The world of fraud prevention (and information security in general), is characterized by an arms race between the good guys and the bad guys. Security companies and financial institutions develop solutions, procedures and policies to thwart fraud attempts, while fraudsters develop the tools and techniques to circumvent these systems. If a certain fraudulent activity is observed, companies react by customizing the systems, or inventing new ones, to identify and prevent the reoccurrence of this activity.
Crowd sourcing cybercrime investigations could harness the power of the web and its population to track down cybercriminals. But such a community effort of a cyber investigation comes with big challenges…
Considering that the meaning for law enforcement of an on-going relationship, with any security company, is a constant supply of information in support of their investigation, it’s in their interest to learn how to make these relationships work. Yet, while some agencies seem to have become masters in building and maintaining these relationships, some simply do not understand what makes the industry tick.
While Fraudsters May be Equal in Terms of Rank, when it comes to Sophistication – they are not. The Higher the Sophistication Level of Individuals, the Fewer they are in Numbers
The end of the year is a great opportunity for security companies and experts to write predictions on what is most likely to happen during next year. In many cases, these predictions can be summed up in “next year is going to be much worse, we’re all doomed, and you’ll have to invest more money if you want to defend your assets from the bad guys”.
It’s impossible to talk about the world of fraud without mentioning mules. When it comes to infrastructure, mules are just as important – if not more important – than having a botnet or a phishing attack set up. After all, what use are online banking credentials if you can’t cash them out?