15 Nov 2023

LexisNexis: A heighten state of alert

Excerpts from LexisNexis' Cybercrime report for 2022.

Digital fraud rose significantly in 2022 compared to 2021, with the global attack rate up 20% year-over-year (YOY)—continuing the early signs seen in 2021 as some economies re-opened. While parts of Europe were back in lock down for a brief period at the start of the year, most of the world was starting to look forward, beyond the pandemic, even if many Asian countries didn’t re-open their borders to international travel until the middle of 2022. Cybercriminals had already been looking forward to expanding opportunities

As the sophistication and level of fraud increase, it is more vital than ever to categorise fraud. Legacy fraud prevention systems that rely largely on multi-factor authentication, as well as basic, single-model fraud detection solutions or black box approaches, are insufficient. Multiple machine learning optimised detection models, running in real time and targeting distinct attack types, are required.

Understanding the journey of the consumer and behaviour is more important than ever to detecting potential attacks in their early stages and prompting a response—for instance, a real-time, in-app message to the end-user/customer confirming that they are about to make an unusual payment and verifying that they have not been compelled into doing so can help bring about a last-minute sanity check and end a potentially successful attack. Being able to connect a 360-degree view of your customers across digital channels is also critical to preventing fraudsters from exploiting holes with a multi-channel attack.

The global digital economy is here for the long haul and is growing quickly in developing nations. 
Cybercriminals hunt for weaknesses and openings by preying on naive and novice internet users as well as businesses introducing new services to the digital realm. However, the data indicates that anybody might become a victim of a skillfully constructed fraud.
It is imperative that we all elevate our game and confront the con artists.

You can read the full LexisNexis Cybercrime report for 2022 here