Online purchases increase during the holiday season. Unfortunately, so does cybercrime.
In fact, a new report reveals that the ThreatMetrix Global Trust Intelligence Network screened one in four U.S. e-commerce transactions on Black Friday and Cyber Monday, including transactions for four of the top 10 online retailers.
“ThreatMetrix enables e-tailers to tell the difference between who’s been naughty or nice this holiday season without putting up roadblocks like two factor authentication,” said Alisdair Faulkner, chief products officer, ThreatMetrix. “The high volume of transactions ThreatMetrix screened and protected over the Thanksgiving weekend – and continues to protect throughout the holiday season and year-round – is evidence of our exponential growth in the past year. Following the launch of The Network earlier this year, ThreatMetrix has continued to grow its customer base in e-commerce and financial services in response to the tsunami of stolen identities and malware that have hit our cyber shores this year.”
By leveraging platforms like ThreatMetrix, merchants can fight back against digital threats like account takeover, payment fraud and identity spoofing. In fact, the ThreatMetrix Global Trust Intelligence Network helps retailers identify suspicious activity by providing real-time analytics that evaluate logins, payments, new account registrations and remote access attempts for validity.
That said, other data from The Network shed light on how mobile has impacted holiday shopping so far. Revealing that mobile devices accounted for 23 percent of total e-commerce transactions on Thanksgiving and Black Friday, but just 15.4 percent on Cyber Monday. The data found that 81.5 percent of the mobile transactions screened by ThreatMetrix came from an iPhone, while Android represented 18.1 percent of mobile transactions scanned. Although the increase in mobile purchases is welcomed news for retailers who have spent time and resources growing their presence in this evolving channel, it also means that the cyber crime risks associated with mobile devices are likely to grow too.
“As iPhone and Android transactions continue to control the mobile market, cybercriminals will develop sophisticated strategies to target iOS and Android software for personal gain,” said Faulkner. “Common mobile fraud risks during the holiday season and throughout the year include use of VPN services for IP Address spoofing and using jailbroken devices to spoof mobile device fingerprints. Retailers accepting mobile transactions must have layered, preventative measures in place to differentiate between authentic and fraudulent transactions and protect against cybercrime.”
ThreatMetrix also put together this infographic, "Don't Let Cybercriminals Steal Your E-Commerce Sales".