Crime

‘Bot’ cyber crimes increase on financial services during Covid-19

Cyber attacks from automated ‘bots’ on financial services rose during the pandemic, despite the number of overall human-initiated cyber attacks falling, according to research carried out by LexisNexis.

The risk solutions group identified that financial service organisations experienced a surge of automated bot attacks between March and June, and continue to experience more bot attacks than any other industry.

LexisNexis’ cyber crime report revealed that bot attacks in the UK grew by 19% to 103m during this period, compared to only 9.3m human-initiated attacks, a drop of 39%

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Rebekah Moody, director of fraud and identity at LexisNexis Risk Solutions, said: ‘‘This is the first LexisNexis Risk Solutions Cybercrime Report to include data on the new reality of conducting business during a pandemic. 

‘‘The move to digital, for both businesses and consumers, has been significant. Yet with this change comes opportunity for exploitation. Fraudsters look for easy targets: whether government support packages, new lines of credit or media companies with fewer barriers to entry.’’

She added: ‘‘We need to ensure that all consumers, especially those who might be new to digital, are protected. Businesses must arm themselves with a layered defense that can detect the full spectrum of possible attacks and is future-proofed against evolving threats.’’

Dr. Stephen Topliss, vice president of fraud and identity at LexisNexis Risk Solutions, said: ‘‘While the face of cybercrime will continue to re-shape to fit the growing global digital economy, the ability for businesses to reliably recognize good, trusted customers must remain constant.

‘‘We must identify and block fraudsters – whether opportunists or highly networked fraud rings – the moment they transact. Knowledge sharing must be as pivotal to global businesses as it is to the cybercriminals that attack them.’’

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