Fraudsters Turn to Bot Attacks on Massive Scale

As seen in recent years, cybercrime is a very real threat to businesses of all sizes and industries – and that threat only continues to grow. Now, businesses have to lookout for yet another threat from fraudsters. Cybercriminals are increasingly turning to bot attacks to test stolen identities and payment cards. Antifraud technology provider, ThreatMetrix, detected that in the fourth quarter of 2017 close to 840 million bot attacks were directed at merchants on their network.

In their report, ThreatMetrix revealed that “Cybercriminals are using bots on a mass scale to test and spoof identity credentials, often as part of a global, cross-border attack.”

“Bot attacks continue to evolve from their basic velocity-based functions, to complex bots that are used in more advanced ways to spoof IP addresses, emulate browsers or spoof apps, to masquerading bots, that are attempting to mask their true context and pretend to be legitimate user traffic.”

Over the past twelve months, 63 percent of businesses have experienced the same or more fraud losses, according to the 2018 Global Fraud and Identity Report by Experian. The number of business executives that share a growing concern has also leaped, with 45 percent significantly more worried than a year ago and 27 percent slightly more concerned.

So how can your business protect itself from this ever-increasing threat? To make sure your business is secure this year, consider the following 3 steps to protect your company and customers.

  1. Familiarize yourself with the risks

There are so many forms of fraud and loss, so it is important to make sure you are aware of all of the methods cybercriminals are using against businesses. In addition to bot attacks, businesses are vulnerable to chargebacks, merchant identity fraud, merchant credit risk, buyer identity fraud, etc. In some cases, fraudsters will even masquerade as legitimate buyers and sellers.

  1. Trust your instincts

While it might seem a little obvious, the second step is to trust your instincts. As they say, if it seems to good to be to true, it probably is. Be wary of long-distance work arrangements and potential clients that approach you via email wanting to pay you in advance. You should always think twice about any outreach requesting money and personal information.

  1. Secure simple protections

According to Experian’s report, 4 out of 5 customers today trust that the businesses they work with are protecting their personal data, and that doing so is their top priority. For merchants that do experience high chargeback rates and fraud risk, finding secure services can be difficult from a traditional provider. A perfect solution to this problem is high risk credit card processing. Your business can not only secure safe credit card processing services, but also chargeback protection and prevention programs.

Above all, don’t wait until it is too late to protect your business and your customers from threats like bot attacks.

Author Bio: Electronic payments expert Blair Thomas co-founded eMerchantBroker, serving both traditional and high-risk merchants. His passions include producing music, and traveling to far off exotic places.