RSA Security Report – Social Media Attacks Are Alarming

Mar 18, 2016

According to a report released by RSA Security LLC, an American security company, online fraudsters mainly target social media these days.

RSA Security Study

The RSA FraudAction™ Intelligence team has recently noticed fraud activities on social media platforms have extremely grown with regard to volume and visibility.

The research by RSA Security is called “Hiding in Plain Sight: The Growth of Cybercrime in Social Media.” It explains in details all the points concerning the mentioned issues.

Of course, this isn’t something new. Social media was attacked by cyber criminals in the past as well. The point is that the use of social media has grown immensely. So fraudsters all over the world have started excessively using social media platforms for phishing, data mining, and malware attacks.
With this in mind, businesses must put all their efforts and be proactive to fight fraud. Merchants should find the most reliable processors in the field like EMB to prevent chargebacks and protect their businesses.

EMB, #1 high risk credit card processor in the US, offers advanced merchant systems to prevent chargebacks. Chargeback Shield program by EMB reduces the frequency of chargebacks by 15-30%.

Facts Found

The RSA’s research found that Facebook was in the first place. Currently, the most frequently used tool by fraudster groups is Facebook’s WhatsApp messaging app.

There were 500+ social media groups with more than 220.000 members throughout the world. 60% of those members were from Facebook groups; almost all of them were based outside the Unites States or Western Europe.

The groups mainly used the “public” or “closed” settings. According to RSA’s FraudAction team, easily accessible information was found in the mentioned groups. The information included credit card numbers with PII and authorization codes, cashout and credit muling services, tools for malware and hacking, and also cybercrime tutorials.

Interestingly, fraudsters were sometimes conducting their businesses from their real personal profiles. Gabriel Guzman, head of fraud intelligence at RSA, notes the situation is alarming. Anyone can access compromised financial data and learn how to use it without major challenges.

Importantly, the research provides an insight into the key social structures influencing fraudulent activities. As a result, efforts against fraudulent attacks will become more effective.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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