Fraudsters are sly, cautious, sneaky, crafty, quiet, surreptitious and smart. They are constantly changing the game: seeking out new techniques, leveraging past exploits, and being creative in order to find new ways to commit fraud. They play short games with schemes that show finesse and precision; they play long games with schemes that involve strong, intelligent moves, patience and accuracy.
Fraudsters love the dark web. To them it is a stealthy place where they can acquire injurious tools and interact with fellow travelers without being traced. It is a place where fraudsters can find voters rolls and Social Security numbers, lists of deceased people and their last known home addresses. It’s a place where they can buy and sell credit card details, share information about fraud schemes, tools to use, and the ripest business and government targets.
Some of the tools and techniques used by fraudsters include:
Fraudsters use these tools and techniques to open bank accounts, obtain credit or loans, or secure other forms of credit. They then commence playing a long game, posing as a legitimate credit union or bank customer in order to build up credit over time with the goal of maximizing their ‘take’ when they ultimately ‘bust out’ and defraud these companies and others.
Financial services companies have to find a strong partner in this war involving escalating AI / ML tools and techniques. Call or email FiVerity and learn more.