Planet Biometrics: Behavioural data reveals rise in online fraud in Q2

August 26, 2015 — Behavioural data reveals rise in online fraud in Q2

Planet Biometrics published an article on NuData Security’s recent findings.

Fraud detection software firm NuData Security has noted that of the over 500 million account creations it analysed in the last quarter, more than 57 percent were flagged as high risk or fraudulent, compared to 28 percent in February through April.

Account takeover, in which fraudsters steal an established account with personally identifiable information (PII) attached to it, is continuing to be more prevalent than credit card fraud. Meanwhile, nearly half of all account registration fraud attempted in May was tied to creating false accounts to deliver false product ratings.

The firm says that it observed more than 270 million fraudulent or high-risk behavior events in May through July. NuData Security evaluated 5.1 billion behaviors in the period.

Events were assessed through the following behavioral biometrics and data points, including more than: 32.8 billion keystrokes, 9.3 billion clicks, 388 million unique email addresses and 191 million unique IP addresses.

Michel Giasson, CEO, NuData Security, said: “For organizations to protect their brand and users, they must figure out how to detect fraudsters utilizing the increasing amount of stolen identity data. The good news is that harnessing the power of behavioral attributes and biometrics helps authenticate the genuine user. Behavioral analysis serves as a means of understanding how legitimate users truly act reducing the impact to victims of the data breach.”

To see the full article at Planet Biometrics, click here.