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Report Reveals Financial Cybercrime Ecosystem and Outlines Payment Card Fraud Areas of CompromiseNEW YORK, April 24, 2019 /PRNewswire/ -- SecurityScorecard, the leader in security ratings, today released a new report titled Payment Card Fraud & the Financial Crime Ecosystem. SecurityScorecard's threat intelligence team analyzed Dark Web marketplaces, forums and other vehicles for acquiring payment card data and identified a variety of methods cyber criminals employ to steal cardholder data from financial services institutions, merchants and others. Despite the increase in compliance requirements, fraud and security incidents continue to occur with growing frequency. In fact, Dark Web marketplaces continue to keep pace with attempted mitigations that the financial industry puts in place. Just as merchants and payment processors use third-party vendors to enable business operations, the underground marketplace relies on a network of third party vendors to enable business operations. As a result, the entire financial services ecosystem is wrought with countless forms of payment card fraud risks. "The underground ecosystem works similarly to legitimate businesses, even though it services semi-organized criminal groups," said Alex Heid, Chief Research Officer, SecurityScorecard. "In addition to stealing cardholder data, cybercriminals are tasked with monetizing the data within this crimnal ecosystem. Much like legitimate business, the success of these endeavors is based on reputation and previous experiences. Financial services organizations need to have a solid understanding of this underground ecosystem to create a comprehensive strategy for protecting cardholder data and minimizing institutional losses that originate from fraud." Sample of Sources of Compromised Data:
A copy of the report can be downloaded by clicking here. To receive a complimentary SecurityScorecard security rating and consultation for your business, visit instant.securityscorecard.com. About SecurityScorecard View original content to download multimedia:http://www.prnewswire.com/news-releases/report-reveals-financial-cybercrime-ecosystem-and-outlines-payment-card-fraud-areas-of-compromise-300837105.html SOURCE SecurityScorecard |