Fraud attempts are up by 50% as compared to last year, according to the new 2016 Q2 ThreatMetrix Cybercrime report. Stolen Identity information is the key driver for fraud.
Identity has become the new currency for fraudulent activities. Of the 5.2 billion activities analyzed, 82% were logins, 15% were payments and 3% were account creations.
The best way to stop the fraud is easy to use 2-Factor Authentication (2FA), using our smart phones.
The good news is that 40% of the activities are originating on mobile devices. A new authentication technique called “live device fingerprinting” coupled with personal information (FonePrint ™) is a very effective tool for detecting fraudulent attempts on smart phones. Combining FonePrint with authentication is a natural fit, since they are both happening at the same time, on the same device. This significantly reduces fraud, and in many cases, eliminates the fraudulent attempts.
Interestingly, financial institutions enjoyed a 500% growth in mobile transactions as compared to last year. Since the trend is likely to continue, more secure authentication techniques like FonePrint will be invaluable in combatting fraud.
For more information, you can read the ThreatMetrix Cybercrime report.