Redefining trust and risk: adapting to a post-pandemic world

While many regions are still in the eye of the storm, fighting the most significant global pandemic of this generation, the seeds of optimism are growing. Navigating ongoing, emerging and uncertain conditions, businesses and consumers are looking towards rebuilding societies and economies.

As consumers have changed their behavior to adjust for large-scale restrictions to products and services, so too have fraudsters pivoted focus to continue to reap the benefits of cybercrime. Automation, identity spoofing, device spoofing, and social engineering have all grown in recent months as cybercriminals have identified their targets, and adjusted their attack profiles accordingly.

This pivot has manifested itself most clearly in the significant growth in bot volume targeting media organizations, testing stolen identity credentials on businesses that typically have fewer security layers to set up new accounts, or access existing ones.

Alongside this threat landscape, however, good customers continue to transact more, building trust with key merchants and organizations that they have come to rely on more than ever before. New platforms and ways of transacting have flourished, as users have embraced digital-only banks,

emerging payment methods such as buy-now-pay-later, as well as cryptocurrency investment options. Within the context of this rapidly evolving digital landscape, it has therefore become more critical than ever for digital businesses to ensure they are prioritizing low friction access to products and services without jeopardizing security.

Key themes that will be explored further in this report include:

• The continued growth of good consumer transactions tempering the impact of fraud attack rates
• The patterns of changing consumer behavior as regions start to emerge from periods of lockdown
• The rise of automation: bot hotspots by region and industry
• The impact of networked fraud across different industries
• Industry spotlights on digital-only banks, buy now pay later and 3DS 2.x; as well as key digital transformation challenges facing the insurance industry