Articles about Identity fraud

We all know that stolen information is traded on the dark web, and new research by Trustwave looks at what is available and how much it costs. It also uncovers the additional services that are being offered to make it easier to commit fraud.

Details of a stolen credit card can be bought for as little as $8. Much more valuable though is a card with 'fullz' -- extra information on the victim that makes the card more usable. These can cost up to $70.

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Digital identity is the new currency, and adversaries are chasing wealth. Research shows that 61 percent of data breaches are the result of compromised credentials. This is a common fraudster tactic, whereby using legitimate credentials allows them to avoid detection as they gather intelligence and stolen data that will allow them to undertake further fraudulent transactions.

Fundamental to the defense of systems is access control, but it has its limits. Attackers are continuously trying to circumnavigate these systems to access accounts, with login and payment flows frequently targeted. This is why many organizations have invested in anti-fraud technologies to detect and mitigate against such attacks.

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The Fast Identity Online (FIDO) Alliance -- a group of technology companies including Apple, Google and Microsoft -- recently announced its commitment to supporting passwordless authentication across its products. FIDO’s plans have been in place for nearly a decade and work started long ago on a system that lets users log in to their online accounts without a password but instead with a PIN, biometric, iris scan or with voice recognition.

FIDO’s approach is expected to be implemented across Apple, Google and Microsoft platforms later this year and FIDO believes this will provide better protection over legacy multi-factor authentication and better protection against malicious phishing attacks.

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Microsoft has teamed up with Mastercard to launch a new identity protection solution which has been designed to help tackle digital fraud.

Mastercard has boosted its existing Digital Transaction Insights solution by adding next-generation authentication and real-time decisioning intelligence capabilities. The system helps merchants to verify customers' identities, and Microsoft will be providing its own insights and integrating the technology across its business.

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