PCM Vol.2 - Issue 5

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Thought Leaders Corner by Rebekah Moody & Vanita Pandey The Many Faces of Cybercrime – A Look at the Key Fraud Trends from Q1 2016 As a technologically savvy consumer, you might think you are fairly adept at spotting potential fraud attempts. We know that banks won’t ask for our full login details, our passwords need to be undecipherable, and we need to make sure that we don’t click on dodgy looking links in emails. Sadly, this may not be enough to protect us from fraud attacks. The cybercrime world is evolving and consumer data is now everywhere. Usernames and passwords can be bought at the touch of a button following numerous data breaches and fraudsters can stitch together complete and convincing identities from a jigsaw of stolen credentials. They create pitch-perfect attacks because they know so much about us, sometimes more than the businesses we transact with. Organizations must become smarter at detecting the full spectrum of possible attacks, from huge automated identity testing sessions, to advanced social engineering attacks that hijack individual accounts. This starts with really understanding the digital identities of consumers so that high-risk behavior can be detected in real-time. We’ve seen some interesting trends emerge in ThreatMetrix Digital Identity Network at the start of this year. Authentication is still a core part of our Network traffic, with 86% of transactions coming from returning devices. Trust is critical – consumers expect to be recognized, known and given easy access to products and services without experiencing unnecessary friction. However, the dark undertones of fraud attacks continue to take us all by surprise, with 311 botnet attacks detected this quarter alone. Businesses are under attack from a particularly pernicious group of fraudsters who are becoming would-be generals of their very own botnet army, controlling vast networks of bot computers, some of which belong to unsuspecting consumers. These botnet attacks are mass-testing identity credentials, often adopting a low and slow attack speed to appear more like legitimate user traffic and evade rate control measures that have traditionally formed the first line of defense. ThreatMetrix also spotted some new forms of credential testing this quarter. Online businesses provide the perfect way for fraudsters to anonymously test stolen payment credentials, such as credit cards, before making a big ticket purchase. Industries with low digital sophistication are easy targets. We detected a series of $5 payments made with stolen credit cards targeting the charity sector. Identity spoofing had a strong footprint in the FinTech space with fraudsters using cloaking technologies such as proxies or spoofed locations to mask their true identities and locations. This has caused an increase in fraudulent new loan applications. Our other big story this quarter was the continued growth of mobile transactions, particularly prevalent in financial services. Mobile transactions grew 200 percent compared to the previous year and now make up one third of our 006
Thought Leaders Corner transactions volumes in The Network. Users are really incorporating mobile apps into the daily ebb and flow of their lives. Mobile banking apps, for example, are a key way for users to log in to their account, check balances and transfer money on the move. Some users are logging in almost daily. Many users are now mobile only, reflecting just how reliant we are on mobile devices. Mobile security must be front of mind; attacks are steadily rising and businesses must be prepared for these to increase further. Rebekah Moody Although fraudsters may talk a convincing story, there are always glitches in how they transact that sets them apart from the real user. The ThreatMetrix Digital Identity Network analyzes the myriad connections between a user’s devices, locations and anonymized personal information as they transact online. This builds a unique and trusted digital identity that fraudsters can’t fake. Leveraging the power of digital identities to establish trusted user behavior is the best way to authenticate user identity and pinpoint behavior that deviates from the norm. This is combined with global threat intelligence about known fraudsters and botnet participation to deliver robust fraud prevention. Rebekah Moody brings 12 years of marketing expertise to ThreatMetrix, with a proven track record of delivering strategic multi-channel campaigns. At ThreatMetrix she is part of the core Product Marketing team, driving thought leadership, sales enablement, product positioning and messaging. She has penned numerous thought leadership articles and whitepapers that demonstrate her clear, strategic thinking. ThreatMetrix®, The Digital Identity Company, is the market-leading cloud solution for authenticating digital personas and transactions on the Internet. Verifying more than 20 billion annual transactions supporting 30,000 websites and 4,000 customers globally through the ThreatMetrix® Digital Identity Network, ThreatMetrix secures businesses and end users against account takeover, payment fraud and fraudulent account registrations resulting from malware and data breaches. Key benefits include an improved customer experience, reduced friction, revenue gain, and lower fraud and operational costs. The ThreatMetrix solution is deployed across a variety of industries, including financial services, e-commerce, payments and lending, media, government and insurance. 007
Page 1 and 2: PCM YOUR GATEWAY TO THE WORLD OF PA
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Page 5: Thought Leaders Corner The Forum is
Page 9 and 10: Thought Leaders Corner Clint Wilson
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PCM Vol.2 - Issue 5

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