The number of cyberattacks in the Asia Pacific (APAC) region has seen a 35 percent year-on-year increase, according to the latest Cybercrime Report by cloud solution provider, ThreatMetrix.
The report revealed that the number of transactions rejected as fraudulent in the ThreatMetrix network has outpaced the transaction growth in the region.
In addition, the report found an increase in device spoofing across APAC in this quarter. It reported that the spoofing mainly originated from Australia, China, India, and Singapore, as fraudsters pretend to be a different or new device to attack.
"Due to the digital revolution happening across the Asia Pacific region, which is seeing more and more of people's daily lives move online, cybercrime is increasing dramatically," said Pascal Podvin, SVP of Field Operations at ThreatMetrix, in a press release.
"In particular, cross-border transactions are being regularly targeted by fraudsters in this region, and businesses are looking for more sophisticated ways to accurately identify genuine users versus cybercriminals in real time," added Podvin.
Meanwhile, cyberattacks on alternative lending and payment models globally are increasing. Cybercriminals are looking to exploit the time delays in reporting loan agreements to credit bureaus for substantial financial gain.
In fact, the ThreatMetrix Q4 2016 Cybercrime Report found 1 million cyberattacks on online lending transactions through 2016. This is also expected to continue to grow this year. Globally, the estimated loss value of these transactions may reach US$10 billion.
"Due to its surge in popularity, and fast transaction cycles, online lending has become a prime target for cybercriminals. Online lenders are under increasing pressure to adopt smarter authentication methods that leverage real-time, behaviour-based intelligence to accelerate genuine loans and prevent fraud. This is the only way to thrive in an increasingly competitive market," explained Alisdair Faulkner, Chief Products Officer at ThreatMetrix.