Why Fraudsters Are Big Fans of Real-Time Payments
Real-time data. Online social networks. Real-time payments. For the fraudsters, it’s all a match made in heaven.
As DataVisor CEO Yinglian Xie told PYMNTS’ Karen Webster criminals are proving adept at data sharing in organized ways — and their schemes are proving more lucrative than ever.
Once fraudsters understand a payment system’s vulnerabilities and loopholes, they share it in their networks (even on social media), and coordinated large-scale attacks ensue. The bad actors can siphon away huge sums of money, cashing out before anyone can stop them.
“It’s surprising how fast things can propagate,” Xie said.
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