Imagine a world where stolen credit card “dumps” are offered for sale with discounts and money-back guarantees. Where fraudsters constantly find vulnerabilities, create and run organized scam forums with support teams
This is the world we live in, where Fraud-as-a-Service (FaaS) exists.
Do you want to know how FaaS work and how to protect yourself from it in the future?
What Is Fraud-as-a-Service (FaaS) and How Does It Work
According to ChargeBack Gurus, “Fraud as a service (FaaS) is an operation where fraudsters offer their tools or services for hire to clients on the dark web. These organizations are often run like a business, improving their methods and tools to improve efficacy and efficiency. They may offer access to botnets, automated software for committing fraud, or targeted hacking services.”
FaaS essentially offer fraudster-for-hire cyber. That’s an opportunity for anyone to contact a provider who’ll get dirty by stealing online accounts, credit card numbers, or even launching targeted attacks, so you don’t have to learn how to do it or get involved with it.
FaaS is the evolution of fraud, where technology makes criminals’ life more convenient.
In these terms, it’s clear it was bound to happen, as The Weekly Geek stated back in 2010: on-demand, web-based fraud that mirrors the efficiency, sophistication, and universality of Software-as-a-Service (SaaS).”
The underground economy developed a similar infrastructure as those that corporate IT managers run to satisfy on-demand software needs, now transformed into SaaS. That’s what they meant. And that’s what we all have to understand, as well as best practices in order to protect your brand reputation with your customers and your business revenue.
That’s why we will accurately pinpoint elements that make FaaS a concept on its own:
- Use forums and other global networks (mostly on the Dark Web) of criminals for international fraudulent collaboration.
- Operate out of countries and jurisdictions.
- Convert fraud into a profitable product that can be sold on and scaled.
- Constantly engage in research, development, and training to update scams.
It’s clear most “service providers” involved know what they’re doing. And when they don’t, they got knowledgeable others to back them up.
Is there any chance to protect yourself from fraudsters?
How to Protect Yourself from Fraud-as-a-Service (FaaS)
Just as in the physical world, threats come and go (although comes faster than they go).
But the best way to increase your chances to avoid FaaS is to harness dynamic intelligence, create specific response capabilities, and defend/strengthen your business’ identity.
Does all of this sound complex?
Don’t worry. We’ll enlist 7 vital tips to protect yourself from Fraud-as-a-Service from now on.
You can get more insights on DarkReading, the site where they were initially posted.
- Limit Data Entry Attempts and Velocity
- Screen Orders
- Run Batch Analyses (Detection at Scale)
- Avoid Automatic Declines
- Use Manual Review
- Continuously Train your Machine Learning
- Monitor Brand Mentions
From now on, you got two steps to take on in order to protect yourself and your business from “Fraud-as-a-Service (FaaS)”. The first is educating yourself with a recommended, recorded presentation named 2022: The Year of Fraud-as-a-Service published on BrightTalk.