InComm Payments的动态

As the weekend is nearby I was scrolling through my Netflix playlist and suddenly I came across one of the web series that I guess everyone has either watched or at least heard of. Guess what ???? "Jamtara-The Hotspot of Digital Fraud". Before the scam got busted I guess very few of us have heard the name of this city and that's quite obvious. Let's understand the chronology behind this Fraud.? Victim: Customers of banks or e-commerce who somehow got to know about these entities but did not have proper knowledge of the functionalities these entities provide. Attacker:?Scammer who dupes these ill-informed people for the sake of fulfilling their pockets by congregating the credit card details of these customers. The Attack(Credit Card Fraud):?The attackers had a list of numbers that were probably from public crowd sources. But after that, they used to make a call to customers and dupe themselves as customer service executives. Now they will ask the customer to click the link which says you will get some hefty rewards from bank or e-commerce sites. Since the reward was so luring the customer simply clicked on the link. Now a Google form is provided or while on call they ask you to confirm your credit card details. Since in the customer's mind that luring offer was roaming around he simply gave the details of their credit cards. Now since OTP is needed they even ask for OTP and again since you are thinking of buying your dream car or planning vacations to your dream destination you will give them the OTP as well since that 4 or 6-digit no is nothing before your dream plan. Now you got caught and within a minute, your dream plan got converted into rage and anger as you saw the Rs. xxxxx has been debited from your account. I know the pattern that I talked about, and everyone is aware of it. But Can we guess the impact of this scam? It was humongous!!!!. Attacker: Group of few individuals Victims: 28000 FIR's: 1300(All over India) Loss: Whooping 100 Cr(It was estimated that the gang member was generating 1-1.5 lakhs per day) SIMs used: More than 22,000 Prevention 1.Whenever someone asks you to share the details of your current location and your bank details, be Vigilant!!!! 2.Never share OTP or passwords with anyone. 3.Always use MFA(Multi-Factor Authentication). 4.Don't entertain anyone if you feel suspicious. Disconnect the call immediately. 5.Avoid using non-OTP functionality for hassle-free experiences. #cyberfraud #cybercrime #cybersecurity

??PSA: One size does NOT fit all when it comes to online card fraud?? ? Imagine buying a "one-size-fits-all" hat only to find it’s either swallowing your head or sitting like a tiny beret. That’s what may happen when merchants try to combat credit card not present (CNP) fraud with a generic solution…. or so I hear ?? CNP fraudsters are like sneaky ninjas, always finding new ways to outsmart the system. And while one merchant might need a suit of armour, another might just need a sturdy lock. Let's take a closer look….. what is a sturdy lock? An example could be MaxMind minFRAUD Web Services, a risk-based fraud tool which scores the transactions likelihood of fraud from 0.01 to 99, where a higher score suggests a higher likelihood of fraud. The score is calculated based on various data points and patterns, such as geographical location, whether a proxy is being used, email address reputation, and other behavioural factors that might suggest suspicious activity. Setting the right risk score to block fraud and to allow genuine customers is something to be mindful of. What is a suit of armour? A suite of tailored solutions, for example Forter which offers: ? Fraud Management: Approving legitimate transactions while reducing false declines and chargebacks. ? Identity Protection: Preventing transactions from account takeovers and blocking fake accounts. ? Payment Optimisation: Ensuring smooth and secure payment processes, for example sending potentially higher risk transactions through 3D Secure 2.0, whilst lower risk transactions may be processed via low touch fraud checks. ? Chargeback Recovery: Automating dispute processes to recover lost revenue. ? Abuse Prevention: Stopping policy abuse at checkout and post-purchase. So, before you settle for the first shiny fraud prevention tool, remember; your business is unique, and your fraud solution should be too. Fraud prevention isn’t a set and forget, it’s an ongoing mission to adjust to the changing environment. The information reflects my time in payments, and content sourced from MaxMind and Forter. Should you require advice on protecting your business against CNP fraud, please speak with your payment service provider. Image source: Adam Fagen – flicker.com #maxmind #forter #fraudsters #cardnotpresentfraud #ecommercefraud

Current Fraud on a Rise in our area! 1. QR codes: These convenient codes has definitely gained popularity as a touchless option to do things like read a restaurant menu or make a payment. Some retailers have one posted to check for items not found in store( this is one found most often as a scam for it is easy to overlay theor own QR code).Scammers are now placing their QR codes in random spots, and scanning the code could prompt you to enter your credentials on a look-alike website and purchase items you did not know. Please be cautious of when and where you scan them. 2 SIM swapping: This technique is used by a thief to reassign your number to a SIM card in a phone they control. They can then try to log in to your accounts using codes or links sent to your phone number.( this is done by the fraudster having all the info they need to persuade your phone provider they are you) Contact your carrier to see if there are any security measures for stopping SIM swapping. Also, see if your accounts let you use a non-SMS multifactor authentication option, such as an authenticator app that the scammer can't steal or access. 3.Scammers are turning to Zelle,PayPal and Cashapp which are peer-to-peer payment apps to steal people's money. The scammer might text, email or even call you pretending to work for your bank or credit card fraud department. They'll claim that a thief was trying to steal your money through one of these avenues, and that they can walk you through fixing the issue. Then, they may instruct you to send the money to yourself, but the money will actually go to their account because your account has been hacked. Be skeptical when someone contacts you out of the blue. Scammers can spoof calls and emails to make it look like they are coming from different sources.Don't share personal information, usernames, passwords or one-time codes that others can use to access your accounts or steal your identity.

???????????????? ?????? ?????????? ???? ???????? ???????? ??????????: ???????????????? ?????? ?????????????? Gift card fraud, a rapidly escalating issue, has seen a significant spike in recent years. This type of scam typically involves perpetrators tricking victims into purchasing gift cards and then divulging the card numbers, allowing the fraudsters to drain the funds. Other tactics include altering gift card barcodes and information in the store to divert funds loaded on that card into the hands of fraud. These scams often create a false urgency, with criminals posing as government agencies or businesses to deceive their targets. The Better Business Bureau reports a 50% ???????????????? ???? ???????? ???????? ?????????? ?????????? ???? 2023?compared to the previous year, highlighting the severity of this growing problem. Retailers like Walmart have taken a proactive stance against this type of fraud. In 2018, they introduced a proprietary technology named 'Redemption' to identify and halt gift card fraud during transactions. This system has not only reduced the incidence of such scams but also aided in recovering funds for the victims, with the U.S. government having already reimbursed $4 ?????????????? ???? ??????????????????. Beyond Walmart's efforts, other organizations are also stepping up. The Elder Gift Card Fraud Task Force, led by the National Cyber-Forensics and Training Alliance (NCFTA), focuses specifically on protecting seniors from these scams, reflecting a broad and collaborative approach to tackling this issue.* #LP #giftcards #fraud

ATM Fraud Over the long weekend, there was an #attack on an American bank’s #ATMs. Ok everybody knows that. By now. But it was first picked up by David Maimon. When you work in fraud, one thing’s a given - bad news always hits you on a Friday night. And especially on a Friday going into a long weekend, when someone is about to announce an attack like that, I want to happily stick my fingers in my ears and sing “Na Na-Na Na Na.” (No, I never actually did that ;) But anyway, this fraud team did all the right things and put a lid on it over the weekend. Fraudsters had found a tiny tech glitch that caused ATMs to rain money on people with bad checks. Social media as usual amplified the attack turning regular Joes into part-time fraudsters. Last week, I read about another interesting ATM (NFC) related fraud spotted in the Czech Republic. The MO there was a lot less about ATM glitches. In this one, scammers social engineered targets to download malware called NGate using a tax return bait. This malware displays a fake website that asks for the user’s banking information, which is then sent to the attacker’s server. It then prompts the victims to turn on the phone’s NFC feature and instructs them to place the card behind the phone, so that data from the card is stolen via NFC and sent to the attacker’s Android. Ergo, the attacker can mimic the victim’s card as though it was provisioned to their own device, enabling them to cash out at ATMs that allow NFC. ATMs are a soft target. Apparently everywhere. In one instance I think it was Delhi, the perps would shut off the ATM just before it spat out cash. They had installed a chip set in the power plug of the ATM and operated it remotely. Women members of the gang assured the victims of a refund only to sweep up the cash right behind them. In common scenarios we’ve all heard of ATM cash trapping, Card trapping, Shimming, Debit card swaps, Bogus helpline number stickers, Skimming devices & pin hole cameras, Keypad jamming, ATM Jackpotting, what have you. All one needs to do is spray paint over the CCTV camera and Bam! ATM vestibules are like a real-world escape rooms, for fraudsters to play these clever little games. Not all are clever. There are braindead fraudsters chasing ATMs too. In the most egregious case ever, I remember watching CCTV footage of an ATM haul. In what had to be the world’s most inelegant heist caught on camera, two members of the gang physically extract an ATM kiosk and clumsily drag it over to a parked truck. (Don’t try this at home ;) Moral of the story. And I write this on the eve of the launch of #UPI #Cardless ATMs tomorrow. ATMs are magnets for fraudsters, #mules, launderers and friends. While in card we classify fraud by MO, in retail banking it's classified by the way the money exits the bank: Check, Digital, Branch, ATM, POS, Wallet etc. And rightly so. As banking becomes more faceless ATMs are quietly becoming the favorite exit channel.

??3 common types of chargeback fraud ?? As payment methods diversify and economic pressures rise, chargeback fraud surges, posing a threat to consumers and businesses alike. Staying ahead of fraudsters is more crucial than ever — here’s what you need to know about the 3 main types of chargeback fraud: Friendly fraud: A deceptive practice where a legitimate purchase is later disputed by the buyer, claiming the transaction was unauthorized, or the product was never received. According to recent stats, friendly fraud accounts for 44% of chargeback fraud reported by payment industry players.? ? Criminal fraud: A more direct form of theft, where a fraudster uses a stolen credit card for purchases and subsequently files a chargeback, pretending the transaction was fraudulent. This leaves the merchant without the goods or payment and the real cardholder unaware until it’s too late. Triangulation fraud: A sophisticated scam involving three parties: the customer, the fraudster, and unwitting online stores. Fraudsters set up fake storefronts offering low prices to lure customers. Once an order is made, they use stolen credit card information to buy the item from another store, shipping it to the customer. The customer thinks they've received a legitimate purchase, not knowing their information is being misused. Each type of fraud has unique challenges, but the underlying theme is deceitful intentions impacting honest businesses and customers. Understanding these tactics is essential for developing effective prevention strategies and avoiding financial and reputation damage caused by chargeback fraud. Remember: awareness is the first step toward protection. #FraudPrevention #CyberSecurity #ChargebackFraud #SEON

Fraud is on the rise again, so for #fraudfriday, lets take a deeper look at Synthetic ID Fraud. This type of fraud occurs when the scammer uses a real, stolen credential combined with fake credentials. Did you know that this type of fraud makes up 80% of fraud cases? "The scammer just needs one piece of legitimate information. If they have a real Social Security number, they might combine it with a fake name and birth date (or vice versa.)" By using a multi-layer fraud fighting approach, you can further protect yourself against these scammer's! CrossCore is a solution that looks at all types of fraud, that lives in your application workflow and helps you stay ahead of the rising fraud tide. Let's review your fraud strategy today and get you protected. #creditunion #fraud #experian #crosscore

Stay vigilant against the rising tide of frauds and scams, as reported by RTE. With nearly €100m stolen last year in Ireland, it’s clear that financial security is more crucial than ever. At Mobile Identify, we’re committed to safeguarding your transactions. Discover how our?Fraud Prevention?services can shield you from unauthorized electronic transfers and APP fraud. Stay secure with us. ?? Get in touch: https://lnkd.in/d94c_5wt #FinancialSecurity #FraudProtection #StaySafe

Talk to us at Veriff on how we can help you tackle fraud. #fraudprevention #trends #insights #data #identityverification

Credit card fraud accounts for nearly $466 million wroth of losses in 2023. [Consumer Sentinal Network Databook 2023 by Federal Trade Commision] https://lnkd.in/geagxtC7 One of its kinds is BIN attacks. "Bin attacks" is a type of credit/debit card fraud where attackers use the first six digits of a card (BIN) to generate and test possible card numbers with BIN numbers available to public. Characteristics of BIN attacks 1. Brute Force method - Use Brute force computing to guess valid combination of card number, CVV , and expiry date, basically tries every possible combination in a sequential manner. It's computationally intensive but can be effective given enough time and resources. 2. Automated transactions - Use scripts or software tools (bots) to increase the speed and efficiency of the attack. 3. Large velocity in short interval- Automation allows attackers to test thousands or millions of combinations quickly. 4. Small value transactions(Card testing) - Attackers often use small value transactions for two main reasons: a) They're less likely to trigger fraud detection systems, which often focus on larger transactions. b) If successful, these small transactions can go unnoticed by cardholders for longer periods. 5. Distributed attacks: Attackers often use multiple IP addresses and devices to distribute their attempts, making it harder for security systems to detect and block the attack. 6. High volume of Authorization errors - Due to incorrect CVV, wrong expiry date, or invalid card number errors, your PSPs or Issuer bank rejects high number authorisation requests. Primary impact on merchants - Increased Chargebacks. Chargeback is a forced reversal of a credit card transaction initiated by the cardholder's bank, usually at the request of the cardholder. Fraudsters exploit this chargeback system as a loophole for various types of fraudulent activities. This exploitation is often refered to as "friendly fraud" or "chargeback fraud", which we will talk about next.