Fraud doesn’t take a holiday
Online fraudsters celebrated the 2018 holiday season with amplified efforts.
Using machine learning technology, online user verification platform NuData analyzed events in real time during the December 2018 online shopping season. Overall, NuData identified over 1 billion fraudulent card-not-present transactions across the globe and stopped 99% of them, which were worth over $500 million.
Fraudulent card-not‐present transactions include e-commerce payments and payments made through smart devices in stores. NuData flagged 52% of login traffic – 50% from desktops and 35% from mobile devices – as fraudulent by monitoring website traffic changes, analyzing sudden changes in browser type, surfing speed and time on page, and stopping them as high‐risk deviations. By accurately flagging these events as fraudulent, NuData advises retailers could stop access or monitor them closely to prevent fraud.
Insights from NuData also indicate that fraudsters laid the groundwork months before the holiday season. NuData identified and flagged 37% of the new customer accounts created in October 2018 as high risk. This number spiked from the yearly average of 14%.
In addition, botnet attacks were up 224% in September 2018. NuData also noted that abnormal behavior across logins, IP addresses or purchase behavior was up 47% in September.
Using machine learning technology, online user verification platform NuData analyzed events in real time during the December 2018 online shopping season. Overall, NuData identified over 1 billion fraudulent card-not-present transactions across the globe and stopped 99% of them, which were worth over $500 million.
Fraudulent card-not‐present transactions include e-commerce payments and payments made through smart devices in stores. NuData flagged 52% of login traffic – 50% from desktops and 35% from mobile devices – as fraudulent by monitoring website traffic changes, analyzing sudden changes in browser type, surfing speed and time on page, and stopping them as high‐risk deviations. By accurately flagging these events as fraudulent, NuData advises retailers could stop access or monitor them closely to prevent fraud.
Insights from NuData also indicate that fraudsters laid the groundwork months before the holiday season. NuData identified and flagged 37% of the new customer accounts created in October 2018 as high risk. This number spiked from the yearly average of 14%.
In addition, botnet attacks were up 224% in September 2018. NuData also noted that abnormal behavior across logins, IP addresses or purchase behavior was up 47% in September.