PYMNTS: Hackers Won’t Hurt Consumers’ Cyber Monday Ambitions

November 28, 2016 — Hackers Won’t Hurt Consumers’ Cyber Monday Ambitions

Threat intelligence from NuData Security, released last week, highlighted the sophisticated cyberfraud techniques hackers will employ over Cyber Monday and holiday shopping periods to keep their activities undetected.


Cyberthreats Keep Rolling In

Not only are this year’s Black Friday and Cyber Monday delivering on the deals and bargains consumers want, but they are also ushering in ever-morphing cyberfraud methods being used by hackers.

Threat intelligence from NuData Security, released last week, highlighted the sophisticated cyberfraud techniques hackers will employ, as well as how fraudsters are leveraging spikes in activity over Cyber Monday and holiday shopping periods to keep their activities undetected.

While retailers and financial institutions are beefing up security measures with increased automation and fraud detection, hackers are looking to use more complex and pervasive approaches for online fraudulent activities. Based on its research, NuData Security found that this month has already seen a 128 percent increase in sophisticated scripted attacks as hackers prepared for the Thanksgiving holiday weekend.

The firm also observed the growing trend of mobile devices being used for eCommerce transactions, with mobile representing 25 percent of all purchases across its customer base. Not surprisingly, with increased usage will come increased threats.

In 2015, 11 percent of mobile transactions were marked as high risk by NuData Security, but this year, that number spiked to 32 percent, showing a 190 percent increase compared to last year.

The increase in fraudulent activity from mobile can also result in significant dollar value impacts as well.

“Analyzing the information discovered from the NuData Trust Consortium, it is clear that attackers are rapidly evolving their methods to more complex and evolved schemes. Organizations must be ever vigilant as fraudsters leverage the mass of freely available data on the Dark Web for cybercrime,” Robert Capps, VP of business development at NuData Security, explained.

“Expecting consumers to maintain strong, non-reused passwords isn’t realistic, meaning retailers need to shoulder an even larger responsibility to protect their brand and users. Which is why it is more important than ever for online merchants to employ technology that can help them effectively differentiate good customers from bad.”

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