UK retailers are expected to see a dangerous spike in online criminal activity in the run up to Christmas, which this year is set to see the busiest online trading ever seen.
Over 20 million cyber attacks are expected to target online retailers and shoppers in the UK alone across the last quarter of the year, according to ThreatMetrix, a company which aims to protect businesses from online fraud.
Its data warned that large retailers will see huge transaction peaks with up to ten times the daily average on key shopping days, which presents a huge target for hackers.
Attacks will be on transactions with a 70 percent higher than average ticket size and bot attacks are predicted to equal legitimate ecommerce customer traffic during key attack spikes.
“More consumers than ever will shop online this holiday season and 2016 promises to be a banner year for fraudsters,” said Julie Conroy, research director at Aite Group, the research and advisory firm. “It’s more important than ever for online merchants to employ technology that can help them effectively differentiate good customers from bad.”
Over the last 90 days, ThreatMetrix detected 130 million attempted attacks, representing a 40% from the same quarter in 2015. This data strongly indicates that the final quarter of the year, in the run up to the Christmas holiday period, is likely to see more attacks on online business than ever before.
Vanita Pandey, vice president, strategy and product marketing at ThreatMetrix, said: “We’ve seen the types of attacks evolve in sophistication as cybercriminals become more targeted with their approach. We expect the number of fraudulent attempts on ecommerce sites to be 60 percent higher than the same period in 2015.”