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Cybercriminals Net £8bn from Financial Services in 2016

cybercriminals netted an estimated £8bn from one million attacks on financial services in 2016.

A report has revealed cybercriminals netted an estimated £8bn from one million attacks on financial services in 2016.

The report from security firm ThreatMetrix is based on analysis of 20 billion online transactions. It revealed that cybercriminals are seeking to capitalise on alternative lending and payment models.

The most popular attack method is when online fraudsters exploit the time delays inherent in reporting loan agreements to credit bureaus for substantial financial gain.

This attack method is expected to grow in 2017 with the number of attacks specifically targeting alternative lending up by 150% since the third quarter of 2016.

ThreatMetrix detected 80 million attacks using fake or stolen credentials during 2016 in the financial sector alone.

The financial services sector had its biggest mobile quarter ever in the UK last year with 76% of transactions coming from mobile devices.

The report also said that UK consumers are now also increasingly opening new accounts on mobile devices, with steady growth in mobile account applications in the past year.

Vice president of strategy and product marketing at ThreatMetrix, Vanita Pandey, said: “Due to its surge in popularity, and fast transaction cycles, online lending has become a prime target for cyber criminals.

“Online lenders are under increasing pressure to adopt smarter authentication methods that leverage real-time, behaviour-based intelligence to accelerate genuine loans and prevent fraud.,”

Pandey believes this approach is the only way for financial services firms to thrive in an increasingly competitive market. 

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