LexisNexis, a company known for its digital transaction platforms, released the results of its Report on Cyber Crimes, for the first half of 2021. And, in addition to the movement of business in electronic environments, the survey also addresses fraudulent activities related to the sector .
- 2.9 billion emails contained threats in the first half, study finds
- Brazil registers 16.2 billion cyberattack attempts in the 1st half
- Brazil is the 5th biggest target for cybercrime in the world in 2021
The study, which analyzed 28.7 billion digital business transactions that took place on the LexisNexis Digital Identity Network during the first half of the year, showed that bot attacks on these moves grew 41% during the period, while human-based scams had a 29% drop.
The survey also looked at geographic shifts in attacks against digital transactions. Based on the IP addresses of bots, the report ranks Mexico next to Brazil as one of the ten countries that most create bot attacks by volume, leaving Latin America even more established as a hotspot in the cybercrime landscape.
North America, which historically had attack rates similar to those in Europe, the Middle East and Africa, has seen an increase in occurrences since March 2021, with criminals in the United States and Canada becoming more active, a fact possibly related to changes brought about by the covid-19 pandemic.
For Stephen Topliss, vice president of fraud at LexisNexis, these numbers mean that in addition to cybercriminals having confidence in automated processes, they are also establishing more sophisticated and expansive networks to carry out their scams. This is notable for data presented in the report, which shows that more than 34,000 bot attacks carried out in the first half are directly connected to a Latin American transaction fraud network.
The main conclusions of the report
The Cyber Crimes Report for the first half of 2021 confirmed the pattern of trends already seen in other studies, showing that financial services and media companies are the main targets of automated botnet attacks.
Check out the main conclusions of the report:
- Bot attacks are growing globally: All regions saw an increase in bot volume between January and June 2021, compared to the same period last year. The greatest growth was seen in Asia-Pacific and Latin America;
- Industry innovations are changing risk profiles: New services such as “buy now, pay later” (BNPL) digital wallets are becoming increasingly popular payment methods, with BNPL transactions growing 182% over last year. But while the trend of these new developments is continuing to grow, they also create new avenues of attack for cybercriminals;
- Financial services are implementing new methods of tracking money: Advances related to payee intelligence in the Digital Identity Network are making it easier for banks and other payment services to track money transfers, even in cases where the payee tries to hide the financial trail and divide the money. payment between various institutions;
The full report is available here.