Fraud rate doubles as cybercriminals create new accounts in users’ name

To get more value out of stolen personal information, cybercriminals doubled their rate of account creation fraud this summer, according to a report report from NuData Security.

Between May and July, 57 percent of the 500 million account creations analyzed were high risk or fraudulent — up from 28 percent in February, March and April.

NuData Security processes billions of transactions a year for financial institutions, online shopping sites, and other companies looking for suspicious behaviors.

According to Ryan Wilk, NuData’s director of customer success, criminals are increasingly looking beyond just using stolen credit card numbers.

To read this article in full or to leave a comment, please click here