LexisNexis Risk Solutions’ biannual research found a pattern of networked fraud, highlighted by large, interconnected e-commerce fraud networks that saw at least $27.9 million exposed to fraud across five online retailers and one online marketplace.
This network alone consisted of 850 devices, 134,000 email addresses and 61,000 telephone numbers, according to the “Cybercrime Report” that tracks global cybercrime activity from January through June 2020.
Primarily, the report outlines new opportunities and risks for the U.S. and Canada in digital channels during the pandemic. It highlights how the COVID-19 pandemic has affected the global digital economy, regional economies, industries, businesses and consumer behavior. For instance, organizations of all sizes quickly moved pandemic responses online, said Michael Breslin, director of strategic client relations at LexisNexis Risk Solutions.
“With these rapid changes, cybercriminals are taking advantage of these targets that have lower and easier barriers to entry, especially the government stimulus programs and checks that were stood up to provide relief quickly to applicants,” he said.
Organizations need a layered defense that can detect the full spectrum of potential attacks and is future-proofed against evolving threats, Breslin said.
“Access to global shared intelligence, such as LexisNexis Digital Identity Network, is helping to keep fraud rates low,” he added.