This week in Fraud Trends, April 12, 2019
Data breaches. We read about new ones seemingly every day. The numbers are staggering, and they’re happening with ever-increasing frequency. One can almost get desensitized to the news — Oh, what do you know? Another 100 million accounts compromised.
One of the reasons we’re perhaps not as concerned as we ought to be is that while the breaches themselves may make the news, what happens next often goes under-reported. However, what happens next is the real concern. Once the data gets stolen, it gets re-used right away, or sold and then used. Once a fraudster has your details, that’s all they need to start robbing you.
This week, Kelly Jackson Higgins, writing for Dark Reading, took a look at what can happen after data breaches:
'Digital Doppelganger' Underground Takes Payment Card Theft to the Next Level
Massive criminal marketplace discovered packaging and selling stolen credentials along with victims' online behavior…
For organizations victimized by a data breach, the consequences can be devastating. As Lindsey O’Donnell highlighted in her recent Threatpost article, Yahoo is still trying to manage the fallout from major breaches that happened between three and six years ago. The company tried again to reach a settlement this week:
Yahoo Offers $117.5M Settlement in Data Breach Lawsuit
Yahoo is taking a second stab at settling a massive lawsuit regarding the data breaches that the Internet company faced…
We tweeted about the above story this week, and offered some advice in the process:
If you think your organization hasn’t experienced a data breach yet, or hasn’t yet endured damaging fraudulent activity, you may want to go back and double-check, because if that’s true, you’re among a very small minority. According to the 2019 AFP Payments Fraud & Control Survey (underwritten by JP Morgan), 82 percent of organizations reported payment fraud incidents in 2018:
82 percent of organizations reported payment fraud incidents in 2018
An AFP research has revealed that a record 82% of organizations reported payment fraud incidents in 2018.
One of the many reasons why fraud is scaling so rapidly is the rise in bot-powered attacks. Ting-Fang Yen, writing on the DataVisor blog this week, details the brutal impact bots are having on the ticketing industry:
Bot attacks, and one airline's battle to defeat them
DataVisor Threat Blog: LinkedIn Twitter As malicious bot attacks become more sophisticated, the ticketing industry is…
It’s been a busy week, but we’ve done our best to highlight some of the important fraud trends we’ve spotted. We’ll see you again next week when we take another look at the world of fraud and fraud prevention!