In response to news that Finextra is reporting Euro cops bust 95 criminals responsible for EUR8 million in online fraud – NuData offers perspective and comments. Robert Capps, Vice President of Business Development at NuData Security commented below.
Robert Capps, Vice President of Business Development at NuData Security:
“The impact – both on consumers and merchants – of crimes like these is often far greater than victims might first realize.
“It starts when payment data is initially used for fraudulent transactions as it’s the case here. NuData has seen a 100% increase in purchase attempts with flagged – suspicious – credit cards.
“Payment information is not the only thing at risk. By purchasing bogus goods, the victims are also providing personal data such as name, last name, address, and sometimes even a username and password to access the fake site. The other risk is that this data can be used for account takeover. NuData Security found account takeover attempts grew up 1000% (tenfold) in 2017; 40% of all login attempts are high risk.
“This type of stolen data is also behind the continuous waves of crime such as synthetic identity fraud, where personally identifiable information such as name, address, date of birth, and governmental identification are traded on the dark web to construct entirely new fraudulent identities for ongoing theft.
“This is why retailers, eCommerce organizations, banks, and financial institutions are using multi-layered security strategies that incorporate passive biometrics and behavioral analytics. Unique behavior patterns such as device interactions and other hundreds of indicators that help confirm legitimate users with pinpoint accuracy without relying on credentials. These patterns and behaviors cannot be replicated by would-be thieves using stolen credentials or card details – breaking the fraud chain.”