Trust and Collaboration as Foundations to Fight Fraud
Explore findings from the latest LexisNexis® Risk Solutions Cybercrime Report.
Get the ReportKeeping Good Customers Safe
Reopening economies and markets are reigniting opportunities for cybercrime with the global digital fraud attack rate rising 20% year-over-year (YOY) between 2021 and 2022. Industrial-scale fraudsters are striking with velocity as our back-to-business world enters a post-pandemic stage. The volume of human-initiated attacks grew 56% YOY while the volume of automated bot attacks posted a 27% YOY increase.
The digital economy continues expanding across emerging markets. New-to-digital consumers and financially vulnerable individuals make ideal targets for scams and mule schemes. Scams of all kinds–both traditional account takeover through phishing attacks and more sophisticated authorized push payment fraud–rank among the biggest global fraud challenges. Digital fraud growth is also driving a reliance on mule accounts to move and monetize fraud proceeds.
The LexisNexis® Risk Solutions Cybercrime Report 2022 highlights how today’s industrialized fraud landscape demands a coordinated, multi-layered response centered around customer trust and industry collaboration. The report provides the latest statistics and details on:
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The digital economy continues expanding across emerging markets. New-to-digital consumers and financially vulnerable individuals make ideal targets for scams and mule schemes. Scams of all kinds–both traditional account takeover through phishing attacks and more sophisticated authorized push payment fraud–rank among the biggest global fraud challenges. Digital fraud growth is also driving a reliance on mule accounts to move and monetize fraud proceeds.
The LexisNexis® Risk Solutions Cybercrime Report 2022 highlights how today’s industrialized fraud landscape demands a coordinated, multi-layered response centered around customer trust and industry collaboration. The report provides the latest statistics and details on:
- Where attack rates are increasing and impacting digital channels
- Universal cybercrime challenges and unique regional differences
- Targeted risks across key customer touchpoints
- Industry vulnerabilities and opportunities
- Symbiotic relationship between scam growth and mule networks
Cybercrime Report Key Insights and Global Trends
Digital transactions drive global marketplaces. The growth in digital transactions continues to flourish despite a myriad of world events. In 2022 the number of transactions analyzed in the LexisNexis® Digital Identity Network® approached 80 billion.
Ecommerce industry facing elevated attack rates. Automated bot attacks have shifted focus away from the communications, mobile and media (CMM) industry in 2022, focusing instead on the ecommerce sector where desktop and mobile attack rates have both grown by 30%+ YOY.
Mobile app transactions dominate the field of play. 77% of all transactions are on mobile (up 7% YOY), with mobile apps becoming the preferred channel for digital transactions.
Human-initiated attacks leverage bot harvesting success. Human-initiated attacks on individual online transactions have seen a significant rise in 2022, outpacing the growth in good customer transactions, with attacks continuing to shift to the mobile channels.
Trust becomes a strategic defense tool. Analysis from the LexisNexis® Digital Identity Network® showed that the percentage of events classified as trusted increased by 9% from H1 2021 to H2 2022. Separating out trusted customers first facilitates a more focused analysis to determine which remaining events are attacks.
End-to-end scam prevention strategies must consider money flows into mule accounts. Money transfers across banks in real time are hard to disrupt and investigate without the ability to link by digital identity.
In addition to trends and analysis from the LexisNexis® Digital Identity Network®, several specific topics will be explored further, including:
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- Fraud classifications around the world
- How organizations are developing a better 360-degree view of their customers and the benefits of doing this
- Hunting mules with digital identities
- Regional snapshots and trends in APAC, EMEA, LATAM and North America
About the Cybercrime Report
The LexisNexis® Risk Solutions Cybercrime Report is based on cybercrime attacks detected by the LexisNexis® Digital Identity Network® from January-December 2022, during near real-time analysis of consumer interactions across the customer journey, from new account creations, logins, payments and other non-core transactions such as password resets and transfers.
The Digital Identity Network® and its near real-time policy engine provide unique insight into global digital identities across applications, devices and networks.
LexisNexis® Risk Solutions customers benefit from a global view of risks, leveraging global rules within bespoke policies that are custom-tuned specifically for their businesses.
The Digital Identity Network® and its near real-time policy engine provide unique insight into global digital identities across applications, devices and networks.
LexisNexis® Risk Solutions customers benefit from a global view of risks, leveraging global rules within bespoke policies that are custom-tuned specifically for their businesses.
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