According to estimates from fraud prevention startup Trustev, there are 250 million compromised payment card numbers for sale in the online black market. The ease with which fraudsters can obtain this information emphasizes the importance of being able to effectively authenticate and verify identity information provided online.
Trustev, an Ireland based startup and fraud prevention vendor, released a Global Fraud Monthly Threat Briefing for the month of April. In addition to finding that there are currently more than 250 million stolen credit cards for sale online, the briefing included several interesting fraud statistics based on Trustev’s client base of over 100 customers based on activity seen during March.
One of the most common characteristics of transactions identified as fraud was inconsistencies with location data on the transaction as 37 percent of identified fraud had some type of inconsistency between billing, shipping, IP and other location information. Fake proxies to mask IP information were detected in 35 percent of identified fraud while 27 percent of identified fraud had signs of suspicious site navigation and page filling. Only 9 percent of identified fraud involved session hijacking.
From a platform and device perspective, the majority of identified fraud came from a Windows operating system at 75 percent. Meanwhile the share of identified fraud coming from a mobile operating system was 11 percent. Additionally, more than one-third of identified fraud showed automated activity that could’ve signaled direct bot activity or a compromised device.
The briefing also showed that the majority of fraud is occurring in the United States. The US is the source of 65.9 percent of global fraudulent activity while absorbing 57.2 percent of the global fraud losses.
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