November 14, 2017
The holidays, normally an active time for online fraudsters, will be especially problematic for card-not-present merchants this year. The recent Equifax breach has flooded the Dark Web with stolen personal information and, according to a new report from former hacker and fraudster Brett Johnson and antifraud technology provider Next Caller, consumers are exacerbating the situation.
Not only was the Equifax breach massive, it also put up for grabs the kind of data that co-author Johnson said would make the scope and type of fraud attacks “limitless.” Despite the danger, more than half of consumers polled (56 percent) said they are not any more concerned about becoming a fraud victim now than they were before the Equifax breach.
“It’s hard to understate the value that the information stolen during the Equifax breach has for fraudsters during this holiday season and beyond,” said Johnson. “While it’s good to see that many individuals have begun taking some measures to protect themselves, Next Caller’s research found a real false sense of security amongst consumers. This is worrisome because nothing leaves you more vulnerable.”
For businesses, the report makes several recommendations they can leverage to minimize their exposure to fraud in the online channel including locking down shipping and being aware of the dates with the highest likelihood of fraud: the weekend days between Black Friday and Cyber Monday, and Christmas Eve.