August 25, 2015 — Data breach aftermath: Recent online fraud trends to watch for
Biometric Update published a blog on Ryan Wilk, NuData’s Director of Customer Success, monthly thought leadership column.
Unlike previous ecommerce industry breaches, recent attacks are growing in size and targeting more valuable PII, which may include information such as Social Security numbers and bank account information, among other data. A data breach has a ripple effect that reaches far beyond the breached organization. Businesses must protect themselves from fraudsters who know more about their customers than they do. They must not only verify a user’s identity through PII but must also verify that the behavior behind the transaction is that of a valid user. This is where user behavior analytics play a vital role. Becoming complacent in an age of massive data breaches is both a financial and reputational hazard. NuData Security’s research has uncovered the following trends in online fraud: • Account takeover, in which fraudsters steal an established account with personally identifiable information (PII) attached to it, continues to beat credit card fraud. This ongoing trend showcases fraudsters’ preference for account details beyond just credit cards.
To see the full article at Biometric Update, click here.