Financial Crime World

Cybercrime Threats on the British Indian Ocean Territory: Finance Sector Sees Decline in Digital Fraud Attacks

Despite a global surge in digital fraud attacks, with rates increasing 19% year-over-year, new data reveals that the finance sector on the British Indian Ocean Territory has seen a significant decline in cybercrime.

A Third Less Cybercrime Attacks

According to analysis of 92 billion transactions processed by the LexisNexis Digital Identity Network platform between January and December 2023, overall digital fraud attacks on the territory have decreased by a third (-29%). The attack rate stood at just 0.2% of all transactions, compared to 1.5% globally and 1.9% in North America.

The figures provide a comprehensive picture of global fraud trends, detailing attack rates by:

  • Region
  • Industry (finance sector on the British Indian Ocean Territory)
  • Channel (digital)
  • Customer journey touchpoint

Unique Insights into Digital Fraud Attacks and Scams

The annual LexisNexis Risk Solutions Cybercrime Report is based on advanced machine learning algorithms from the largest cross-industry network consortium in the world. This report offers unique and actionable insights into:

  • The increasingly frequent, sophisticated, and global nature of digital fraud attacks and scams
  • Emerging threats and trends

Staying Vigilant in the Face of Emerging Threats

While the UK’s finance sector has seen a decline in cybercrime, it is crucial for financial institutions to remain vigilant and stay ahead of emerging threats. By downloading the latest LexisNexis Risk Solutions Cybercrime Report, businesses can ensure they are equipped to:

  • Keep good customers safe and content
  • Protect themselves against the ever-evolving landscape of digital fraud

Download Your Copy Today

Don’t wait until it’s too late. Stay informed about cybercrime trends and threats with the latest LexisNexis Risk Solutions Cybercrime Report. [Download your copy today](link to download).