry Agnew said Perth was one of only three cities in the world where the car was being tested in what was a significant milestone for transport in Australia.

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“How we move around is rapidly evolving and being able to test emerging vehicle technologies right here in WA will help us adapt to these changes in the safest way possible,” he said.

Mr Agnew said driverless vehicles had the potential to remove 90 per cent of on road crashes and expected them to become the dominant vehicle on Australian roads within two decades.

The RAC Intellicar is the company’s third driverless vehicle.

Photo: RAC

“The technology will come anyway, RAC can’t stop that, no one can stop it,” he said.

“Our role we see is helping our members and the community be ready for it and to be able to use it proactively.

 

“The benefit at the end is enormous. The benefit is a 90 per cent reduction in crash rates.

RAC group chief executive Terry Agnew in the Intellicar.

Photo: Hamish Hastie

“Human error is the cause of the vast majority of road deaths and serious injuries, so if we can help WA and Australia safely transition to driverless vehicles sooner, hundreds of Australian lives could be saved.”

The Intellicar trial will be run in three phases. The first phase will take place at RAC’s private facility, the second on public roads without passengers and the third in a quieter area with passengers who will be able to summon the car using an app.

In March Uber suspended its driverless vehicle trials in Arizona after one of its cars killed a pedestrian.

 

Mr Agnew said at all times during the Intellicar trials there would be a human on board who could manually disable the car. He said it would be run at about 20 to 40km/h, markedly less than the car’s top speed of 90km/h.

The Intellicar is not RAC’s first foray into the driverless vehicle space.

In August 2016 it launched the slow-speed Intellibus trial on the South Perth foreshore. To date more than 14,000 people have ridden the bus.

Executive general manager of advocacy and members Pat Walker said the Intellicar had about three times the technology of the two Intellibuses but would also take a lot more effort in getting approval to drive on the road.

“There’s a lot of approvals. I think we acquired 78 different approvals, Commonwealth and state, for the bus. unfortunately its not getting any easier,” he said.

 

“It is a huge step up. The buses have done a tremendous job mixing with cars and pedestrians and dogs and other things on the foreshore, but the car will be roaming so the terrain and conditions change.”

The Intellibuses has two LIDAR devices that work in a similar fashion to RADARs but with light.

The Intellicar features 10 LIDARS, 6 cameras, 4  

 

 

 

 

 

 

  •  

 

 

The car is scattered with cameras and RADARs to help it navigate roads without the help of a human.

RAC group chief executive Terry Agnew said Perth was one of only three cities in the world where the car was being tested in what was a significant milestone for transport in Australia.

Advertisement

“How we move around is rapidly evolving and being able to test emerging vehicle technologies right here in WA will help us adapt to these changes in the safest way possible,” he said.

Mr Agnew said driverless vehicles had the potential to remove 90 per cent of on road crashes and expected them to become the dominant vehicle on Australian roads within two decades.

The RAC Intellicar is the company’s third driverless vehicle.

Photo: RAC

“The technology will come anyway, RAC can’t stop that, no one can stop it,” he said.

“Our role we see is helping our members and the community be ready for it and to be able to use it proactively.

 

“The benefit at the end is enormous. The benefit is a 90 per cent reduction in crash rates.

RAC group chief executive Terry Agnew in the Intellicar.

Photo: Hamish Hastie

“Human error is the cause of the vast majority of road deaths and serious injuries, so if we can help WA and Australia safely transition to driverless vehicles sooner, hundreds of Australian lives could be saved.”

The Intellicar trial will be run in three phases. The first phase will take place at RAC’s private facility, the second on public roads without passengers and the third in a quieter area with passengers who will be able to summon the car using an app.

In March Uber suspended its driverless vehicle trials in Arizona after one of its cars killed a pedestrian.

 

Mr Agnew said at all times during the Intellicar trials there would be a human on board who could manually disable the car. He said it would be run at about 20 to 40km/h, markedly less than the car’s top speed of 90km/h.

The Intellicar is not RAC’s first foray into the driverless vehicle space.

In August 2016 it launched the slow-speed Intellibus trial on the South Perth foreshore. To date more than 14,000 people have ridden the bus.

Executive general manager of advocacy and members Pat Walker said the Intellicar had about three times the technology of the two Intellibuses but would also take a lot more effort in getting approval to drive on the road.

“There’s a lot of approvals. I think we acquired 78 different approvals, Commonwealth and state, for the bus. unfortunately its not getting any easier,” he said.

 

“It is a huge step up. The buses have done a tremendous job mixing with cars and pedestrians and dogs and other things on the foreshore, but the car will be roaming so the terrain and conditions change.”

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