The Dark Web provides a safe haven for criminal activity and is a storehouse for stolen credit card data, account information and personally identifiable information (PII). Numerous widespread data breaches have only increased the amount of compromised account information available on the Dark Web.
This alarming trend comes at a risk for financial institutions looking to protect their customers against fraud. To help, the fraud experts from Advanced Fraud Solutions (AFS) and Q6 Cyber (Q6) explore what threats lurk on the Dark Web and how to use Dark Web-based intelligence to combat attacks.
The impact of a credit or debit card fraud attack
For background, the Dark Web refers to a collection of encrypted websites, inaccessible using traditional search engines and browsers. Access to the it typically requires an encryption tool, such as Tor. This hidden web hosts e-commerce marketplaces and forums where large troves of fraudulent data are advertised and exchanged. Through the use of cryptocurrencies, purchasing stolen data is easier than ever. Following a transaction, purchased PII and account data are then used to carry out a variety of fraud tactics. One example: the creation of synthetic identities for the purpose of securing a fraudulent loan.
The impact of a Dark Web-initiated attack on consumers can be devastating. Compromised personal data can result in fraudulently opened loans, unrecoverable losses and damaged credit. For financial institutions, fraud can lead to significant losses and exact severe reputational damage. And, with increasingly sophisticated forms of identity and financial fraud coupled with a limitless supply of compromised data available for purchase via underground marketplaces, fraudsters are evading even the most advanced security and anti-fraud controls.
Watch how fraudsters navigate the Dark Web
Given the diverse ways in which fraudsters use stolen PII and account information to commit card fraud, institutions are finding themselves at risk across payments channels. In the popular on-demand webinar, AFS and Q6 explore the most common types of fraud that can result from sensitive information available on the Dark Web, including card-based threats, account takeovers, business e-mail compromise, loan fraud, and ransomware attacks.
Be Proactive, Not Reactive
Troves of compromised data available online continue to grow, putting more and more consumers at risk. Financial institutions are finding themselves at the vanguard in the fight against fraud.
According to the fraud prevention experts at AFS and Q6, the best way to mitigate fraud threats is to carefully monitor internet and evaluate the value of compromised corporate and customer data. By using the Dark Web as an intelligence tool, institutions can intercede and interdict compromised data post-breach, pre-fraud.
To learn more, watch the on-demand webinar.
– read the Credit Union Times article here.