According to research, 2019 was a very good year for criminalswho carry out payment-related fraud. In the first half of 2019, were found on the dark more than 23 million stolen credit cards.
Payment fraud can be a huge money-maker for criminals. A report has shown that fraudsters do not use any specialized or innovative techniques.
Here are the most common techniques of these scams:
Card Not Present (CNP)
Using this technique, hackers can use data credit or debit card. This data can be used to complete a purchase or provide services, without the card itself being available. Typically, criminals obtain the necessary data through breaches, phishing emails, scam messages, etc.
According to the IOCTA 2019 report, CNP fraud is the most critical payment card fraud in Europe. It is often linked to other illegal activities. Criminals use stolen credit card credentials to do various things. For example, they buy airline tickets, make hotel reservations, rent houses, etc. They achieve this by combining CNP fraud with fake identity documents.
In most cases, victims are unaware of the unauthorized use of their cards because they still have the card in their possession.
Skimming scams
Not long ago, members of a gang that carried out skimming attacks on ATMs in America were arrested. The criminals managed to steal over 20 million dollars. The problem is that there is no protection on all ATMs and PoS terminals. Hackers copy the data from the magnetic strip of the cards.
In addition, they install skimming malware on the ATM, which allows data to be copied and fake cards to be created.
In Europe, using a counterfeit card (with a cloned magnetic stripe) is not an easy task. Most cards are protected with EMV chip technology (Europay, MasterCard and Visa).
After stealing card data, criminals upload it to the Dark Web to sell.
Jackpotting Scams
Jackpotting (or black-box) attacks are among the most common attacks on ATMs. Criminals usually install malware on ATMs by finding a USB. Other times, they use a blackbox device that plugs into the dispenser and empties the cash in the ATM.
Two of the most common tools for carrying out jackpotting attacks are WinPot and Cutlet Maker. They can be found on the dark web. In one attack, criminals drilled a hole in the ATM screen and connected a USB cable to the ATM printer cable. They then used the Cutlet Maker software, hacked into the system, and withdrew money. It only took ten minutes to carry out the attack.
Loyalty fraud
According to a new study, the rate of this type of fraud has increased by 89%. The study also showed that account takeover attacks (ATO) are among the most successful.
