Fighting Card Fraud in the Digital Underground

We all have private information that we’d prefer to keep to ourselves, right? Well, unfortunately, the scary reality is that your private information can easily be accessed by cybercriminals via the “Digital Underground,” which includes the Dark Web and Deep Web. In response to the severity of these threats, AFS has partnered with Q6 Cyber, a leading provider of cyber threat and anti-fraud intelligence software. The strength of the Q6 data stream into AFS’ TrueCards® platform can help financial institutions substantially reduce card fraud losses. We recently announced our partnership with Q6 in a press release.

At AFS, we strive to not only help mitigate and prevent fraud losses at your institution with our fraud prevention software, but we also strive to educate and keep you up-to-date on important fraud trends.
— Advanced Fraud Solutions

Dark Web vs. Deep Web

The Digital Underground consists of the Dark Web and Deep Web.  The Deep Web is a subset of the internet that is not recorded or tracked by the major search engines. Leveraging this anonymity, fraudsters, hackers, and criminals of every kind have created marketplaces and forums where they can engage in illegal activity without fear of identification. This subset of the Deep Web typically referred to as the Dark Web, represents a major hub of identity theft, malware, and payments fraud activity. Cybercriminals frequent these sites, which are anonymous and inaccessible via normal web browsers, to buy and sell stolen identities, card numbers, and online banking credentials. If your institution is experiencing losses due to payment card fraud, wire fraud, or new account opening fraud, it is likely that many of those schemes originated on the Dark Web.

The Scary Truth

With the internet being right at their fingertips, your customers or members are able to do everything and anything online: pay bills, make purchases, and many other activities.  What they may not realize is that cybercriminals are lurking under the surface to steal their personal information while they conduct these daily tasks. Websites may be secure, but these criminals will go to great lengths to compromise these security features in order to steal any morsel of information from which they can derive financial gain. With the growing rise of bad actors online, your financial institution's cyber presence needs to be more secure than ever.

Q6 Cyber Threat Intelligence

Cyber-attacks have grown in scale and sophistication, often outpacing security measures, due to traditional cybersecurity and fraud prevention reactively attempting to detect and repel malicious activity in real-time. What makes Q6 Cyber’s Threat Intelligence solution so unique and impactful is that they take a different approach to cybersecurity and fraud prevention. Q6 Cyber monitors the Digital Underground, including both open and hidden sources, to proactively identify and contain emerging threats and imminent attacks, BEFORE they happen. Q6 Cyber’s proactive approach and actionable, targeted intelligence data allows financial institutions to identify and respond to advanced threats with greater speed, accuracy, and effectiveness. The key features of Q6’s Threat Intelligence are:

  • Real-time alerts

  • Dedicated intelligence analytics

  • Multilingual coverage

  • Dark Net and Deep Web coverage

  • 24/7 monitoring

How We Can Help

In partnering with Q6 Cyber, there is a greater potential for reducing fraud losses. Q6’s data can be integrated into our TrueCards® solution to better combat card fraud, giving your institution the ability to detect fraud before any dollars go out the door. With this integration, fraud prevention will no longer be reactive, but rather, it will be both proactive and dynamic.

If you’re looking for an edge in combatting plastic card fraud and cybercrime, this joint solution is just what your financial institution needs! To learn more about our partnership and the data integration with Q6 Cyber, register for our upcoming webinar on February 13th.

— written by Advanced Fraud Solutions