life as a fraudster: fraud university

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Welcome to College, Kid.

Life As A Fraudster: Fraud University

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Decided on Your Major, Yet?

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Common Types of Fraudsters

Malware Writer Phisher/Spoofer Skimmer

Card Counterfeiter Underground Marketplace Seller

Mule/Shopper

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Hey, I Love Fishing! Last Weekend, I Caught a 12-Pound…

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Wrong Kind of Phishing, Kid. Yeesh! You Need Training.

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Let’s Review Our Online Curriculum.

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Fraudsters train on

nomenclature to understand

techniques

Online access to malware, skimmers, and more

Zero cost of entry for fraudsters

ACTUAL FRAUD COURSE ON DARKNET / CRYPTONET

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Great. Now, How Do I Make Money?

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Easy Kid. Next Is the Finance Unit in the Course.

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Multiple articles describing different techniques for turning fraud into cash

ACTUAL FRAUD COURSES ON DARKNET / CRYPTONET

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Sweet! Anything Else?

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Communications and Security Units Are Next.

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DARKNETS AND CRYPTONETS EVEN HAVE ONLINE ADS!

VPNs keep communications secret, hide financial

transactions, and more

Proxy servers mask IP address and hide true location

Online training and recruiting by criminal gangs

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Think I’m Ready for the Big Time. Something in Management?

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You Gotta Start at the Bottom and Work Your Way Up, Kid.

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Organized, professional criminal organizations

Executives Financiers

Trainers

Operators

Managers

Mules Shoppers Even Internships!

Coders

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If I’m Going to Be Entry Level, Phishing Sounds Like Fun…

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“[It’s] ridiculously easy to do. Anyone with a computer and $100 could start making money tomorrow.”

Dan DeFelippi(convicted of credit

card fraud and ID theft)

Suspicious From: address

Actual logo Trojan:

JS/Agent malware payload

Official-looking copyright

Real phone numbers, even TDD/TTY info!

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Ridiculously Easy? That’s My Kind of Work!

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You Can Make Some Decent Money, Too, Kid.

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$1,237

Average monthly wage in countries with highest card fraud

$579

$710

$189

$603

South Africa

Russia

Romania

Venezuela

Brazil

$575Indonesia

Average CNP fraudster spends $900 in 5 days

$5,400per month

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All That’s Left is the Advanced Placement Unit: Synthetic IDs.

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Sounds Hard.

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Not To Worry, Kid. Data Breaches Make It Easy.

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total data breaches (2005-2015)

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Stolen personal data... Enables new fraud types…

Account Takeover: banking, credit card, Amazon, airline miles, and more.

Open New Accounts: credit card, insurance policies (file false claims), and more.

Synthetic ID: order tickets with airlines miles, take out loans, and more.

Where you work

What you earn

SSN

Email address

Mobile phone number

000-00-0000

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1. Fraudster buys one of 113 million stolen Social Security Numbers (SSNs)

2. Combines SSN + fictitious names, emails and addresses, to open credit card accounts

3. Fraudster maxes out first “legitimate” credit card account, moves on to next

4. No real person affected, so no fraud reported,continues maxing out accounts

Synthetic Identity

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What About The Cops?

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Don’t Sweat It, Kid. They’ll Never Lay a Finger on You.

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76 countries have no extradition treaty with the United States

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Dude, I Ain’t Living In Moldova!

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Even if You Work Inside the U.S., Nothing’s Gonna Happen, Kid.

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CNP fraud not #1 priority

• $250,000 threshold PER INCIDENT before Feds get involved

• Counter-terrorism efforts take up most of cybercrime resources, manpower, and expertise

• Interagency/interstate conflicts make enforcement tough for local authorities

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However, Kount helps fight bad guys by providing data to build a case…

1. CrimeProve criminalintent

2. VictimShow you arevictim of creditcard fraud

3. EvidenceTie fraudsterto fraudulenttransaction

4. JurisdictionContact policewhere goodswere shipped

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So the Only Thing Left to Stop Me is the Merchant?

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Yep.

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HA HAHA! HAHA HA HAHA HA HAHA! HAHA HA HAHA HA!

HAHA HA HAHA!

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He Spent the Last Week Studying Fraud. Have You Spent the Last

Week Studying Fraud Prevention?

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Good One, Kid. You’ve Graduated.

Fight the Fraudsters with Kount Complete™

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