How To Fight Online Fraud: Ruin Cybercrime’s ROI
First, there is no safety — or perhaps even wisdom — in crowds.
Second, friction is good.
Welcome to a different world — in this case, the world of digital thieves, hackers and other such criminals. Stepping into this world is vital for anyone serious about preparing a proper defense against online fraudsters in 2019. Sure, that’s almost a cliché — know thy enemy. But in a new PYMNTS discussion between Karen Webster and Fang Yu, CTO and co-founder of DataVisor, the two of them step further into that world than is often the case, offering not only the latest information about the digital fraudster mindset, but the latest guidance about how to defeat such criminals.
The 2018 holiday season has barely ended and it’s a good bet that retailers and payments players have yet to identify all the fraud that took place. That’s because, according to Yu, the best criminals — the ones who make great livings from their illegal craft, and likely will never have to worry about spending a night in a police station, must less jail — are smart and disciplined enough to make their attacks at low volume (think of that as a nimble flanking move) rather than head-on, high-volume thrusts that would probably compare to an assault on an enemy’s center. The financial sector, specifically, stands as the typical target for such sophisticated criminals, Yu told Webster.