Cybercrime Threats You Don't Know Yet + Big Issues with ID Doc Verification w/ David Maimon

Fraudology is presented by Sardine.

David Maimon is back (after Tuesday's episode) with even more insightful observations from his team's research of the cybercrime ecosystem. He first shares what the "Evidence Based Cybersecurity Research Group" at Georgia State University has observed about different groups & types of groups of cybercriminals. Including the online fraud methods, tools, and tactics that Russians cybercriminals prefer to the measurable impacts of the Russian Invasion of Ukraine on international cybercrime.

David then talks about one of the biggest changes over the last 2-3 years within the online fraud ecosystem, especially those targeting US companies' fraud methods that have grown exponentially. -The biggest threats are no longer external. "The call is coming from inside the house." The fact that the biggest threat actors to online companies & financial institutions are within the borders, by US citizens makes the types of fraud & methods being used much harder to identify than foreign threats. Whether it's identity fraud using stolen or fraudulent identity documents (driver's licenses, passports, etc.), check fraud, or refund claims fraud, American cybercriminals have the most to gain from American businesses. -With very little, if any repercussions.

After talking about some of the reasons why internal cybercrime is so much more difficult for fraud detection technology (especially detection technology that hasn't been updated in the last 2 years), Karisse & David talk about what the US government would need to do to even start to get a handle on these issues. But private companies can only do so much, no matter how much they spend to detect fraud; if changes aren't made to the low requirements to obtain identity documentation w/ a fake or stolen identity, there prevention efforts can only detect & prevent so much.

David ends the episode with probably the most informative 15 minutes you will hear this week as he talks about the top cybercrime threats he & his team are seeing being discussed and shared within the "criminal underground". From check fraud no longer being preventable by using gel pens to the millions of fake identities that are quietly aging, these new threats remind all of us that this battle to make it more difficult for cyberfraud to be committed is endless; often with more battles lost than won. -But that also highlights the critical importance of collaboration & information sharing, like we do on Fraudology, more than ever.

If you don't already follow David on LinkedIn, it will be the smartest decision you make all day: https://www.linkedin.com/in/david-maimon-29343632/To read some of the public research reports, and to learn more about the Evidence Based Cybersecurity Research Group at GSU: https://ebcs.gsu.edu/about/ 

Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line.

Connect with her on LinkedIn

She brings her experience, expertise, and extensive network of experts to this podcast semi weekly, on Tuesdays and Thursdays.

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