Advanced Fraud Solutions (AFS), a leader in deposit fraud detection software, and Q6 Cyber, a leading provider of e-crime intelligence, announced the release of a new white paper that reveals the growth and sophistication of Dark Web-based threats, titled, “Fighting Fraud with Dark Web Intelligence.” The white paper explores the inner workings of the Dark Web, the latest tactics and channels used by fraudsters, as well as best practices on how to monitor and respond to Dark Web-based threats.
Over the course of numerous widespread data breaches, the amount of compromised account information and PII available on the Dark Web has grown exponentially. This alarming trend comes at a risk for financial institutions looking to protect their customers against fraud. The white paper highlights these threats and explores the latest tactics used by Dark Web fraudsters, including account takeovers (ATO), card-based threats, business e-mail compromise (BEC), malware and more.
“It’s not enough to protect against fraud threats as they occur,” said Eli Dominitz, founder and CEO, Q6 Cyber. “The information being sold on the Dark Web of today is the same information being used in the fraud attacks of tomorrow. The more informed financial institutions are about what consumer data and account information are at risk, the better they can defend against potential vulnerabilities and attacks.”
In addition to exploring the latest fraud tactics, the white paper also reviews software solutions that provide targeted, timely, and highly actionable intelligence on compromised data found on the Dark Web.
“The best way to proactively interdict Dark Web-based threats is to better understand what’s happening on the Dark Web and what information is being bought and sold,” said Ted Kirk, VP, Strategic Partnerships, AFS. “To protect against card-based threats, financial institutions need real-time insights and tools that allow them to proactively and holistically monitor cardholder data. Our joint solution with Q6 Cyber delivers this functionality, along with the means to take action and protect compromised accounts.”