As an industry, retail is one of the most vulnerable to cybercrime. Ecommerce transactions can provide a wealth of fodder for fraudsters, including personal information and credit card details.
According to a Q2 2018 ThreatMatrix report, ecommerce companies using its digital identity network experienced 91 million attacks, which is business as usual as the figure was consistent with the same period last year.
The types of cybercrime, however, are changing. An attack rate of 24.2% means nearly one in four new accounts created on ecommerce sites in Q2 2018 were fraudulent, a 130% increase year over year. Account login fraud using stolen credentials was the second-most common attack (10.2%) while using stolen payment credentials made up 3.0% of total attacks.
Account login fraud, which some call "takeover" fraud, tripled last year, according to Javelin Strategy & Research, costing $5.1 billion in the US.
An interesting side-effect of cross-border ecommerce's growing popularity—more than half (54%) of transactions on the ThreatMatrix network are cross-border—is that it has raised retailers' guard in accepting sales from countries and buyers perceived as high-risk. Because of stricter rules, cross-border transactions are 69% more likely to be rejected than domestic ones.