October is Cybersecurity Awareness Month, and every year we’re reminded of how one category of crime that continues to inflict taxpayers and companies with damages amounting to billions of dollars annually. Stay up-to-date on the latest attack types and prevention techniques to safeguard your organization from the threats that lurk online. Here are five fraud trends we’ve noticed that you need to know about.
One of the easiest things a hacker can do when they get ahold of a social security number by theft or purchase on the Dark Web is synthetic identity fraud. They fabricate an associated name, DOB, email account, or phone number and from there, the fake identity is legitimized and nurtured in order to exploit lines of credit. Once a fraudster is able to become an authorized user, a process that typically takes 5 months, the "bust-out" is ready to be executed. When the dust settles, creditors and businesses are left with dummy accounts filled to the brim with credit card maximums, loans, and cell phone/utility plans.
Nobody wants to hear the "R-word", as it sends chills down the spine of any business owner or MSP, and for good reason. This past year, two cities in Florida had no other choice than to pay over a million dollars in aggregate bitcoin ransom, and that’s after being without any phone or email systems for multiple weeks. Townships are not alone. Just a quick look at data breach news headlines and you’ll see small business attacks are just as common. Ultimately, ransomware boils down to the economic concept of incentives, and it will require a concerted effort by organizations to shift the paradigm.
Account Takeover (ATO)
A key part of a sound cybersecurity strategy is understanding how criminals are targeting your business or vertical. Nevertheless, "the nature of work for a CISO is often reactive", tasked with establishing a Security Operations Center filled with analysts who are looking to spot a needle in a haystack. On the other hand, the commoditization of crimeware and "spray-and-pray" techniques have led to a higher frequency in breaches, many of which are executed by non-sophisticated hackers. Solving ATO fraud at the small business and medium enterprise level in today’s world requires purpose-driven teams and technologies that can protect your business smarter and more efficiently.
This past summer, three universities in the United States disclosed data breach incidents within a two-day span. That may seem like a lot, but this is nothing in comparison to last year’s highlight. In March 2018, nine hackers breached 144 US universities, charged with stealing 31 terabytes of data worth roughly $3.4 billion in intellectual property. Such breaches have a ripple effect across all verticals and companies, driving consumer awareness and raising the standard for cybersecurity for everyone.
The Dark Web. It’s a mystery for normal web users, but hackers are scouring the Dark Web constantly for stolen information. Security researchers estimate that in the first half of this year alone, 23M+ credit and debit card details were sold or exchanged through underground forums. What’s worse, nearly two out of every three originated in the United States (64%), followed by the UK (7%) and India (4%). Once such data dumps hit the Dark Web, cybercriminals use stolen information and credentials in order to orchestrate damaging fraud schemes.
Now that you know about these 5 fraud trends, it’s time to take a stand. Let Biztek Solutions help you secure your business network and protect your data from falling into the hands of anonymous hackers. Give us a call at (951) 638-0502 and let’s find out how we can assist you.