August 26, 2015 — New Online Fraud Statistics, and How to Beat Them
Payments Journal has published a blog discussing new online fraud statistics, and how to beat them, underscoring NuData Security’s expertise in fraud detection.
Do you remember the saying, “The old gray mare just ain’t what she used to be”? That sentiment applies to ecommerce data breaches. However, instead of becoming weaker and less effective like the mare, recent attacks have become larger and occur more frequently than before. What’s worse, they target more valuable PII, including data such as bank account information and Social Security numbers.
A data breach involving information like this has consequences that can reach 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 (UBA) play a vital role. Becoming complacent in an age of massive data breaches is both a financial and reputational roll of the dice.