Card Not Present: Account Takeover is the New Black

April 2, 2015 — CNP.com Report: Account Takeover is the New Black

Ryan Wilk, our Director for Customer Success, was interviewed by CNP to talk about how hackers are moving away from credit cards to the more lucrative potential of account take over.

While news of retail data breaches that compromised customers’ payment-card information dominated 2014, toward the end of the year and into 2015, the companies and information targeted by hackers shifted. The most publicized breaches of the New Year have targeted insurers Anthem and Premera and resulted in the theft mainly of information like names, email addresses, SSNs, etc. The information being stolen, according to a new report from NuData Security, is indicative of a growing threat to fraudsters taking over online accounts rather than stealing payment card details and making fraudulent transactions. And, in many ways, said Ryan Wilk, NuData’s director of customer success, account takeover is more insidious than its older cousin.

“Fraudsters are moving away from credit cards because the value’s just not there,” Wilk told CardNotPresent.com. “It’s like any other business. If you want to create real value with what you’re doing, you need to have a constant revenue stream. U.S. e-commerce sales are continuing to rise, but CNP losses are continuing to rise right along with that and you have to ask yourself why.”