Fighting The Fraud Economy Strategies For FinTech Players To Battle Scammers
Table Of Contents
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Introduction Studying The Seriousness Of The Problem Statistics Measures Employed By Scammers & Spammers Protection Tips For FinTech Businesses
Introduction
As per market reviews of cybersecurity and FinTech analysts, fraudsters have become increasingly adept at exploiting gaps in systems of FinTech businesses. It has been estimated that businesses saw more than one trillion dollars in losses because of attacks by scammers and spammers. FinTech businesses, in particular, have been hit very badly.
They have become very experienced at going past security blocks enforced by anti-scam and anti-fraud departments. In recent years, we have seen the creation of an entire fraud economy, which is nothing but a community of hackers and scammers who have the resources and the acumen needed to siphon off funds and customer information from businesses with a digital footprint.
Reviewing The Intricacies
Cybersecurity analysts view the emerging fraud economy as similar to conventional ones. It has access to workers, and there are also fluctuations of supply and demand in this economy. They may collaborate in projects and also exchange malicious data to support their activities. All of this is believed to take place mostly on the dark web. Because of such players, complexities associated with fraud, spam and scams have increased manifold. Now, fraudsters have access to personnel, resources, as well as high-end tools to facilitate fake transactions, account takeovers, and the creation of fake/duplicate websites for identity thefts.
Stats: Scammers & Dark Web
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Payment data may be acquired for around $270 on the dark web. Online banking credentials may be bought for $40. Credit card details are sold at as little as $9. The dark web constitutes 48% of the Internet.
Measures Used By Fraudsters To Commit Fraud
As per reviews of recent high-profile cases, it has been noticed that cybercriminals are willing to go the extra mile while conducting fake transactions or trying to lure customers via spam mails. In addition to this, they may also bank upon dark web marketplaces to exchange stolen credentials with scammers who have the skills to commit payment fraud and identity thefts. Also, they may attempt to cover up stolen funds by purchasing crypto coins or NFTs with them.
How Can FinTech Businesses Protect Themselves From Cybercriminals Who Supports Scammers? Some of the basic measures FinTech players can take would be to keep a closer watch on the customer journey, right from buying goods to even giving reviews and feedback online. Next, they must make the most of machine learning and artificial intelligence solutions to detect gaps in their security protocols as well as to identify suspicious behavior. FinTech players must also walk the extra mile to verify their vendors and partners before working with them.
Thank You!
Presented & Reviewed By: Yash Dogra, Manager, Money 2.0 Conference, https://www.money2conf.com/