European Cybercrime Not Slowing Down
Device reputation authority iovation published a report revealing that the number of fraudulent transactions originating from Europe has risen dramatically over the past two years. From April 2011 to April 2012, iovation prevented approximately 15 million fraudulent online transactions in Europe. That’s an increase of 60% over the previous year. The rate of European fraud attempts jumped from 1.3% of total transactions in the first quarter of 2011 to 2.1% in the first quarter of 2012, and has risen steadily throughout the past two years.
iovation stops fraud attempts with their ReputationManager 360 solution, which has the unique ability to determine which online transactions are less trustworthy via patented reputation capabilities. By examining the established reputation of mobile phones, tablets, and computers, and uncovering other device relationships, iovation helps businesses find out ahead of time which online transactions are safe and trustworthy.
Consumers should really be checking their credit card statements monthly, at a minimum. Checking online statements once a week is preferred and setting up alerts such as, “Send me a text or email every time a charge over $100 takes place on my credit card” doesn’t hurt either.
While cybercriminals are everywhere, the countries within Europe where iovation has seen more “denied transactions” as compared to all of the transactions from a particular country include Romania, Lithuania and Croatia. The type of fraud being uncovered includes eCommerce fraud such as the use of stolen credentials or card-not-present (CNP) fraud, financial fraud and bonus abuse on gambling sites, and a plethora of online scams and solicitations being detected in social networks and dating sites.
Scammers who spend their days targeting consumers in the developed world are often blocked by businesses that are using layered fraud prevention technologies. iovation’s real-time device reputation technology detects computers and other Internet-enabled devices that have been involved with financial fraud and other abuses and lets businesses know when those devices are interacting with their websites.
iovation’s network of associations among 950 million devices provides businesses with the ability to know when devices are related to one another, so they can quickly and efficiently shut down sophisticated fraud rings and fraudulent accounts.
Robert Siciliano, personal security and identity theft expert contributor to iovation, discusses identity theft for the National Speakers Association. (Disclosures.)