September 20, 2020

Arkose Labs report: 53% of social media logins are fraudulent

1 min read

Recently, network security company, ArkoseLabs released the Q3 Fraud and Abuse Report, which analyzed 1.2 billion network activities from April 1 to June 30, 2019. The report analyzes account registration, login, and payment for financial services, e-commerce, travel, social media, and entertainment, and provides statistics from a variety of perspectives.

As far as the industry is concerned, in the fraud cases suffered by technology companies, an estimated 53% of all logins on social media websites are fraudulent and 25% of all new accounts are fake. In terms of regions, fraudulent attacks mainly come from the United States, Russia, the Philippines, the United Kingdom, and Indonesia. Among them, fraudulent attacks from the Philippines are the most.

Internal Revenue Service phishing

“Phishing warning”by Christiaan Colen is licensed under CC BY-SA 2.0

In terms of attack methods, in the case of automatic fraud, false login attempts accounted for 78.9%, false account registrations accounted for 14.8%, payment fraud accounted for 6.3%; manual fraud incidents were mostly found in retail, financial and technical fields, and mostly used in Account registration fraud incident. In addition, 30.9% of fraud incidents were for mobile devices and 69.1% of fraud incidents were for desktop devices.

The report pointed out that because companies are constantly developing their security defenses, hackers are increasingly biased towards using manual fraud attacks. While the cost of such a fraudulent attack is higher than that of an automated fraud attack, it can also result in higher revenue.