Hacker Contracts: The Economy Behind Illicit Markets Malicious actors often rely on each other to launch attacks. A carding ring that was recently dismantled by Russian authorities, for example, led to the arrest of 25 individuals who were working together. … Read More
Solution – Prevent Financial Fraud
Stolen Financial Information Is Used to Commit Fraud
Malicious actors collect financial and personal information from individuals through phishing, skimming and card-not-present fraud schemes. This financial information is then sold on the criminal underground. An identity can be used by multiple malicious actors to commit credit card fraud, to open new bank accounts and to apply for loans.
Gross fraud losses linked to card-based payment in Canada alone could reach up to $625 million.
Source: Nilson report / Payments Canada
A Directory of Financial Fraud Victims
Flare Systems has compiled a directory of financial fraud victims based on leaks on the dark, deep and clear web, as well as identities for sale on illicit markets. Partial and full personal identifiable information is then enriched with insights harnessed from and shared among a network of financial institutions. This enables our partners to check if their customers have been victims of fraud while preventing our partners from accessing the victims’ information.
WHY IS IT IMPORTANT
Prevent Identity Fraud
Identity fraud is one of the least reported crimes and therefore has a high dark figure that limits preventive measures.
Why Choose Firework
The Collaborative Fraud Prevention Platform
By collaborating with each other in Flare Systems’ network, financial institutions gain access to previously unavailable data about fraud victims in Canada.
Flare Systems’ technology protects the information of victims while enabling financial institutions to detect if their customers have been defrauded.
Flare Systems respects all Canadian and international regulations protecting the privacy of individuals.
See How Flare Systems Can Help You Prevent Financial Fraud
Preventing Account Takeover in E-Commerce And Retail Webinar by David Hétu, Flare Systems and Pharid Jaffer Access the Video Digitalization, cloud based-services, and the rise of online marketplaces and services have increased the number of entry points for malicious actors … Read More
Podcast: Exploring Leaked Credentials A Practical Guide To Account Takeovers Prevention Stream the podcast now! About the Podcast: As the workplace has moved online and an increasing number of employees begin to work from home, the challenges to our data … Read More