Modern fraud prevention strategies are built around fraud monitoring. Bank accounts are constantly monitored for all activity, not just financial transactions like payments and withdrawals, which occur after a user logs in. Whether monetary or non-monetary, all acts and events are examined as part of a continuous fraud monitoring system.
However, financial fraud is still on the rise and doesn’t seem to be stopping. That’s why more and more companies are looking towards adopting financial fraud monitoring solutions and services provided by anti-piracy companies. Let’s look at why the internet should be monitored for financial fraud.
1. It Can Spot Out Bank Templates
Hundreds of consumers are duped by scammers pretending to be from their bank and sending them bogus emails, texts, or phone calls every day. The dark web is rife with scammers and phishers who want to use bank email and web templates for their scams. In 2020, a total of 2.2 million reports of fraud were received by the Federal Trade Commission, resulting in a loss of roughly $3.3 billion.
With the use of financial fraud monitoring services and solutions, templates used to lure in victims can be discovered, and the authorities can be made aware of this so they can proceed to take the necessary actions against these cybercriminals.
2. It Can Identify Leaked Consumer Data
Customers’ personal information, such as email addresses and passwords, might be dangerously compromised if they are leaked. Such details, if leaked, can be used for all kinds of things. The effects of such incidents can be devastating for everyone as it will ruin them financially and be a huge inconvenience for them to deal with it.
3. It Can Identify Stolen Credit Card Credentials
On the dark web, there are various ways to make use of stolen credit card information. Examples include money laundering scams and converting “black” funds to “legal” funds. In addition to facilitating gang and organised crime activities, the selling of card numbers helps finance the trade in illegal weapons and drugs and drug and gun trafficking in general.
They resell the information to other criminals that may make use of it. There are numerous websites and forums where the information may be sold, and other crooks will purchase it and utilise it.
Looking To Get Financial Fraud Monitoring Services?
If you or someone you know requires financial fraud monitoring services, Onsist is your best option. We are one of the leading providers of high-quality, effective anti-piracy services and solutions in Europe. Our years of experience in the industry have allowed us to understand the needs and requirements of modern-day cybersecurity, enabling us to help over 700 brands in our twelve years of service.
Contact us for more details.