The amount of cyber attacks that hit digital transactions in Europe in the first quarter of 2018 was up by nearly a third.
This is according to the ThreatMetrix Cybercrime Report: Q1 2018, which analysed 9.3 billion transactions in the first quarter of this year and found a significant growth year on year, with over half originating from a mobile device.
In total, the company found that 210 million attacks were detected and stopped in real time, which represented a 62 per cent rise over the previous year. In addition, ThreatMetrix found the risk landscape has heightened, with attack growth outpacing that of transactions by 83 per cent in comparison to Q1 2016.
Meanwhile, the first quarter of 2018 has seen a rise in the number of attacks on the eCommerce industry. According to the report, eCommerce transactions are now more than ten times riskier than those in financial services, highlighting the fact that cybercriminals see the sector as a growing target.
ThreatMetrix also found that organised bot attacks continue to proliferate, with a record billion bot attacks seen in the ThreatMetrix Digital Identity Network in the first three months of the year, 100 million of which were from mobile devices. These bots mainly target eCommerce merchants.
Mobile is becoming a significant aspect for businesses to focus on securing. The report found that 51 per cent of transactions in the ThreatMetrix Digital Identity Network come from mobile devices (55 per cent for financial institutions), which is a 170 per cent increase compared to the first quarter of 2015.
Some 60 per cent of all account creations were found to now be done on a mobile device, which reflects the role of mobile as a key enabler across the entire customer journey. However, many consumers still perform large or complicated actions across a range of devices, therefore highlighting the need for businesses to look beyond device intelligence to verify identity and authenticate transactions.