Leveraging the Dark Web to Mitigate Payment Card Fraud
Payment card fraud is now at an all-time high. Consumers in the U.S. alone spent $791.7 billion online in 2020, an increase of more than 30% thanks in part to a dramatic shift toward online shopping when the COVID-19 pandemic began. This flurry of activity gave criminals even more opportunity to steal payment card data and put it up for sale.
Now, in addition to point-of-sale breaches and other card-present (CP) compromise tactics, cybercriminals are infecting online payment sites at incredible rates, collecting card-not-present (CNP) data and putting it up for sale on the dark web. In fact, global payment card fraud losses now stand at $28.65 billion per year.
What can merchants and financial institutions do? More than you might realize, especially with card fraud intelligence. This paper provides an overview of the payment card fraud landscape, examines the role of dark web card shops, and explores how card fraud intelligence can help organizations stay ahead of the card fraud game.