Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Application Security

12/30/2019
10:00 AM
Emily Wilson
Emily Wilson
Commentary
Connect Directly
50%
50%

Fraud in the New Decade

Like any enterprise that wants to survive, fraudsters and hackers will continue to build on past successes to fuel future growth

The next decade will be a reckoning for the commercial data economy created over the last 10 years. Our reliance on social media and smart devices has powered large-scale data collection for tech giants dedicated to user surveillance as a primary competitive advantage.

Meanwhile, fraud continues to exploit technology’s double-edged sword: increased data collection enhances customer experience and opens gateways to  while  and security.

7x彩票网appAt the cusp of 2020, these are the fraud developments of the past decade that will come to fruition in the next 10 years.

Demand for marketing data will fuel complex fraud
The commercial demand for new data types – personal profiles, shopping and browsing habits, micro-targeted political affiliations – offers fraudsters a wealth of opportunities to craft more detailed personas, or to more accurately impersonate a legitimate consumer. 

7x彩票网appWith authentication shifting toward user behavior identification and biometric profiling, fraudsters will do as they’ve always done – target low-hanging fruit with late adopters, and then bypass gaps in new technology. This process played out during the introduction of credit cards with chips, as criminals exploited the last opportunities for traditional carding schemes before being forced to shift tactics. A sharp uptick in , as fraudsters migrated to online payment systems.

Account takeover will evolve to account access-as-a-service
The rise of the dark web fraud economy has allowed vendors to offer more specialized goods and services. Instead of merely offering account credentials to fraudulently stream the latest series or major sports event, dark web vendors now offer booking services for travel and hospitality brands to give fraudsters the benefits of accounts with branded "points" or "status" without the hassle of managing account takeover directly.

Selling branded points is not new on the dark web, but these listings indicate a maturing market for illicit vendor services. Whereas previously vendors offered sales on fraudulent loyalty points to beef up the buyer’s existing account, vendors are now taking their value-added offerings a step further by selling off managed account access. Ongoing and managed access to legitimate services provides fraud buyers all the benefits of account takeover, without the risk to access or book services through the account themselves. This account access-as-a-service model could represent new offerings based on ongoing criminal network access, or it could be a developing trend in insider threats, as employees at hospitality brands look for avenues to make money on the side through selling benefits of account access. 

Old breaches will resurface in data compilation
The scale of data exposure has changed. Previous milestone breaches exposed mere tens of thousands of records. Countless recent breaches have impacted hundreds of millions – sometimes billions – of records at once. In addition to retail and finance breaches, healthcare and education exposures, and tech service platforms with unsecured servers, we also saw highly sensitive exposures from sources like the  (OPM) and .

7x彩票网appThe last two years also brought major marketing firm breaches, at  (340 million records),  (809 million records), and most recently,  (1.2 billion records). These data aggregators contain tracking and customer profiling data vital to the commercial data economy. Many valuable data sets float freely across criminal marketplaces, making it easy for average cyber criminals to build cross-referenced compendiums, to say nothing of well-resourced state and non-state actors.

7x彩票网appWhile attribution is difficult under the best circumstances, at least one major hack or heist in the next decade will be tied conclusively to compiled data from previous data breaches.

Synthetic identities come home to roost
7x彩票网app With constant data exposure, fraudsters seek out fresh data sets. The freshest data belongs to those who’ve only just been born. The demand for child data , as vendors sell infant data or information . In coming years, countless minors will apply for credit only to discover they're already in decades of debt.

Due to the 2011 change in how the , cyber criminals can easily use the SSN of a minor (or an SSN that has not been issued yet) to open fraudulent credit profiles. While  for banks to validate accounts with the Social Security Administration, the long tail development of that system will provide cyber criminals with another few years, at least, to exploit children.

Where we go from here
7x彩票网app Consumers must think critically about the information they share online. Limiting data sharing may limit features and usability, but also decreases opportunities for exposure and profiling by cyber criminals.

Organizations likewise need to take stock of their assets and exposure now, to get a baseline understanding of their existing digital risk. As they add new assets, those assets should likewise be inventoried and monitored to track if and when information becomes exposed.

As new data types become exposed, organizations can track early warning signs of risk area with increased attractiveness for cyber criminals. With ever-increasing data compromise, organizations must take cues not only from developing anti-fraud technology, but also directly from how cyber criminals adapt in the years ahead.

Related Content:

Check out The Edge, Dark Reading's new section for features, threat data, and in-depth perspectives. Today's top story: "How to Manage API Security."

Emily Wilson is the VP of Research at Terbium Labs, the leading digital risk protection provider. Emily directs Terbium's strategic research programs, where she focuses on the dark web, the criminal economy for personal information and stolen payment cards, and the increasing ... View Full Bio
Comment  | 
Print  | 
More Insights
Webcasts
More Webcasts
White Papers
Reports
More Reports
Comments
Newest First  |  Oldest First  |  Threaded View
50%
50%
RyanSepe,
User Rank: Ninja
12/30/2019 | 1:40:03 PM
Where we go from here
I very much agree with your sentiment around consumers needing to take a more stringent approach with their data. I think to a degree they will but not to the extent that it will drastically quell lost data and fraudulent actions. Unfortunately, best practice security that is not enforced is rarely proactively adhered to.

I hope that consumers will learn from this decades teachable moments but its our duty as practioners to drive those points home.
How Attackers Could Use Azure Apps to Sneak into Microsoft 365
Kelly Sheridan, Staff Editor, Dark Reading,  3/24/2020
Malicious USB Drive Hides Behind Gift Card Lure
Dark Reading Staff 3/27/2020
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: This comment is waiting for review by our moderators.
Current Issue
6 Emerging Cyber Threats That Enterprises Face in 2020
This Tech Digest gives an in-depth look at six emerging cyber threats that enterprises could face in 2020. Download your copy today!
Flash Poll
IT security and application development are disparate processes that are increasingly coming together. Here's a look at how that's happening.
7x彩票网app Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database

PUBLISHED: 2020-03-27
Local Privilege Escalation can occur in PHOENIX 7x彩票网app PORTICO SERVER through 3.0.7 when installed to run as a service.

PUBLISHED: 2020-03-27
Insecure, default path permissions in PHOENIX 7x彩票网app PC WORX SRT through 1.14 allow for local privilege escalation.

PUBLISHED: 2020-03-27
An exploitable denial of service vulnerability exists in the GstRTSPAuth functionality of GStreamer/gst-rtsp-server 1.14.5. A specially crafted RTSP setup request can cause a null pointer deference resulting in denial-of-service. An attacker can send a malicious packet to trigger this vulnerability.

PUBLISHED: 2020-03-27
The custom-searchable-data-entry-system (aka Custom 7x彩票网appable Data Entry System) plugin through 1.7.1 for WordPress allows SQL Injection. NOTE: this product is discontinued.

PUBLISHED: 2020-03-27
GitLab EE/CE 8.11 through 12.9.1 allows blocked users to pull/push docker images.
66?????? 7072???? 7073???? 689????? 963???? 66????? 7073???? 7073???? 66???app 8????app