In response to new findings issued today from Risk IQ that every “Evil Internet Minute” $1,138,888 is lost to cybercrime and 1,861 people fall victim to it, an expert with NuData Security, a Mastercard company commented below.
Ryan Wilk, Vice President of Delivery – Customer Success at NuData Security:
“Organized cybercrime is growing stronger each day, creating ever more advanced waves of malware as well as phishing and other online fraud techniques. One important result of this is the accelerating adoption of advanced fraud prevention and security solutions by major brands and other consumer-facing sectors that transact online.
“Company’s fraud losses are proportional to the fraudster’s success in using the victim’s data to steal money, services, and goods. It is for this reason that businesses are starting to implement solutions that can devalue this stolen data and better protect user accounts. These technologies let organizations immediately verify users based on their previous behaviors and interactions, and can also spot and thwart fraud attempts in real time before losses occur.”