LexisNexis Risk Solutions Report Shows Growing Shift Toward Mobile Fraud; Haywood Talcove Quoted

Haywood Talcove
Haywood Talcove

A new LexisNexis Risk Solutions report examined the global cyber threat landscape between July 2019 and December 2019 and found a year-over-year growth rate of 56 percent in attacks targeting mobile transactions compared with a growth rate of 23 percent for desktop attacks.

LexisNexis’ Cybercrime Report used the Digital Identity Network system to assess 19B transactions recorded during the six-month period and found an increasing shift toward mobile attacks as mobile app registrations become targets of global bot attacks.

Mobile app transactions recorded a 171 percent growth in attack rate compared with mobile browser transactions at 14 percent.

“With the $2 trillion in stimulus payments under the Coronavirus Aid Relief and Economic Security (CARES) Act, the ability to harness intelligence related to devices, location, identity and behavior to combat fraud is critical, given the globally connected fraud that permeates digital and remote transactions,” said Haywood Talcove, CEO, Government, LexisNexis Risk Solutions and LexisNexis Special Services and a 2020 Wash100 award winner.

“To minimize improper payments, government agencies need to apply velocity checks as well as advanced tools that monitor for the data that bots can’t fake, for example, movement, if that attack is coming from a mobile device.”

The report also showed a daily increase in networked cyber crime threats worldwide and growth in bot attacks from Germany, France, Brazil, India and Canada.

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