Transactions that originate from Ghana are most likely to be fraudulent.
That's the finding of fraud-protection company iovation, which says, globally, it stopped 50 million fraud attempts in 2011, and is at a current pace of 150,000 fraudulent transactions per day.
“Although Ghana topped our list, online fraud is a global problem," said Greg Pierson, founder and CEO of iovation. “We see proof everyday that cyber fraud knows no boundaries – crossing borders, devices and industries at will which makes it all the more important to share data and about truly global device activity."
Nigeria, the Philippines, China and Israel round out the "top 5" on iovation's fraud list. They are ranked as a percentage of fraudulent transactions originating in the respective countries.
iovation also detected a 400 percent increase in fraud via mobile devices last year. Although these devices represent only 4 percent of the overall fraud total, this dramatic increase mirrors general growth trends for mobile usage, and indicates that recognizing and stopping fraud will only become more challenging.
iovation identified these fraud attempts using its ReputationManager 360 solution, which tracks more than 800 million devices across a broad range of industries and has protected more than 6.5 billion total online transactions to date.
