FS bearing brunt of bot attacks

Financial services industry and media businesses are bearing the brunt of increased automated bot network attacks, according to research.

LexisNexis Risk Solutions research covering the first half of 2021, reveals that bot attack volumes grew 41 per cent year-over-year, with human-initiated attacks falling 29 per cent.

The stats come from the analysis of transaction data on the LexisNexis Digital Identity Network.

Buy now pay later (BNPL) services and digital wallets are becoming an increasingly popular payment method, said LexisNexis, with BNPL transactions growing 182 per cent year-over-year.

This growth is likely to continue, it said, as it caters to the increasing numbers of consumers who are transacting more online. However, it also creates new avenues of attack for cyber criminals.

“Our research confirms the cyber criminals’ reliance on automated processes, and also highlights they are establishing sophisticated and expansive networks to conduct fraud,” said Stephen Topliss, vice president of fraud and identity for LexisNexis Risk Solutions.

“Explosive transaction and user growth rates in industry sectors such as virtual banks and buy now pay later are likely exposing emergent risks for these newer businesses as they grab the attention of fraudsters.

“The digital businesses that survive and thrive will be those that deploy layered cyber crime prevention solutions as they scale,” said Topliss.

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