A group of hackers targeted a U.S. technology firm over the July Fourth holiday, saying they locked up to a million personal devices. In the unprecedented cyberattack, the group demanded $70 million to unlock the devices.
The Swedish grocery chain Coop is the group’s biggest known victim. Because the company’s registers are all online, the attack forced the closure of hundreds of locations.
Fraudsters often use their “earnings” to perpetuate crime. In order to stop the cycle of fraud, businesses need to prevent it from the beginning. Fraud prevention solutions can stop fraud before it starts.
Fraud attempts against businesses have increased 46% since 2020. This figure is only expected to increase, as consumers normalize digital interactions.
Fraudsters are using new, smart technology like artificial intelligence and machine learning to mass-deploy millions of attacks. Without AI and machine learning tactics of their own, human analysts risk becoming overwhelmed by the sheer volume of threats.
The number of smart point-of-sale (POS) terminals in circulation is set for a major increase over the next few years, according to Juniper Research. These systems feature analytics and loyalty data that can be integrated into the terminal itself. Research suggests the number of devices will increase from 13.7 million units in 2021 to 35 million by 2026.
As consumer demand for digital payment methods continues to grow, businesses are looking for increasingly sophisticated payment systems. Kount can help protect those payment systems from fraudsters.
Businesses are set to suffer over $206 billion in losses from identity fraud between 2021 and 2025, according to Juniper Research.
Surges in synthetic identity and account takeover fraud can compromise customer payment data. However, the research indicates that merchants can fight back. AI-driven and machine-learning-based platforms can combat increasingly sophisticated criminal attacks.
Investigators have arrested and charged three people with theft and connected 87 individuals across 23 states to a counterfeit coupon scheme. Investigators traced the scheme from a counterfeit coupon website to a printing house wherein fraudsters were printing coupons en masse. Allegedly, the printers used were identical to those used by major retailers.
A more common form of e-commerce promo abuse is code cracking in which a bad actor rapidly attempts thousands of possible promo or coupon codes to find ones that work. An account takeover solution can help businesses detect when promo abusers are attempting to crack discount codes.