WIRED Innovation Insights Article: The New Favorite Target for Fraudsters

March 2, 2015 – WIRED Innovation Insights: The New Favorite Target for Fraudsters

by Ryan Wilk

Over on the WIRED Innovation Insights blog, Ryan Wilk, NuData Security’s Director of Customer Success, looks at how much stolen data goes for on the black market, and just what it contains.

In a previous post, I talked about the marketplace for stolen credentials.

Now let’s look at the practicalities of committing fraud, and why hijacked user accounts have taken over from stolen credit cards as the most popular fraud tool.

It used to be that the first thing to do with a stolen credit card is to go on a shopping spree but times have changed. Both brick and mortar stores and online retailers are getting increasingly savvy to fraud attempts. How far you can take a stolen credit card depends on whether you have just the number and expiration date, or if you have more information, sometimes not exposed in a data breach, like the CVV number. Fraudsters have a few options:

To read more about what fraudsters can do with those stolen credentials, check out the entire article over at WIRED Innovation Insights.