Online Fraud: What You Don’t Know Can No Longer Hurt You
We recently shared some signs of fraud to look for, but what happens when fraudsters hit your business with freshly stolen information from a breach that hasn’t been discovered yet? Clearly if you’re the first target, you have no chance… right? Not exactly.
During the 2013 holiday season – even before Target announced its now infamous breach – Kount technology began detecting a surge in fraudulent activity because of those (at the time unrevealed) customer records flooding the fraudster market (yes, fraudsters actually have a black market where they buy and sell stolen identity credentials).
Fortunately, a unique combination of Kount technologies helped protect our customers – even though they were unaware (just like everyone else) of the Target breach. At the forefront was Personas technology. Personas technology taps the data insights from the millions of transactions we handle daily – revealed by our integrated technology portfolio that includes Order Linking, Velocity, and Dynamic Scoring and Rescoring – to build sophisticated, predictive models of what a fraudulent CNP transaction looks like. So even if a credit card account has not yet been flagged as fraudulent/part of a breach, its characteristics can reveal to Personas that it requires additional screening. The result? Kount customers can protect themselves against fraudulent transactions and resulting chargebacks.
In light of the unfolding Home Depot breach as well as the just announced breach at Shaw’s, this holiday season is shaping up to be perhaps one of the most risk-filled in memory. The good news? It’s NOT too late to protect yourself. With our SaaS model, you can have Kount Complete with Personas technology up and running in just days.