Top 9 Fraud Attacks and Winning. Mitigating Strategies. Carl Tucker. Tom Donlea Managing Director of Americas Merchant Risk Council
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1 Carl Tucker Top 9 Fraud Attacks and Winning CyberSource Mitigating Strategies Principal, Managed Risk Services Tom Donlea Managing Director of Americas Merchant Risk Council
2 Confidentiality Notice By accepting this presentation and the information herein, you acknowledge that the information furnished to you is confidential, (the Information ) and that your use of the information is limited to your business dealings with CyberSource Corporation, or its affiliated company, ( CyberSource ). You agree to keep the Information confidential and not to use the Information for any purpose other than in your business dealings with CyberSource. The Information may only be disseminated within your organization on a need-to-know basis to enable your participation in business dealings with CyberSource. Please be advised that the Information may constitute material nonpublic information under U.S. federal securities laws and that purchasing or selling securities of Visa Inc., the parent company of CyberSource, while being aware of material nonpublic information would constitute a violation of applicable U.S. federal securities laws. Forward-Looking Statements Today s presentations may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on our current assumptions, expectations and projections about future events which reflect the best judgment of management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by our comments today. You should review and consider the information contained in Visa, CyberSource s parent company, filings with the SEC regarding these risks and uncertainties. CyberSource, a subsidiary of Visa Inc., disclaims any obligation to publicly update or revise any forward-looking statements or information provided during today s presentation. 2
3 G2W Housekeeping Please use Questions area of your control panel. Questions at the end unless additive. Links will be provided as follow-up. Any unanswered questions will be shared with presenters. 3
4 MRC Program Objectives Networking Benchmarking Education Advocacy Connect members to other members and industry leaders to share information and best practices. Provide member access to industry-specific data and information used to measure operational functionality and efficiency. Develop and implement programming that assists with professional development, improves organizational operations and enhances long-term strategic growth. Lead and facilitate efforts to effect positive change in the electronic payments industry. 4
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6 CyberSource The Universal Payment Management Platform Fraud Management Merchant $190B Complete Lifecycle Management Global Payment Acceptance Integrations and Developer Services Payment Security Fraud Management Professional Services Analytics and Administration Payment Management Platform Managed Risk Services One platform Multiple channels Single integration 6
7 MRC Survey of Merchants Survey sent to MRC members between August respondents 7
8 Top 9 Fraud Attacks 9.Triangulation Schemes 8
9 9. Triangulation: Definition eretailer/ Marketplace Fraudster Auction Site Innocent Consumer 9
10 9. Triangulation: Strategy Consumer Electronics Situation Customer complaints increasing Analysis Customer complaints linked to chargebacks Same IP Solution Velocity of IP and accounts Product velocity Purchase History/ Velocity One user making multiple purchases with multiple shipping locations One user purchasing the same or similar products multiple times Customer Activity Age of the customer account Number of purchases compared to the age of customer account Ignoring product discounts or promotions Session Profile Length of buying process 10
11 Top 9 Fraud Attacks 9.Triangulation Schemes 8. Phishing/ Pharming/ Whaling 11
12 8. Phishing/Pharming/Whaling: Definition 12
13 8. Phishing/Pharming/Whaling: Definition Targeted Brands Phished 1Q January February March * Phishing Activity Trends Report 1Q 2012; antiphishing.org 13
14 Top 9 Fraud Attacks 9.Triangulation Schemes 8. Phishing/ Pharming/ Whaling 7. Botnets 14
15 7. BotNet: Definition Bill Detroit Over 3 Million Zombie Botnets in Symantec Internet Security Threat Report 2011 Mary Los Angeles Merchant George Miami Fraudster Nigeria 15
16 7. Botnet: Strategy Ticketing Company Situation Organized crime attack Analysis Identified true IP = Vietnam, associated with multiple purchases Solution Device IP = Vietnam Same Device IP with multiple credit cards Device Fingerprint Device associated with a Botnet Time zone difference from the IP to the Device Browser language consistency with device location Multiple tracking elements linked to same device? Proxy Piercing Does FP = VPN Proxy identification: anonymous, hidden, transparent 16
17 Top 9 Fraud Attacks 9.Triangulation Schemes 6. Re-Shipping 8. Phishing/ Pharming/ Whaling 7. Botnets 17
18 6. Re-shipping: Definition Fraudster eretailer/ Marketplace Mules 18
19 Top 9 Fraud Attacks 9.Triangulation Schemes 8. Phishing/ Pharming/ Whaling 6. Re-Shipping 5. Affiliate Fraud 7. Botnets 19
20 5. Affiliate Fraud: Definition eretailer Affiliate Innocent Consumer 1. Affiliate and merchant have relationship 2. Affiliate and merchant have NO relationship 20
21 Top 9 Fraud Attacks 9.Triangulation Schemes 8. Phishing/ Pharming/ Whaling 7. Botnets 6. Re-Shipping 5. Affiliate Fraud 4. Identity Theft 21
22 4. Identity Theft: Definition *Symantec Internet Security Threat Report
23 4. Identity Theft: Definition Identity fraud Incidence Rate 6.0% 4.35% 4.9% Total Annual Cost $B $31 $20 $18 Mean Fraud Amount $2,219 $1,911 $1,513 Mean Misuse Time (days) *2012 Identity Fraud Report: Javelin Strategy & Research 23
24 Top 9 Fraud Attacks 9.Triangulation Schemes 6. Re-Shipping 3. Friendly Fraud 8. Phishing/ Pharming/ Whaling 5. Affiliate Fraud 7. Botnets 4. Identity Theft 24
25 3. Friendly Fraud Definition Individual behavior, not systematic but can be expensive Buyers remorse can t detect Strategy Business processes Review process 25
26 Top 9 Fraud Attacks 9.Triangulation Schemes 6. Re-Shipping 3. Friendly Fraud 8. Phishing/ Pharming/ Whaling 5. Affiliate Fraud 2. Account Takeover 7. Botnets 4. Identity Theft 26
27 2. Account Takeover: Definition Overview.mail.yahoo.com/accountsettings/mail Change Account Settings Name: Password: ************ Mobile Phone number: Edit Edit Edit Add Done Add an address Full Name: Address Line 1: Address Line 2: City: State/Province/Region: Zip: Country: Phone Number: Street address, P.O. box, company name, c/o Apartment, suite, unit, building, floor, etc. Optional Delivery Preferences (What s this?) Address Type: Security Access Code: For buildings or gated communities Save & Payment Method Save & Continue 27
28 2. Account Takeover: Strategy Account Takeover Methods 2011 Change the physical address Add their name as a registered user on the account Change the address on an account Obtain a debit or credit card with their name Change the phone number Change the password to an online account Change the PIN on a card Obtain checks *2012 Identity Fraud Report: Javelin Strategy & Research 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% % of Fraud Victims 28
29 2. Account Takeover: Strategy General Goods Situation Abuse by established customers Analysis Different s Descriptive s Same ID Same password Solution Same ID associated different accounts Multiple users same password Account Activity Age of account Purchase history Additional verification for any account information changes Identity Authentication Require 2-factor authentication for new (customer) login devices If login device is from suspicious location Velocity of the user activity Check if device fingerprint associated with fraudulent activities Check if password is the same for multiple accounts 29
30 Top 9 Fraud Attacks 9.Triangulation Schemes 6. Re-Shipping 3. Friendly Fraud 8. Phishing/ Pharming/ Whaling 5. Affiliate Fraud 2. Account Takeover 7. Botnets 4. Identity Theft 1. Clean Fraud 30
31 1. Clean Fraud: Definition Order appears good Standard Processing Services Checks Account Information Matches John Q. Public 3333 E. Troy Street Chicago IL Checking Merchant s Own Order History Database No Negative Order History? (Name)... Checking Outside Services IP Geolocation IP Address Matches Location John Q. Public 4XXX XXXX XXXX 1803 No Negative Order History? (Card Number)... Card Verification Number Matches
32 1. Clean Fraud: Strategy High End Luxury Goods Situation Auto-accepts becoming fraud chargebacks Analysis Different accounts = same ID Linked during order review Abnormal customer behavior Solution Proactive order review Established customer process Use device fingerprint to connect yourself to the fraudster Separate the new customers from loyal ones Lock down purchase delivery 4 Real time order review feedback Analyze your system data to understand fraudster behavior 32
33 1. Clean Fraud: Strategy Analyze Results Actual Results Good Bad Expected Results Bad Good Valid orders Customer insults Chargebacks Captured fraud 33
34 Questions? Carl Tucker Principal, Managed Risk Services CyberSource Sales: Tom Donlea Managing Director of Americas Merchant Risk Council 34
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