A system and method for fast-detection and mitigation of emerging network fraud attacks includes sourcing digital event data samples associated with one or more online services; executing graph-rendering computer instructions that automatically construct a backbone graph using a subset of features extracted from the sourced digital event data samples, wherein the constructing includes: identifying, as graphical nodes, a first plurality of distinct features of the subset of features; identifying, as graphical edges, a second plurality of distinct features of the subset of features; generating a graphical edge between distinct pairs of graphical nodes comprising a same type of feature of the subset of features based on feature values associated with at least one distinct feature of the second plurality of distinct features; and mitigating, via a digital threat mitigation action, if one or more emerging network fraud attacks is identified based on an assessment of a cluster of networked nodes.