Major Card Issuer Prevents Fraud Minutes After Dark Web Sales
Large credit card issuer uses Payment Fraud Intelligence to monitor 70+ dark web shops and forums, blocking fraudulent transactions within minutes of card sales while improving customer experience by preventing charge disruptions.
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.
Défi
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.
Résultat
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.
Contrairement aux contrôles réactifs qui s’activent après la fraude, Recorded Future Payment Fraud Intelligence détecte proactivement les données de cartes volées sur plus de 70 boutiques et forums du dark web pour prévenir la fraude avant qu’elle n’ait lieu. Avec Recorded Future, l’émetteur obtient des informations critiques sur les cartes vendues sur le dark web afin d’enrichir sa solution de gestion de la fraude, d’ajouter les cartes compromises à un groupe de détection renforcée, de verrouiller les comptes ou, si nécessaire, de lancer une réémission.
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.”
Il ajoute qu’avec Payment Fraud Intelligence : « L’impact sur les tentatives de fraude bloquées a été significatif et mesurable, et nous avons également amélioré l’expérience client en évitant les perturbations liées à des transactions frauduleuses. »
En plus de réduire fortement la fraude, l’équipe de Recorded Future s’est montrée d’un grand soutien : « Tout le monde chez Recorded Future est toujours très réactif. « Les renseignements que nous recevons (alertes flash, etc.) sont toujours très utiles. »