Canadian cybercrime and fraud trends report notes an increase in bot and human initiated attacks
by CM staff
LexisNexis Risk Solutions report highlights 183 per cent increase in bot attacks for Canadian e-commerce industry.
ATLANTA — LexisNexis® Risk Solutions published its Canadian Cybercrime and Fraud Trends Report, which provides an overview on Canadian transactions and attacks detected by the LexisNexis® Digital Identity Network® between January-December 2022.
Canadian transactions processed by the Digital Identity Network® totaled approximately 8 billion in 2022, a 32 per cent increase year over year. Based on the report’s findings, Canada experienced a 30 per cent increase in human initiated attacks and a 52 per cent increase in bot attacks.
The study found that digital transactions increased significantly in Canada YOY with 80 per cent of transactions occurring via mobile devices. Notably, the Canadian mobile browser attack rate increased to 5.1 per cent YOY and was substantially higher than the worldwide average of 2.7 per cent during the same period.
Canadian financial services organizations experienced one of the highest overall attack rates globally, second only to LATAM financial services organizations. The highest attack rates across Canadian financial services occurred at new account opening (5.2 per cent) and payments (5.8 per cent). Notably, the Canadian ecommerce industry experienced a significant 183 per cent increase in bot attacks.
“This study shows that Canadian organizations experience unique fraud trends compared to global and U.S. averages. The growth in bot volume in Canada was substantial and certain industries such as financial services experienced some of the highest attack rates globally,” said Alanna Shuh, director, fraud and identity strategy for Canada, LexisNexis Risk Solutions. “It’s clear that organizations utilizing a global intelligence consortium and layering solutions at each consumer touchpoint are better equipped to stop fraud in its tracks, especially given the increasing size and complexity of global fraud networks.”
At the time of the report, digital transactions in the Digital Identity Network® grew 32 per cent YOY. Canada is consistently a highly mobile country relative to other global regions with 80 per cent of transactions occurring via the mobile channel. Canada also experienced an especially high mobile browser attack rate of 5.1 per cent compared to the global mobile browser attack rate of 2.7 per cent.
