It's another week, which means another tip for upgrading your threat intelligence program: Take Down Fraud Campaigns & Cyber Scams. Cyber fraud is a booming business for hackers, generating millions of dollars worth of fraudulent purchases each year. Even if a company is not responsible for fraud, they are often on the hook to pay for it, which is why identifying and stopping fraud attacks early is critical to success.
Find out how organizations can use threat intelligence to thwart fraud campaigns and cyber scams, which end up costing organizations millions of dollars each year in chargebacks, lost productivity and reputation damage.
Cyber Fraud and Scams
Most organizations accept fraud as a fact of life, especially those in retail, eCommerce and financial services. These organizations will budget money each year to deal with fraud and absorb these costs, so finding ways to directly reduce that cost offers a clear ROI for your organization.
Over the past few years, most fraud has transitioned to the cyber space, and as a result, the lines between Cybersecurity and Fraud Prevention teams are blurring. This presents both challenges and opportunities for organizations, who need to be able to detect and understand fraud attempts ahead of time.
The good news is that many threat intelligence solutions can help you identify and stop fraud before it's carried out successfully. You should be monitoring the clear, deep and dark web for specific assets commonly used for cyber fraud, for example:
- Compromised financial data (credit card numbers or BINs, bank account logins)
- SWIFT code fraud
- Account takeover attacks
- Retail fraud campaigns (gift card generators, loyalty point scams, black market goods for sale)
- Customer phishing campaigns
There are many other examples, but these are some of the key threats that fuel cyber fraud. No matter what the threat is, being able to identify key indicators early can help you save significant money for your organization each year.
The final strategy in our series will be coming next week. If you'd like to catch up on our previous posts in this series, you can do so here:
- Part 1: Leverage Your Digital Footprint for Context and Relevancy
- Part 2: Focus on Action, Not Searching
- Part 3: Leverage Automation & Integrations
- Part 4: Expanding Protection to Your Customers and Brand
Learn more about the cyber fraud landscape and how it impacts Financial Services organizations.