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?
- 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.
Interested In This Report
This report, sponsored by Neustar, a TransUnion company, explores identity fraud and the necessary steps business enterprises must take into consideration as a means of streamlinin...
This report, sponsored by BioCatch, explores the real-life risks and impacts of new-account fraud on financial institutions and consumers. This report is derived from the 2022 Iden...
Consumers are unable to escape the increasing surge of robocalls, scam texts and phishing emails that were heightened by the pandemic and continue on an upward trend. But communica...