Tuesday 26 November 2013

Cybercriminals Don't Care Who's Been Naughty or Nice

ThreatMetrix gift card scams It doesn't matter which Santa's list you're on this holiday season. Cybercriminals want to leave a not-so sweet present under the tree as they seek different ways to compromise consumers during their shopping sprees. ThreatMetrix revealed possible holiday gift card fraud scenarios that you could be victim to.
Gift Cards GaloreGift cards are foolproof presents; it's the present you can never go wrong with. The National Retail Federation (NRF) even surveyed Americans earlier this year and over 50 percent said they'd like to receive gift cards this holiday. You may consider getting gift cards to relieve driving woes; 12 percent of the respondent shoppers claimed they would buy gift cards from gas stations. The NRF projected total spending on gift cards to reach $29.8 billion this season, an all-time high.
Consumers and businesses aren't the only ones excited about gift cards. Cybercriminals eye this industry's boom as a convenient target in the upcoming months. With the soon-to-come high volume of transactions, it's difficult for merchants to detect suspicious activity.
Holiday WoesHackers plot to deploy holiday gift card fraud schemes that can lead to severe losses for businesses and compromised customer account data. These sneaky thieves can illegally gain access to virtual gift cards, known as eCerts, and then purchase goods and services. They will then resell these for profit on auction sites or search for international buyers.
The gaming industry has to watch its back as well; fraudsters will try to take advantage of the industry's expected success this upcoming season with the release of Playstation 4 and Xbox One. Fraudsters aim to compromise online currency and steal virtual goods, like extra lives and customized features in video games, to reap personal profit. Cybercriminals can also use stolen credit card numbers to purchase gift cards both on and off-line, and sell any physical goods, like electronics or clothing.
How Can Companies Wrap Up This Problem?Businesses need to prepare for the busiest time of year in order to make sure they don't find themselves, and their consumers, as victims of cybercrime. According to ThreatMetrix, because gift card fraud is becoming prevalent some retailers have stopped offering gift cards online and only accept cash in-store for gift cards.
Instead of losing revenue this way, businesses would be better off using security solutions. The ThreatMetrix Global Trust Intelligence Network, a collective data repository, helps retailers differentiate authentic gift card transactions from suspicious ones. It can flag questionable transactions as high risk and recommend additional screening for them.
It also may be safer for consumers to shop on their mobile devices rather than ordering virtual gift cards on computers. Minimize the chances of being victim to cybercrime; holiday shopping is already stressful enough.

1 comment:

  1. I am a Single full time dad on disability getting no help from their moms. It a struggle every day. My boys are 15 and 9 been doing this by myself for 8 years now it’s completely drained all my savings everything . These guys are the present day ROBIN HOOD. Im back on my feet again and my kids can have a better life all thanks to the blank card i acquired from skylink technology. Now i can withdraw up too 3000 per day Contact them as well on Mail: skylinktechnes@yahoo.com   or   whatsspp/telegram: +1(213)785-1553

    ReplyDelete