April 23, 2019 — With so much security awareness, along with new regulations like GDPR and the California Consumer Privacy Act, it’s clear that the digital landscape is changing. Problem is, despite new rules, regulations and a higher level of awareness, fraudulent activity remains a growing challenge. The issue is so pervasive that out of 400 billion events monitored worldwide by NuData, 28% were high-risk fraudulent activity, according to information from NuData Security’s 2018 fraud trends datasheet.
“Bad actors will use credentials to create new accounts and will sell these free trials for a minor pay-out. Over time, however, these ‘free’ sales can add up to hefty amounts. New credit lines with instant approval are also a major target that quickly add up to unbearable losses. According to NuData’s report, in 2018 alone it took more than 53 million hours to clean up the mess of new account fraud”.