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Online Fraud: Now a Major Application Layer Security Problem

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Online Fraud: Now a Major Application Layer Security ProblemThe explosion of consumer-facing online services and applications is making it easier and cheaper for cybercriminals to host malicious content and launch attacks.

Online fraud is a subset of cybercrime that typically takes place at the application layer. Although fraud was commonly associated with scams (for instance, Nigerian fraud), fraudulent transactions, and identity theft in the past, its "potential" has exploded in recent years— thanks to the many new ways to cash in on consumer-facing online services and applications.

Many of these new fraud attacks have already made headlines:

Fake reviews and purchases to artificially boost a product or seller's ranking Fake accounts created to take advantage of sign-up promotions/bonuses Fraudulent listings with counterfeit products or attractive prices to lure buyers off the platform into under-the-table (and potentially unsafe) transactions Bots generating artificial...(continued)
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