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:
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:
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:
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:
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!
