Major Card Issuer Prevents Fraud Minutes After Dark Web Sales

A major credit card issuer struggled to determine which compromised cards were being sold on the dark web thereby blocking legitimate transactions while letting fraudulent ones slip through without visibility into different liability levels.

Goal

Proactively identify when compromised cards are being sold on the dark web to prevent fraud before it occurs and protect customer experience.

Herausforderung

The issuer lacked visibility into dark web card sales and couldn't determine which compromised cards posed highest financial and reputational risk. Without this understanding, they blocked legitimate transactions while fraudulent ones slipped through.

Ergebnis

Payment Fraud Intelligence monitors 70+ dark web shops and forums, alerting the issuer when cards appear for sale. During the pilot, fraudulent transactions appeared within minutes of each dark web sale.The issuer blocked these transactions and continuously identified additional compromised accounts which resulted in significant measurable fraud prevention and improved customer experience.

The Cost of Dark Web Invisibility

Both knowing if and when cards have been stolen and being able to identify when compromised cards are being sold on the dark web are high priority objectives for card issuers, because each card carries a financial liability when used for fraudulent purchases. As a result of card fraud, issuers not only have to consider the cost of refunding fraudulent transactions, they also have to deal with potential damage to their customer experience and company reputation.

In this case, before using Recorded Future, the major credit card issuer struggled to determine which compromised cards were being sold on the dark web, and therefore, the company faced a lack of understanding around the different levels of financial and reputational liability that each compromised card posed. Without visibility into the depths of the dark web, the issuer was blocking legitimate transactions while letting fraudulent ones slip through.

Im Gegensatz zu reaktiven Kontrollmechanismen, die erst nach einem Betrugsfall greifen, erkennt Recorded Future Payment Fraud Intelligence proaktiv gestohlene Kreditkartendaten aus über 70 Dark-Web-Shops und -Foren, um Betrug zu verhindern, bevor er überhaupt entsteht. Mit Recorded Future kann der Emittent wichtige Informationen über seine im Dark Web verkauften Karten erhalten, um seine Betrugsmanagementlösung zu verbessern und kompromittierte Karten einer erweiterten Betrugserkennungsgruppe hinzuzufügen, Konten zu sperren oder gegebenenfalls eine Neuausstellung zu veranlassen.

When reviewing Recorded Future, the card issuer quickly realized the value of Payment Fraud Intelligence. During the pilot, the issuer was alerted to cards for sale on the dark web, and saw that within minutes of each sale, fraudulent transactions appeared on the cards. Consequently, the issuer was able to block these fraudulent transactions and continuously find additional accounts that came up for sale on the dark web.

As a result of the findings from the pilot, the card issuer decided to purchase Recorded Future Payment Fraud Intelligence and reported “We were unable to find any other solution that even came close to Recorded Future’s offering.”

Der Kartenherausgeber stellte fest, dass wir mit Hilfe von Payment Fraud Intelligence „einen signifikanten, messbaren Einfluss auf das Ausmaß des Betrugs hatten, den wir verhindern konnten, und auch unser Kundenerlebnis weiter verbessern konnten, indem wir Unterbrechungen aufgrund betrügerischer Abbuchungen verhindert haben.“

Das Team von Recorded Future ermöglichte nicht nur eine deutliche Reduzierung des Kartenbetrugs, sondern bot dem Kartenaussteller auch hilfreiche Unterstützung. „Die Mitarbeiter von Recorded Future sind immer sehr reaktionsschnell, wenn wir Fragen haben.“ Die Informationen, die wir erhalten (z. B. Flash-Warnungen), sind immer sehr hilfreich.“