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Showing posts tagged with Fraud Detection
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vipblog | 05 May 2008 | 0 comments

By Yohai Einav, Senior Fraud Analyst

I have six friends that serve me true
Their names are Why and What and When
and How and Where and Who.
-- Rudyard Kipling

Why quote Kipling in an online identity blog? According to all his biographies, Kipling was never a victim of identity theft, nor did he ever write a blog.

But Kipling knew something about the 6 W's, something that we, in the security industry, often forget: starting with the "Why."

Have you noticed the phenomenon: every discussion about identity theft, security and online fraud - starts with the How and What questions:

"How do fraudsters attack banks?"
"What technologies are fraudsters using?"
"What is the damage to customers?"
"What can we do to protect ourselves?"

All good questions. But, the first thing we should ask is "why?"

"Why am I being attacked?"

Vicente | 21 Mar 2008 | 0 comments

Posted by Vicente Silveira, Sr. Product Manager for VIP Fraud Detection Service

The never ending parade of consumer data leakage and the inevitable fraud that follows added another participant this week with the Hannaford incident. This time, the damage amounts to 4.2 million credit and debit cards being compromised. It is early to tell all the ramifications of this incident, but the unraveling already started with the first salvo of class-action lawsuits against Hannaford.

When I see something like this happen, I'm always left to wonder: what is the true cost of a fraud incident ?

Looking back to some of the high-water mark incidents of the past we can have some hints of what the direct cost involved may look like. Take...

Vicente | 12 Mar 2008 | 0 comments

Posted by Vicente Silveira, Sr. Product Manager for VIP Fraud Detection Service

If you live in the UK, the answer would be a little over twenty thousand dollars (at current exchange rates) for the average adult internet user, a nice bounty for phishers, bot herders, malware coders and other cyber-criminals to go after.

This is based on highlights of a recent YouGov survey that estimates European Internet users are risking up to 1.6 trillion dollars by sharing personal and financial data with sites that are not adequately protected, with UK Internet users responding for a 731 billion chunk of the total amount.

What the research also suggests is that the ubiquity of social networking and other data sharing sites has increased dramatically the quantity and sensitivity of the information available on the web, with users volunteering more and more details in order to...

Vicente | 06 Mar 2008 | 0 comments

Hi there! My name is Vicente Silveira and I'm responsible for the VIP Fraud Detection Service , or as we call it, VIP FDS, product at VeriSign.

Our team develops products that help businesses and individuals transact securely on the internet. Needless to say we have a lot of work to do.

I just spent some time in Europe talking to financial institutions and comparing notes on fraud trends here and there. One of the quick conclusions is that online criminals are sharing tools and methods on a global basis and on a scale that we haven't seen before.

One example is a modern variation of an old stock touting technique known as "Pump and Dump" , where fraudsters use e-mail spam to falsely promote a thinly traded instrument (such as a...