Digital identity firm ThreatMetrix said in its fourth quarter report that cyber-criminals are using increasingly sophisticated means to hack into their targets and run away with an ever increasing loot.
“Fraud has evolved from being like robbing a house to being a big heist on a bank or institution,” said Vanita Pandey, ThreatMetrix vice president of strategy and product marketing.
Padney added in a CIO.com report that these criminals are increasingly targeting online lenders and emerging financial services providers, because they are perceived to be “softer” targets compared with the more established banks.
ThreatMetrix analyzes around two billion transactions per month to detect patterns and gain insight into emerging threats. Company data revealed that one million cyber-attacks were targeted towards online lenders in 2016, with the value pegged at $10 billion.
Furthermore, data also showed that the number of attacks that are specifically aimed at alternative lenders grew 150% quarter over quarter in the last period of 2016. However, this does not mean that banks are entirely safe from such threats. ThreatMetrix said it saw 80 million attacks on banks using fake or stolen credentials.
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