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Complete Story
02/27/2019
The payments industry is falling behind fast-acting fraudsters
PaymentsSource
Financial institutions, retailers and mobile wallet providers struggle to keep up with changing fraud patterns. Fraudsters have become increasingly more sophisticated, creating networks around the world that run like legitimate businesses, for the sole purpose of perpetuating mobile fraud.
Today, fraud is managed like a high-tech operation, with multiple hired professionals at different organizational levels.
Organized-crime-like fraud syndicates hire professionals with coding skills, distribution capabilities, money mules and fraud specialists who have access to stolen credentials, hacked smartphones and fraudulent SIM cards. The result is an advanced network of fraudsters with diverse and cutting-edge tools and schemes.
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