2017 Data Breach Fraud Impact Report: Going Undercover and Recovering Data
- Date:June 14, 2017
- Author(s):
- Test
- Report Details: 20 pages, 6 graphics
- Research Topic(s):
- Fraud Management
- Cybersecurity
- Fraud & Security
- PAID CONTENT
Overview
In 2016, FIs were more vigilant about notifying their customers of fraud than ever before. That is the result of several contributing factors, not the least of which are new processes and increasing use of better technology. One of the most oft-discussed reasons for FIs increasing alertness, however, is their growing attention to online criminal communities. Whether FIs are interacting with criminals directly through their internal teams or receiving alerts from vendors about potential customer data being traded on underground forums, they are increasingly protecting customers through their use of subterfuge. This report explores this process, the motivation for FIs, and the thorny issues that can occur when FIs go undercover.
Key questions discussed in this report:
- What was the relationship between data breaches and fraud in 2016?
- What kinds of banking information is bought and sold on criminal forums?
- What outcomes come from FIs conducting online surveillance of criminals?
- What circumstances exist that would cause companies, or their vendors, to exchange payment for that data?
- What legal and ethical concerns that exist when performing such operations?
Methodology
- November 2016 survey of 5,028 consumers. For questions answered by all 5,028 respondents, the maximum margin of sampling error is +/- 1.40 percentage points at the 95% confidence level.
Learn More About This Report & Javelin
Related content
2024 Identity Fraud Study: Resolving the Shattered Identity Crisis
The Javelin Strategy & Research 2024 Identity Fraud Study provides a comprehensive analysis of fraud trends in the context of a changing technological and payments landscape. Its g...
Pig Butchering Scams: How Banks Can Stop the Slaughter
Pig butchering is a devastating, multilayered, drawn-out investment scam that leaves victims with nothing. By implementing robust customer education, employing effective fraud dete...
2024 Authentication and Identity-Proofing Vendor Solutions Scorecard
Identity-proofing, a fundamental need of financial services companies, is a space in considerable flux. Fintech companies that cut their teeth as e-commerce payments platforms are ...
Make informed decisions in a digital financial world