Press Release: Sarasota, FL, June 7, 2013 / By: David Montague, The Fraud Practice LLC We are starting to see more and more fraudsters focusing larger efforts on using account takeover to perpetrate fraud. Most likely it is because businesses aren’t focused on ATO risk today and there is a vast supply of compromised consumer
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I can’t tell you how many times I have been asked my opinion on the 3-D Secure programs offered by the major card brands. As an independent risk consultancy, our opinion has been pretty consistent over the years; we didn’t see much reason to consider 3-D Secure, outside of limited circumstances, until there was greater
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Comparison of the Identity Authentication and Reverse Lookup Techniques Merchants selling goods online and in the CNP channel at one point or another will need to apply techniques to authenticate consumer provided data to determine if it matches or goes together. Merchants typically rely on two common techniques: Identity Authentication and Reverse Lookups, or in
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Using AnnualCreditReport.com, a site setup by the three major credit reporting bureaus in the United States for consumers to get free annual copies of their credit reports, hackers were able to obtain credit reports and post sensitive information online belonging to some high-profile victims. Read More
While many social media users have become more aware of privacy issues and have made their profiles private, a recent academic study has found that what people ‘Like’ on Facebook can tell a lot about them. Unlike profile information, Facebook ‘Likes’ are less likely to be made private and are then publicly visible to everyone.
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According to a recent study by Javelin Strategy & Research, the number of identity fraud victims in the United States increased by more than 1 million from 2011 to 2012 while the total dollar amount stolen grew by nearly $3 million. Read More
Gartner estimates that 5 percent of new retail customers’ identities are based on social network profiles and identities today, but they expect this grow to 50 percent of new retail customer identities by the end of 2015. Read More
Tax refund fraud is a growing crime that costs the federal government billions each year. Eleven members of an identity fraud ring responsible for millions in fraudulent tax refunds were recently arrested in South Florida, an area where identity theft and tax refund fraud are significantly higher than the national average. Read More
Three sophisticated fraudsters behind the malware Gozi, which infected over one million computers including hundreds at NASA, have been arrested and charged with computer intrusion and conspiracy to commit bank fraud after creating and selling their malware to steal bank account credentials online in the black market. Read More
In a highly organized and orchestrated attack, money mules across the world cashed out prepaid debit cards withdrawing millions of dollars from ATMs after sophisticated hackers first increased or removed daily withdrawal amount limits on these cards. Read More
