Data is Digital Gold. That Makes it a Top Priority for Fraudsters.
What are fraudsters looking for in the digital age? Is it Cash? Card numbers? Maybe, but more often than not, data is the real treasure fraudsters are hunting for, as I explained in a new feature in Internet Retailer magazine. Thanks to author April Berthene (@AprilBertheneIR) for inviting me to provide some of insight on the topic for her piece, “Fraud Shifts Online” in the October issue!
It’s true: in the last decade, we’ve seen a massive shift from brick-and-mortar fraud to the eCommerce environment. Part of the problem is just a natural result of increased eCommerce activity. There’s a bigger issue we’re not addressing, though, and that’s the fact that more and more criminals see eCommerce as the “path of least resistance.”
But, while individual fraud attacks are costly, the prospect of data theft is a much broader threat. Criminals have the potential to make millions with a large-scale data breach. They steal cardholders’ information and sell it off to other criminals, who in turn, victimize cardholders.
Who ultimately pays the price, though? It’s the merchants, who face billions in fraud losses every year.
We’re still early in the development of the digital market. However, I don’t think it’s an exaggeration to say this is one of the greatest threats facing our economy in the 21st Century. I’m always happy to offer some tips and other information on the problem, because the more we get out there, the better chance we have of reducing the impact of fraud on everyone.
You can check out the full version of the piece in the October issue of Internet Retailer magazine, available now. Or, Click here to view a digital sample of the feature.
