UK Tops Global Cyber Crime List
A study has revealed the UK is the top target for cyber criminals with UK businesses targeted more frequently than the US.
The study, published by security firm ThreatMetrix, revealed that apart from local threats, criminals in the US and Mexico lead the way in attacking the UK. UK-based cyber criminals were the second highest originators of cybercrime attacks after the US, which was based on more than a billion transactions monitored each month by the firm’s digital identity network.
The research also revealed that online commerce worldwide has been hit particularly badly by cybercrime. Account creation fraud was the highest risk, accounting for nearly 7% of transactions blocked by ThreatMetrix, while account login risk was lower than 3%. The firm said that this represents a significant account takeover or hijacking risk.
The research also revealed that criminals who target financial institutions are particularly focused on online lenders and revealed that online peer-to-peer lender Zopa has issued £829m worth of loans since it started ten years ago.
Stephen Moody, European solutions director at ThreatMetrix, said: “Online lending is a hotbed for fraud because it is a less secure channel designed for the unbanked and underbanked population an attractive target for attackers.
“The more businesses and consumers turn to the digital space to store and manage their financial information, the greater the opportunity for fraudsters, and ensuring digital identities are effectively protected should be high priority for everyone.”