Christian Buhrow’s Post

To address the reactive fraud challenge in the financial and retail industries, SpyCloud has released a new Compromised Credit Card API – allowing credit card, debit card, gift card, and loyalty card issuers to automatically monitor and detect exposed card numbers. With these insights in hand, security, application, and fraud teams can shift their focus to pre-fraud activity and more quickly remediate compromised cards before any fraud or financial crime can happen. Not only do these insights help with preventing #fraud, but they also reduce the burden on teams from post-transaction fraud, reducing monetary losses to the business, and upholding consumer trust in your brand. Read more about this new tool in our recent blog https://bit.ly/3RIcGfC.

Check out our latest blog to learn more about how our new Compromised Credit Card API can help financial institutions and retailers who issue cards combat fraud with robust recaptured data.

An insightful analysis of 'Swiss Cheese Security': Cory Doctorow's experience highlights a critical vulnerability in current security protocols where existing systems unwittingly aid fraudsters. This narrative serves as a wake-up call for the banking, retail, and e-commerce sectors to reevaluate and strengthen their defenses. Essential reading for understanding the complex interplay of human error and systemic weaknesses in our fight against digital fraud. Kudos to Bruce Schneier for spotlighting this crucial issue."

Card testing is when scammers use stolen card details to run unauthorized transactions on valid payment pages. They steal hundreds of credit card numbers and run them through automated software that bombards online payment pages. It makes small authorization charges to validate the cards. This lets them confirm which cards are active before selling them or using them for fraudulent purposes. These attacks happen quickly, normally within a single day, with hundreds of transactions flooding a merchant’s account. As a merchant, you might wake up and find an overwhelming number of transactions processed overnight. This can lead to high transaction fees, chargeback costs, reputational damage, and even the risk of having your account frozen. It often goes unnoticed until the damage is done, but here are several measures for prevention: 🔹 Use fraud detection tools 🔹 Use 3DS authentication 🔹 Set transaction limits (velocity checks) 🔹 Implement CAPTCHA to prevent bots 🔹 Implement analytics in real time to flag unusual patterns And the list goes on If you're a bank or merchant looking to protect your business from these risks, we’re here to help. #CardTesting #FraudPrevention #EcommerceSecurity

Gift cards are a popular, accessible financial tool — but ensuring their security is critical. While packaging often takes center stage in fraud prevention, it's just the beginning. Behind the scenes, innovative technologies, real-time monitoring, and industry collaboration create a robust defense against fraud. IPA President and CEO Brian T. In a recent article, Tate and InComm Payments’ Rob Hadden explore this layered approach to security. Learn how the gift card industry is working together to protect consumers and preserve the value of this trusted product. #GiftCards #FraudPrevention #SecurePayments #PaymentsInnovation #RetailSecurity #ConsumerProtection #Fintech #RetailTrends

Are your BNPL fraud defenses keeping up with rising threats? The rapid growth of Buy Now, Pay Later (BNPL) services has reshaped the payment landscape—but it’s also opened the door to fraud. In "Buy Now, Pay… Never? Rising Fraud in BNPL and How Email Data is Helping Prevent It," @Diarmuid Thoma, VP of Fraud and Data Strategy at AtData breaks down how fraudsters are exploiting weak points in the system and how email intelligence can help prevent them. Key takeaways from the blog: ✔️ Spot fraud before it starts: Learn how analyzing email address validity and activity can flag high-risk accounts before they’re created. ✔️ Reduce false positives: Discover how email intelligence improves fraud detection accuracy without alienating legitimate customers. ✔️ Proactively prevent account takeovers: Explore how continuous monitoring of email patterns helps identify suspicious behaviors in real time. As BNPL continues to grow, businesses must stay ahead of fraud trends to protect consumers, revenue, and trust. 🔗 Read the blog to learn how email data can safeguard the future of BNPL 👉 https://lnkd.in/g6_qx45W #BNPLFraud #FraudPrevention #DigitalPayments #EcommerceSecurity #EmailIntelligence #FintechInnovation

Today's Friday Fraud Awareness highlights the importance of protecting your cards and codes. With advances in technology come more sophisticated ways for scammers to get your hard-earned money. Be fraud smart by safeguarding your payment methods and protecting sensitive data using these tips. 💳️ Protect your card details. If you receive an unexpected call, text, or email asking for sensitive information, hang up or ignore it. ✅️ Use a contactless card or set up a digital wallet if you are able. These payment methods use encryption for transactions, reducing the risk for your card information to be compromised. ❗️Beware of Multi-factor Authentication (MFA) fatigue. While MFA helps to protect your accounts, fraudsters may try to trick you into providing a verification code under false pretenses. As your bank we will NEVER ask you to provide a texted verification code over the phone or via email. Find more tips on protecting your finances: https://trst.in/gV2PZg

💡 Keep Your Money Safe from Fraudsters! 💡 Fraudsters are always evolving, but so are the ways to protect your finances. Here are some best practices to stay one step ahead: - Regularly update your passwords. - Enable two-factor authentication (2FA) wherever possible. - Avoid sharing sensitive information over phone or email. - Keep an eye on your bank statements for unusual activity. Stay informed and vigilant. A little caution goes a long way! 💰🔐 #MoneySafety #FraudPrevention #StaySecure #FinancialHealth

💡 Small Business Owners: Strengthen your online payment security with 3D Secure! Did you know Australians lost over $2.2 billion to card fraud in 2023? Implementing 3D Secure can help reduce fraudulent transactions by adding a critical layer of protection for high-risk payments. It verifies cardholders' identity through extra steps like one-time passwords or biometrics, offering peace of mind for both you and your customers. 💼 Safeguard your business from chargebacks and fraud losses while boosting customer confidence! 🔗 Learn more about 3D Secure: https://lnkd.in/gE4ijwk8

Have you heard that Mastercard is pushing toward tokenization and biometric authentication? 🙄🙄Did I lose you when I mentioned "tokenization" and "biometric authentication"? 🙄🙄 Don’t worry—keep reading to discover how the focus is on reducing fraud and improving security for online transactions. For consumers, understanding the shift toward numberless cards and biometric authentication can ease concerns about online fraud and identity theft. For businesses, staying ahead of the curve on online fraud rates and Mastercard’s new digital enablement service is essential for maintaining competitiveness and adopting the most secure, user-friendly payment methods. This article is a must-read for anyone engaged in online transactions. It sheds light on upcoming changes in payment security and how you can take advantage of them for convenience and protection.