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 efforts to trick consumers into authorizing payments—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
Take the fight to the fraudsters by starting from the advantage of customer trust and industry collaboration.