The Anatomy of a Fraud Ring Attack
An analysis of 5 fraud ring attacks across 5 different digital industries, including a breakdown of who was targeted and why, background information and future predictions on evolving fraud ring styles and strategies, and investigations into how fraud rings choose their victims.
NeuroID sees fraud ring attack attempts all the time, across every industry. They’re fast, frequent, and furtive, and the ringleaders know how to cover their tracks. While the type of fraud ring attack varies based on the target industry, the tell-tale signs are always there for those who know what to look for.
A Little Knowledge is a Dangerous Ring
We’ve seen it all: and we break it down for you in the Anatomy of a Fraud Ring Attack, where our industry experts an analysis of 5 fraud ring attacks across 5 different digital industries, including a breakdown of who was targeted and why.
Fraudster’s take advantage of seasonality, knowing you’ll be especially averse to adding step-ups or similar friction during a high traffic period and more focused on preventing delays and false positives for good customers, rather than looking for fraudsters.
Fraudsters follow the money. A sophisticated fraud ring caught wind of one credit card issuer’s success and attacked, with the goal of using a coordinated effort to overwhelm the system.
Fraudsters take advantage of promotions. One credit union looked to continue its growth by offering a promotion to new customers, but when details on abusing the promotion were shared on the dark web, fraud rings wasted no time.
