What is Account Fraud?
Account fraud is where cybercriminals use another person’s stolen personal information – obtained either from a data breach or through password cracking – and good credit rating, to open a fake account and borrow money using fake credentials. The attacker will typically borrow as much as they can in one go.
The fraudster often obtains illegal information to purchase products online using the stolen account. They can then resell the products on third-party sites or black markets at a reduced price.
Fraudulent accounts can have a serious impact on businesses, with the potential for significant revenue lost to chargebacks and lost sales, as merchandise finds its way onto the dark web. The organisation can even incur fines and damage to their brand reputation.
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