According to the Q2 Fraud Index Report generated by DataVisor which is a company renowned as one of the leading fraud detection platforms, one in five user accounts set up through the cloud may be fraudulent. Horrifyingly, this figure can go up to a staggering 75% on a few Cloud Platforms.
The Q2 2018 DataVisor Fraud Index Report is a quarterly assessment of types and methods of online fraud in social platforms and financial services.
The current report uses information gathered by DataVisor between April and June of 2018, analyzing 1.1 billion active user accounts; 1.5 million email domains; 231,000 device types; and 562 cloud hosting providers and data centres, among other indicators.
Earlier this month, We posted an analysis about the Cloud Infrastructure Services market could be valued around $81.29 Billion by 2023. In which we clearly mentioned about this fact. This now seems to be backed by experts into the analysis field.
DataVisor found that 21.25% of the accounts originating from the cloud IP ranges appear to be malicious.
Dialing in the statistics, the report says that malicious accounts are eight times as likely to appear from the cloud than they are from normal accounts with a few cloud services hosting up to 75% malicious users.
CEO and Co-founder of DataVisor, Yinglian Xie said,
“This quarter’s DataVisor Fraud Index Report demonstrates that the increased adoption of the cloud has unintended consequences for the financial well-being of online businesses.
DataVisor is committed to educating businesses on trends in online fraud by providing regular quarterly reports on existing and emerging vectors of attack.”
Among countries, the USA and China seem to host the highest number of fraud attacks with 21% of attacks on online and financial services being based out of the US, and 17% being based out of China.
When attacks on North America are taken into consideration, a hefty 45% originated from the USA alone. The report also found that in most cases, many of the accounts attacking online and social services actually had multiple accounts related to the same hacker.
The report gathered an estimate of 90% of attacks on social media platforms involve co-ordinated attacks whereas that number slides down to 40% when the attacks occur on a financial service network.
The report estimates that there are also many sleeper cells which lie latent for months or years before they launch an attack and that in most cases, most fraudulent accounts wait for about 35 days before launching co-ordinated attacks.