How to Overcome the 10 Most Common Cyber Threats

Fraud has become impossible to ignore these days – fraud due to credit card losses alone totals in the billions of dollars each year, according to Cisco Systems’ 2014 annual security report. As fraud quickly moves online alongside the introduction of new mobile devices, it is important for stakeholders to understand even just the basics of cybercrime – how criminals are attacking security holes. In a new whitepaper, ThreatMetrix reveals the 10 most common cyber threats and offers a guide on how to deploy the appropriate defense mechanisms so that you can save time and money.

Some of today’s most common and damaging cyber crimes indicated in the whitepaper include:

1) Payment Fraud

2) Account Takeover/Data Security Breach

3) Fraudulent Account Creation

4) Multi-Channel Web Fraud

Two types of defenses can be deployed to prevent cybercrime include passive defenses, or fraud detection, look for anomalies, log them, raise alerts, but take no other action. Active defenses are prevention techniques that are integrated into protection systems and processes. They can alter results in real time, terminate or deny suspicious sessions and transactions, and analyze behavior and collect intelligence in advance of future actions or transactions.

According to the whitepaper, ThreatMetrix’s TrustDefender Cybercrime Protection Platform is a cloud-based, active defense solution that is designed to reduce friction during transactions and access, and quickly establish trust with legitimate users through pre-site intelligence, visitor and device ID, botnet and malware detection, and behavior screening.

THE TOP 10 CYBERCRIME THREATS

Threat #1: IP Address and Geolocation Spoofing

Locations can be determined by an end user’s IP address and geolocation, but attackers even with limited skills can easily change both of these to make it appear as though they are elsewhere.

Threat #2: Botnets and Scripting Attacks

Attackers can launch their crimes from other people’s computers or devices to help cover their tracks. By using lots of these devices, they can benefit by added sophistication, performance, redundancy and subterfuge. A typical attack involves a fraudster using botnets and proxy networks to automate password guess attempts.

Threat #3: Stolen and Spoofed Identities and Payment Card Fraud

Attackers prefer to get as much information about their victims as possible, including credentials for numerous accounts, and personal information to allow them to answer challenge questions, receive shipments, and more.

For a complete list of the top 10 common threats that can lead to fraud or unauthorized access and how to prevent them, click on the button below to download the free whitepaper “Advanced Cybercrime Tactics.”