NewsEconomicsIdentity-Frankenstein and other cyber payment fraud

Identity-Frankenstein and other cyber payment fraud


In first place among the frauds identified by INETCO, a company that provides transaction analysis and monitoring tools, is identity theft, which is expected to increase exponentially this year, also due to the increase in smartworking not supported by adequate security systems. This results in easier unauthorized access to sensitive data, with new systems making it more difficult to detect identity theft. In fact, cyber criminals have begun to build synthetic identities, mixing real and fictitious data to create a sort of puzzle that can take 12 to 18 months to build. A Frankenstein-identity with a name, a face, biometric data, credit references, capable of illegally making large sums of money. Simpler but no less dangerous is the so-called CNP (card-not-present) scam in which you try to make a transaction without being in possession of the credit card used. It is estimated, in a mix of data and projections, that this kind of fraud can cause losses in the United States of 130 billion dollars between 2018 and 2023 alone. Stolen or lost cards, data shared too lightly, but also capable devices to read physical cards and copy the data entered into ATMs and automatic pay stations: these are the methods used for this type of fraud, which is increasing now that cashless and contactless payment methods have become the norm. And while in a physical store, in addition to having to present the card, you may also be required to show an identity document, in online transactions it is much easier to bypass the controls.There is also the theft of credentials, which allows criminals to access online store accounts and make purchases as if they were in all respects the verified user. In particular, to circumvent the verification systems, the use of this method seems to have spread for online purchases to be collected in the store, in order to escape delivery controls. Or again: to have access to company data, or interfere in transactions, there are malware that allow you to enter the middle of a conversation as a hub, intercepting transit data or diverting them to bypass the security systems. increasingly wide and the impossibility of always verifying the customer’s honesty, have also led to the rise of a new kind of scam, which uses an intermediary to open, at the price of a small success fee, complaints for malfunctioning products or never received. In this way not only the product is received, but also the total or partial refund of the amount spent. According to forecasts, this type of scam is set to cost US merchants $ 25 billion a year between now and 2025, with a 41% year-over-year growth. To protect ourselves, both as customers and as sellers, it is essential to have constant access to transaction data in real time, so you can immediately identify suspicious movements. Improvised ecommerce is more at risk of fraud: it is important to have tailor-made payment systems that adapt to the type of store and eliminate blind spots where it is easier for scammers to find the space to act. All this without forgetting that a not very fluid user experience generates greater losses than fraud: security yes, but without vigilance becoming an obstacle. A recent Aite Group study found that sellers lose 75 times more revenue from automatic denial of legitimate transactions by overly strict security software than the fraud itself.


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