It seems like criminals abandoned the old practice of targeting brick-and-mortar firms and begun attacking companies that operate online from the comfort of their seats. According to Javelin Strategy & Research, Internet-based crime is now 80% more likely to occur than in-store fraud. In fact, POS fraud and ATO (account takeover) breach accounted for the largest chunk of 2017’s online attacks. The California-based research firm discovered that over 16 million people were victims of identity theft last year. This figure is the most the company has ever detected since it started analyzing data in 2003.
Javelin Strategy disclosed that the increase in identity theft (up from 8% in 2016) is the major contributor (120%) to losses linked to account takeover attacks between 2016 and 2017. And this explains why last year ATO alone recorded losses as high $5.1 billion. The surge in ATO crime is fueled by the change in the kind of information fraudsters are stealing and trading for money. Again, for the first time, this research firm realized that Social Security numbers (SSN) were more targeted than credit card numbers.
According to Al Pascual, the Vice President & Director of Research at Javelin Strategy, 2017’s loot was a fortune for cybercriminals, and attacks could get even more complicated with the large amount of valid consumer data they have at hand. He added that the Fraudsters’ key to survival is finding new ways and getting more complicated— every time industry experts augment security, they discover a new way in.
No one is safe. Tricksters sometimes prefer attacking micro-businesses because their owners don’t take stringent security measures. You can try Bestpaymentproviders to get the cheapest merchant services uk and also have your company protected against cyber attacks that may cost you thousands of dollars.
Author Bio: Electronic payments expert Taylor Cole is a passionate entrepreneur who also enjoys writing, playing guitar and camping. Bestpaymentproviders is the cheapest merchant services uk, serving both traditional and high-risk merchants.