New research has found that fraud attacks from rogue mobile applications have increased 300% since the last quarter.
The Fraud Attack Trends: Q1 2019 report, also found that phishing accounted for 29% of all fraud attacks in the first quarter of 2019. Despite the volume of phishing increasing by 1% quarter over quarter, in regards to overall fraud attacks, phishing has decreased significantly due to the growth of attacks in rogue mobile apps.
Canada, Spain and the Netherlands remain the top three countries to be targeted by phishing, representing 78% of the total attack volume, whilst the US remains the top country hosting phishing attacks, followed by India and Russia.
In addition, card-not-present (CNP) fraud transactions have increased by 17%, 56% of which originated from a mobile channel. Most notably in the first quarter of 2019, the total number of fraudulent financial transactions reported decreased by 25%. Fraud from mobile browsers decreased from 49% last quarter to 43%, whilst fraud from mobile apps increased from 21% to 29%.
The report wrote:
“The old username/password combination is simply no longer sufficient as a form of consumer authentication. The use of multifactor, adaptive authentication and transaction risk analysis to watch for signs of fraud based on device, user behaviour and other indicators is another critical layer to prevent the onslaught of account takeover in the event of a successful login attempt.”
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