Whether making fraudulent purchases to accrue loyalty points and rewards, or taking over legitimate customer accounts to steal and spend the loyalty balances they’ve built up, loyalty fraud is damaging with both financial and brand risks. Despite the growth of loyalty-based fraud in recent years, this is still a vulnerability point for many organizations that
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A recent study cataloging prices across English- and Russian-language fraudster forums examined 320 purchases for stolen payment, identity and log-in information earning hackers between $1 million and $2 million, while the fraudsters using this information from less than half of these transactions were able to steal between $1.7 million and $3.4 million. These estimates
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While the number of data breaches that occurred in 2015 stayed nearly the same as from the year before, the number of personal records compromised in data breaches almost doubled to over 169 million, the highest total since 2009. Some of the largest breaches in 2015 were in the health care industry which often included
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Starbucks has had one of the most successful mobile payments strategies to date with more than one in six transactions being conducted via the Starbucks mobile app, which is connected to a reloadable Starbucks gift card. Targeting Starbucks mobile app users and exploiting a setting that automatically reloads the Starbucks gift card, fraudsters are taking
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2015 will likely bring many changes and developments in the payments and risk industries, but none more anticipated than the EMV liability shift taking place on October 15. As issuing banks prepare to replace magnetic-stripe cards with EMV Chip cards, many merchants will upgrade their POS equipment and prepare for the expected increase in online
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Credit bureau Experian recently released their second annual Data Breach Industry Forecast report highlighting six trends expected for 2015. Key predictions include more concentrated data breach activity earlier in 2015 prior to the U.S. EMV liability shift date and hackers expanding efforts targeting the millions of new internet connected devices. While there hasn’t yet been
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A fraudster calling himself Oleg Pliss is targeting Apple iPhones and iPads with an attack that prevents the user from unlocking the phone and displaying a message of where to send $100 to have the device unlocked. Details about the exploit are still being investigated, but it seems to be targeting devices via compromised iCloud
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Hackers and data breaches have compromised the personal information of 110 million Americans just in the last twelve months, affecting 47 percent of the U.S. adult population. This staggering figure underscores the importance of establishing e-identity through the use of multiple forms of authentication, and when required verification, for both new and return users or
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Identifying who sits behind the keyboard is a daunting challenge for e-commerce merchants. Behavioral monitoring analyzes user habits and can help organizations balance fraud protection with the risk of offending good customers. Monitoring user behavior in your online and mobile channels can help companies prevent account takeover, identify high-risk users while minimizing the probability turning
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Who is really behind the keyboard? Analyzing user behavior helps safeguard customers, their money, and their information. While companies and banks do their best to keep customer information secure, any system can only be as strong as its weakest link, and this is often customers themselves. Read More
