On Jan 4th, we saw a dump of 2 Million cards onto the black market – one of the largest single day drops we’ve seen in a while. While we can’t definitively say what the source of the breach was, the percentage of Extremely High Value cards is significantly higher than we see on average. These are cards like the Amex Centurion card – an invite-only card that comes with a $7500 setup fee, and $2500 annual fee. While it is hard to determine from a single black market, this would indicate these could come from a high end source, such as Neiman Marcus.
Easy Solutions offers black-market monitoring as part of our Detect Monitoring Service (DMS) to provide our customers with early warning of massive credit/debit card breaches like the one announced by Target this morning. Over 40 million cards compromised, probably the result of a systematic attack on Target’s payment infrastructure.
As we are in the midst of the largest online holiday shopping phenomena ecommerce has ever experienced, it’s pretty safe to assume that fraudsters are looking for new and even more ways to put a little jingle in their wallets this season and beyond. So in a year where we are seeing data from various sources indicating financial fraud is climbing faster than Santa can slide down your chimney, we have pulled out our crystal ball to make some 2014 Financial Fraud Predictions here at Easy Solutions to help you stay head of the game in the coming year. While these are just predictions, they are based off of some very real trends and data we are seeing here at Easy Solutions:
Mobile fraud will evolve faster than defenses for at least another year. In the last month, the four major US mobile carriers announced that they will begin blocking premium or paid SMS charges, otherwise known as cramming. Around 75% of all existing mobile malware uses this method to monetize mobile fraud. Cutting off this revenue source for fraudsters will accelerate innovation of mobile malware and take more advanced techniques like SMS OOB interception into the mainstream.