The pandemic accelerated the migration to digital services, with millions of U.S. consumers turning to the internet for everything from medical care to shopping and banking. But as consumers increasingly move their transactions online, criminals enjoy a landscape ripe for identity fraud.
John Buzzard is a Lead Analyst in Fraud and Security at Javelin
While the digital landscape offers convenience and accessibility, it also presents serious threats, particularly for companies and individuals who have failed to invest in appropriate security measures to counteract the risk presented by sophisticated cyber-attacks. Consumers, to a different degree, also represent risk for business enterprises because cyber criminals consider them an easy target for credential theft.
The Increasing Risk of Automated Threats
Criminals are evolving quickly to take advantage of new vulnerabilities in the digital landscape. Institutions, e-retailers and consumers need to exceed those efforts to stay ahead of the threat.
As we prepare for an increasingly digital future, everyone must factor in the persistent and growing risk of cyberattacks. Javelin’s 2022 Identity Fraud Report cites a noteworthy return to pre-pandemic criminal behavior. Automated threat vectors ranging from AI-powered bot networks to credential stuffing attacks represent threats that require expert business strategy.
Consumers, while vulnerable on multiple levels, are not security experts. That’s why, as professionals, we have to regain some ground on authentication by automating it to