As a fraud prevention partner, we feel it’s important for you to know just how identities are stolen. If you have an idea of how criminals do it before it ever happens you can implement the best fraud prevention solutions to ensure your system and data isn’t compromised. It won’t do you any good if you don’t know until after the matter. We are going to explore how fraudsters steal identities and conduct acts of fraud against businesses. There are several easy ways used to steal identities. It can be done over a fraudulent Wi-Fi network, social media impersonation, fraud forums and more.
“If you know the enemy and know yourself you need not fear the results of a hundred battles.”-Sun Tzu
A fraudster can create a fraudulent open WiFi network at a public location, name it the same or similar as the location’s WiFi network and get to work. If you accidently get on their network instead of the official WiFi network they can use malware to access your machine and start compromising all of your online accounts and personal information. In this instance, make sure you are always connected to the official location WiFi network.
A less detectable tactic is to use social media to learn more about victims. Fraudsters commonly befriend people on social networks and target them and friends depending on how much information is shared on their profiles. A fraudster can create a profile similar to yours and reach out to your connections manipulating them into giving more info. There are a lot of different ways to use social media for identity theft. Be careful what you share about yourself and your business to ensure the safety of your company.
And, of course, there are the black market communities on the web where fraudsters trade stolen card information and bank account details. These communities stay alive and refreshed through data coming from breaches of online retailers and payment processors. Unfortunately there is no simple way of stopping this underground community. Customer emails, usernames, passwords, and billing and delivery addresses are of immense value to fraudsters. This is why we need to keep this information safe. At the very least, your fraud prevention solution needs to make life difficult for the fraudsters. We always recommend changing passwords on a regular basis, especially if an account has been compromised. You can never be too safe when it comes to online activity and protection.
Verifying Card Not Present situations is crucial to maintaining secure transactions. Identity verification and authentication can assist with flagging and preventing fraudulent activity. When it comes to your business and customer’s data, fraud prevention should be of utmost importance.
[Contributed by EVS Marketing]