The Dark Web provides a safe haven for criminal activity and is a storehouse for stolen credit card data, account information and personally identifiable information (PII). Numerous widespread data breaches have only increased the amount of compromised account information available on the Dark Web.
This alarming trend comes at a risk for financial institutions looking to protect their customers against fraud. To help, on Tuesday, September 10, the fraud experts from Advanced Fraud Solutions (AFS) and Q6 Cyber (Q6) will explore what threats lurk on the Dark Web and how to use Dark Web-based intelligence to combat attacks.
Enter the Dark Web
For background, the Dark Web refers to a collection of encrypted websites, inaccessible using traditional search engines and browsers. Access to the Dark Web typically requires an encryption tool, such as Tor. The Dark Web hosts e-commerce marketplaces and forums where large troves of fraudulent data are advertised and exchanged. Through the use of cryptocurrencies, purchasing stolen data is easier than ever. Following a transaction, purchased PII and account data are then used to carry out a variety of fraud tactics, including the creation of synthetic identities for the purpose of securing a fraudulent loan, for example.
The impact of a Dark Web initiated attack on consumers can be devastating. Compromised personal data can result in fraudulently opened loans, unrecoverable losses and damaged credit. For financial institutions, fraud can lead to significant losses and exact severe reputational damage. And, with increasingly sophisticated forms of identity and financial fraud coupled with a limitless supply of compromised data available for purchase via Dark Web sites, fraudsters are evading even the most advanced security and anti-fraud controls.
Given the diverse ways in which fraudsters use stolen PII and account information to commit fraud, institutions are finding themselves at risk across payments channels. In the Shedding Light on the Dark Web webinar, AFS and Q6 explore the most common types of fraud that can result from sensitive information available on the Dark Web, including card-based threats, account takeovers, business e-mail compromise, loan fraud, and ransomware attacks.
Be Proactive, Not Reactive
As the troves of compromised data available on the Dark Web continue to grow, putting more and more consumers at risk, financial institutions are finding themselves at the vanguard in the fight against fraud.
According to the fraud prevention experts at AFS and Q6, the best way to mitigate Dark Web-based threats is to carefully monitor the Dark Web and evaluate the value of compromised corporate and customer data. By using the Dark Web as an intelligence tool, institutions can intercede and interdict compromised data post-breach, pre-fraud.
To learn more, register for the Shedding Light On The Dark Web webinar at 2pm ET on September 10, 2019.
— written by Advanced Fraud Solutions