Data breach forecasts: Prepare for holiday cybercrime spree

A new report also shows that consumers are "prepared to hold their financial institution responsible for the damages."

Two cybersecurity reports paint a dreadful end-of-the year picture: one forecasts major data breaches fueling a holiday retail cybercrime spree; the other suggests financial institutions on the hook for any incidents.

Fraud increased 30% overall in the third quarter 2019 and bot-driven account registration fraud is up 70% as cybercriminals test stolen credentials in advance of the holiday retail season, according to “The Q4 Fraud and Abuse” by San Francisco based Arkose Labs, which provides a platform combining telemetry with an adaptive step-up challenge to identify bad actors. The study provided insights into the cybercrime ecosystem and how criminals are preparing for large-scale digital commerce attacks in this year’s last quarter.

The report analyzed over 1.3 billion transactions spanning account registrations, logins and payments, in the financial services, e-commerce, travel, social media, gaming and entertainment industries, from July 1, 2019 to Sept. 30, 2019.


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