Breaches and Phishing and Pharming, Oh My! Beating Account Takeover
According to Javelin Strategy & Research, account takeover losses in the US jumped 69% to $4.9 billion in 2012. And with more than 400 major data breaches in the first half of 2014 accounting for millions of compromised records, those numbers can only get worse. Why? Because victims of data breaches are 8 times more likely to experience fraud. What’s more, EMC RSA reported 470,000 phishing attacks worldwide, with 250-300 brands attacked each month (Feb 2012-Feb 2013). Add in Pharming attacks that steal login and password information via bogus websites, and you have a new breed of account takeover fraudster who is almost impossible to detect. Almost. Kount’s code-level integration of multiple patented technologies is so powerful, it can stop even fraudsters with supposedly “bullet-proof” credentials. Multi-layer Device Fingerprinting, Proxy Piercer™ geolocation, Velocity checks, cross-merchant order linking, Persona™ behavioral modeling, statistical scoring and more work together to identify seemingly valid transactions that are in actuality fraudulent. This helps merchants avoid lost merchandise, chargebacks and associated costs/fees.
How vulnerable are your CNP transactions to today’s sophisticated account takeover fraudsters? Spend 15 minutes with us on a free fraud analysis and find out.