ATO is the weapon of choice for fraudsters leading up to the holiday shopping season, new data from Sift shows, and consumers place account security burden on businesses.
Account takeover (ATO) fraud attempts to steal from consumers and e-commerce merchants swelled 282% between Q2 2019 to Q2 2020, new data from digital trust and safety provider Sift finds. The ATO rate is the ratio of attempted fraudulent logins over total logins. ATO rates for physical e-commerce businesses jumped 378% since the start of the COVID-19 pandemic, Sift’s Q3 2020 Digital Trust & Safety Index found. This indicates that fraudsters are leaning heavily on this attack vector to steal payment information and rewards points stored in online accounts on merchant websites, according to the company.
SEE: Identity theft protection policy (TechRepublic Premium)
The index includes analysis from Sift’s global network of 34,000 sites and apps and from a survey of US consumers, the company said.
According to Deloitte’s annual holiday retail forecast, e-commerce sales are forecasted to grow between 25% and 35% and are expected to generate $182 billion and $196 billion this season. When combined with the surge in ATO rates, the 2020 holiday shopping season presents the perfect opportunity for fraudsters to leverage account takeovers to take advantage of more people shopping online, Sift said. “This can have a devastating impact on companies including financial repercussions and brand abandonment,” the company said.
Account hacking leads to brand abandonment
ATO attacks also create significant and lasting brand damage, Sift said. In surveying 1,000 US adult consumers, the company said it found that more than one-quarter (28%) of respondents would completely stop using a site or service if their accounts on that site were hacked.
SEE: How to combat cyber threats amid the shift to remote working (TechRepublic)
One in four Britons use TikTok every month, with 17 million regulars spending just over an hour a day on the app, signaling the upstart social network has built a local following almost half as large as Facebook Inc.’s in just three years.
The data, seen by Bloomberg and contained within a presentation this summer from TikTok’s marketing solutions arm, TikTok for Business, shows that among that group four in 10 are between the ages of 18 and 24 as monthly active users, so-called MAUs. The average Brit uses the app for 66 minutes a day and opens TikTok 13 times in 24 hours.
In comparison, marketing and research firms We Are Social and Hootsuite estimate Facebook has 37 million users in the U.K.
TikTok has grown prodigiously as more people seek entertainment during lockdowns triggered by the coronavirus. A similar presentation distributed in the first quarter of the year pegged TikTok at 10 million regular users in the U.K. A TikTok representative in London declined to comment on the data.
Despite travails in the U.S., where President Donald Trump has threatened to ban it, and India, where the government barred it from citizens’ phones, TikTok has continued to grow elsewhere in the world. Its signature shortform video has proven so popular that Instagram, owned by Facebook, rolled out a competing offering, Reels, earlier this summer, while Google followed with YouTube Shorts, which shares similarities with TikTok.
The future of TikTok’s U.K. business is unlikely to get caught in the crossfire between the U.S. and China. Trump ordered parent company ByteDance to sell its U.S. arm on grounds of national security and privacy—but the U.K. business is to remain under ByteDance’s Chinese owners. Some other details from around Europe:
TORONTO — Bell Canada and several cable companies including Rogers Communications will be able to keep their wholesale internet rates as they are while the federal telecommunications regulator reviews its decision to cut them.
The companies have been battling the 2019 CRTC decision to slash what network operators can charge independent internet service providers (ISPs).
The federal cabinet and Federal Court of Appeal have both refused to overrule the CRTC’s decision, but noted the federal regulator is doing its own review of the decision.
Canada’s largest independent internet company, TekSavvy, and its industry association have argued the new, reduced rates should be implemented.
The independent ISPs argue the wholesale prices have been set too high since 2016 and prevent them from lowering retail rates for their customers.
However, the telecommunications regulator said Monday that Bell and the cable carriers met the requirements to obtain a stay of the August 2019 order.
This report by The Canadian Press was first published Sept. 29, 2020.
Companies in this story: (TSX:BCE, TSX:RCI.B, TSX:CCA, TSX:QBR.B)
The Canadian Press