The second is the Launching Stage, which involves theft of user credentials to gain unauthorized access to accounts. The Planning Stage is where the initial investigation by a cybercriminal into online vulnerabilities begins, and typically involves gathering intelligence, such as web page scraping, to understand how they can best impersonate an organization. The good news for financial institutions, retailers and consumers is that at each stage of an attack there are fingerprints, and solutions to monitor each stage exist. These stages make up the fraud lifecycle, and every criminal must go through each in order to successfully perpetrate fraud. The holistic solution was developed by Villadiego with the understanding that at their most basic level, all attacks have three phases to them: planning, launching, and cashing.
The Easy “Total Fraud Protection® Platform” That is exactly what Easy Solutions has developed. Research suggests that 49 percent of smartphone owners have accessed a bank account via their mobile device, leaving organizations that failed to adequately prepare for the rise in this new channel scrambling for solutions.īecause of this ever-changing threat environment, both in terms of new attack methods and transaction capabilities across different devices, it is important to employ a fraud solution that can equally adapt to these changes.
Malware targeting mobile devices alone, which are quickly gaining traction as a preferred banking channel, rose 614 percent in the past year. To complicate matters, there has been a malware explosion over the past few years. While traditional attacks such as phishing pharming, Man-in-the-Middle (MITM) and Man-in-the-Browser (MITB) attacks continue to increase, criminals are also becoming more strategic about launching attacks that compromise multiple transactional channels. The threat landscape is constantly evolving, and customers that do not adapt to new and effective solutions to fight it soon find themselves attractive targets for cybercriminals. Easy Solutions delivers this platform to more than 200 leading enterprises and financial institutions worldwide, protecting their end-users against phishing, pharming, malware, Man-in-the-Middle and Man-in-the-Browser attacks, and providing multifactor authentication and transaction anomaly detection.įighting fraud is and has been difficult. To keep tabs on the threat creators, Villadiego and his team of experts, continuously monitor these illicit marketplaces, as part of their Total Fraud Protection platform. This way, organizations can better protect themselves and their end-customers from increasingly sophisticated fraud.” In understanding these black markets, our goal is to provide organizations the ability to rapidly identify the cards that are compromised and reduce the time to containment or replacement. “Criminals continue to improve the quality of these sites, making it easier for the end-buyers to target their usage of these cards,” said Ricardo Villadiego, CEO of Easy Solutions.“Banks and other Financial institutions are fighting an asymmetrical war against these highly-organized, well-run markets. To understand this piece of the puzzle, Easy Solutions, the only security vendor focused on the comprehensive detection and prevention of electronic fraud across all devices, channels and clouds, studies credit card black markets in-depth.
However, the million dollar question is about the whereabouts of the 40 million compromised credit cards, the ways they were packaged and sold, and the nature of these markets.
Ricardo Villadiego, Founder & CEO The massive Target credit card breach continues to make headlines as lawsuits get filed, and lawmakers try to unsuccessfully engineer legislation to prevent this situation from occurring again.
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