Fraud rises as cybercriminals flock to online lenders

The latest quarterly ThreatMetrix Cybercrime Report shows 1 million cyberattacks targeted online lending transactions throughout 2016, causing estimated losses of more than $10 billion.

credit card fraud
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Cybercrime is becoming more automated, organized and networked than ever before, according to the ThreatMetrix Cybercrime Report: Q4 2016.

Cybercriminals are increasingly targeting online lenders and emerging financial services, says Vanita Pandey, vice president of strategy and product marketing, ThreatMetrix.

[ Related: 8 tips to defend against online financial fraud threats ]

ThreatMetrix's report is based on data drawn from its ThreatMetrix Digital Identity Network, which analyzes about 2 billion transactions per month for insight into traffic patterns and emerging threats. The network uses a real-time policy engine to analyze transactions — about 44 percent of which originate from mobile devices — for legitimacy based on hundreds of attributes, including device identification, geolocation, previous history and behavioral analytics.

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