With the end of the year approaching rapidly and 2016 right around the corner, it’s important to understand what cyber threats are upon us.
DataVisor is set to release its’ Top 5 online fraud predictions for 2016 report Monday November 23, but have given the public a sneak peek at what to expect in the full report.
Escalating Threats from Social Sites
DataVisor believes that as the lines between social and e-commerce blur, social sites like Pinterest, Facebook & Twitter will become bigger targets for thieves. With these sites implementing additions like the ‘Buy’ button, they’ll become more attractive targets for fraudsters looking to conduct fraudulent transactions.
EMV Cards & Digital Wallet Fraud
With the newly adopted EMV cards & digital wallet solutions like Google Wallet and Apple Pay, increased fraud is expected to be on the rise online, also known as, credit-not-present fraud.
Global Online-to-Offline Services User Acquisition Fraud
Global online-to-offline service providers are expected to see a spike in user-acquisition promotion fraud. For example, in an effort to gain market share, Ubers invested more than $2 billion for expansion in China & India. Now while this money is generally allocated for promotional purposes to attract users and drivers, reports have shown a massive increase in user acquisition fraud. Typically, these fraudsters will pose as drivers and end up making hundreds of dollars a month in subsidies by registering numerous driver accounts and conducting fake rides.
Account Takeovers Due to Ongoing Data Breaches
Traditional threats are also expected to linger, with account takeovers projected to increase due in part to the continued massive data breaches. From your insurance provider to your favorite restaurant or even your government, your data has probably been compromised at some point as a consequence of one or multiple of these notorious data breaches.
Cyber Attacks Expected to Move to the Cloud
Cloud service providers like Microsoft Azure and Google Cloud have already become victims of these attacks as fraudsters register an immense number of free, trial accounts and use their computation infrastructure to conduct cyber-attacks. According to DataVisor, “Cloud allows cyber-attackers to significantly increase the number of attack campaigns they can conduct, attributed to the elasticity and compute capacity of these services, and allows them to easily hide behind legitimate network sources and thus remain anonymous.”
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