Other key findings from the report included the following:

Global financial services transaction volume grew 36% year-over-year;
Mobile browser transactions saw the highest attack rate of all channels at 2.4%, despite a decline in attack rate year-over-year;
Mobile device transactions grew year-over-year, with 66% of online transactions taking place on mobile (6% growth year-over-year) compared to 34% on desktop;
COVID-19 brought transaction volume increases in government services, web hosting, personal finance (including significant growth in lending), e-commerce merchants (particularly those selling food and entertainment), cryptocurrency, digital wallets and e-commerce marketplaces;
COVID-19 brought transaction volume decreases in ticketing, travel, charity, gift cards, gaming and gambling, and online dating;
Transactions made from new devices grew significantly since March, and financial services customers used fewer devices as a result of the COVID-19 lockdown, with the percentage of customers using only one device growing between January and April and the percentage using two or more devices dropping during the same period;
More financial services customers turned to digital for the first time, with new online banking registrations via the web and mobile app growing at several points from January to June 2020; and
An analysis of the link between card-not-present transactions and email data showed an increase in the first-party chargeback fraud rate, indicating that consumers claimed more chargebacks for goods they received during lockdown.

LexisNexis Risk Solutions stated that the growth in new-to-digital customers and a tough economic climate could lead to more widespread and diverse cyberattacks, with evidence of mule activity already increasing as mule herders capitalize on economic downturns to recruit new mule accounts into their network.

Instant Insights /

Financial Services Sector Sees Bot Attack Surge

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