The amount of money made and lost due to fraud is surpassing the illegal drug trade. A digital arms race has law enforcement officials nipping at the criminals’ heels. Retailers and banks continue to fight criminal hackers, but are being bombarded by advanced, persistent threats that eventually make their way into the network.
There are data breaches every week, and I’d bet every day, but we may not hear about the majority. All of these breaches have a method, signature, or feature in common, which retailers and banks can learn from.
Criminals are organizing like never before. They are learning from each other, sharing information and strategies. When one publicizes an exploit, other criminals execute it, leading law enforcement off in a new direction. It’s like a vicious game of whack-a-mole.
Today, governments around the world are organizing to fight fraud. But what’s even more exciting is that competing banks, retailers, and small businesses are all sharing fraud information to help each other out. These fraud targets are finding strength in numbers.
Oregon-based iovation Inc. has created an exclusive network of global brands across numerous industries, with thousands of fraud professionals reporting more than 10,000 fraud and abuse attempts each day. iovation’s shared database contains more than 700 million unique devices including PCs, laptops, iPhones, iPads, Android, Blackberries—practically every Internet-enabled device that exists.
Many leading banks and big brand retailers use this device reputation service to detect fraud early by not only customizing their own real-time rules to set off triggers, but they leverage the experiences of other fraud analysts to know if the device touching them at this moment has been involved in chargebacks, identity theft, bust-outs, loan defaults, and any other kind of online abuse you could imagine.
ROBERT SICILIANO, CEO of IDTheftSecurity.com is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds. His "tell it like it is" style is sought after by major media outlets, executives in the C-Suite of leading corporations, meeting planners, and community leaders to get the straight talk they need to stay safe in a world in which physical and virtual crime is commonplace. Siciliano is accessible, real, professional, and ready to weigh in and comment at a moment's notice on breaking news.
- How Much Fraud On Record-Breaking Cyber Monday?
The Washington Post reports that this holiday season, Cyber Monday expanded into an entire week of record-breaking online shopping. From Sunday, November 27 through Saturday, December 3, consumers spent nearly $6 billion over the Internet, a 15% increase over the same week in 2010. During the first 32 days of the November-December holiday season, online
- Many Die in World of WarCraft Hack
In a war like event thousands of players avatars dropped dead for no apparent reason. Hackers, or players using some form of exploit hacked the game and something went wrong. World of WarCraft is a massive multiplayer online game (MMO)where people from all over the world can ply online. In a forum post a Community Manager
- Merchants: Do you know where you Card Data is?
Card fraud affects merchants, not just shoppers. The Data Security Standard 3.0, released by the Payment Card Industry (PCI), urges companies to create a data flow diagram. This diagram would reveal all the systems, applications and employees who have access to cardholder data. “In the majority of compromises we’ve seen over the past few years, the
- European Cybercrime Not Slowing Down
Device reputation authority iovation published a report revealing that the number of fraudulent transactions originating from Europe has risen dramatically over the past two years. From April 2011 to April 2012, iovation prevented approximately 15 million fraudulent online transactions in Europe. That’s an increase of 60% over the previous year. The rate of European fraud
- One-Third of Banking Account Takeover Attempts Successful
The Financial Services Information Sharing and Analysis Center (FS-ISAC), which works with the Department of Homeland Security, has released a study indicating that attacks on customer bank accounts have increased considerably in recent years. The FS-ISAC, in collaboration with the American Bankers Association, surveyed large financial institutions to collect data on fraud attempts. The responding banks
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