Last year was hallmarked by the unexpected, and cybercriminals profited off of the unrest—driving attempted online payment fraud up by 69% YoY across e-commerce.
Our latest Digital Trust & Safety Index report investigates how online crime’s evolution into a global, interconnected Fraud Economy led to rising payment abuse, enabling cybercriminals to leverage multiple attack types for financial gain. This report also covers:
- Which industries saw fraud rates and illegitimate order values surge in 2020
- The items and payment types most targeted by fraudsters last year
- How a new, sophisticated fraud ring executed automated attacks against fundraising sites as the pandemic spread
“This data illustrates a global fraud economy that gets more complex by the day. During the pandemic, online merchants saw ten years’ worth of growth in just twelve months, and fraudsters used the disruption to execute more sophisticated, automated attacks against broader targets. Risk teams need to know that this is what they’re up against in order to get ahead of it.”
– Kevin Lee, Lead Trust and Safety Architect at Sift