Asia Pacific region has sees 45% growth in cybercrime year-on-year

Cybercrime attacks have reached their highest-ever levels, with 144 million attacks detected over the last 90 days, according to a report from ThreatMetrix, The Digital Identity Company.

The Asia Pacific region has seen a 45% growth in cybercrime year-on-year. As attack levels rise globally, cybercriminals are increasingly targeting emerging digital business models, such as ridesharing apps and media streaming organisations, demonstrating the evolving nature of cybercrime.

The ThreatMetrix Q2 Cybercrime Report also revealed that organized attacks from Asia Pacific are primarily focused on account takeovers and payment fraud. The region also has the highest global levels of device spoofing and identity spoofing attacks. The report also noted that Japan joined the list of top five attack destinations for the first time

Across the globe, cybercrime has risen nearly 100% since 2015. A key driver is the rise of new account origination fraud, which has risen 30% since last quarter. Stolen data off the back of security breaches is being used to apply for new loans or create banking and eCommerce accounts. It also being used to perform large-scale identity credential testing and attacks on less traditional industries. This is seen most dramatically among media companies, which have seen a 527% increase in new account origination attacks.

“Highly organized criminal gangs have set their sights on disruptive, mobile-heavy industries like media streaming and ridesharing. As new business models take the digital economy by storm, innovative methods of monetizing stolen credentials found on the dark web are emerging,” says Vanita Pandey, vice president of product marketing and strategy at ThreatMetrix. “With ridesharing apps, for instance, fraudsters are taking trips using stolen credit cards or propagating two-party fraud by using a fake driver account and ‘accepting customers’ using stolen credentials.”