According to Mastercard, it only takes hackers nine minutes to get stolen data to the dark web for sale. Which is why the credit card company is introducing what it calls an “Early Fraud Detection System.
Fresh off the heels of the Equifax data breach that put 143 million people at risk, the new detection system customers can now receive advanced alerts about cards and cartoons that are facing a higher risk of fraud due to exposure to an earlier breach.
Although Mastercard states that not all compromised accounts will be used fraudulently, the detection system will help issuers contain the damage when fraudsters steal sensitive data.
The system works through a complex network that leverages insights, prediction capabilities and a combination of internal and external data sources to determine what account or card is at risk. Once a risk is established the alert is sent to the user, with a qualitative statement about the risk involved with the account.
Things that ping the system included trafficked account information and account data that might be at risk but don’t have enough sufficient evidence to declare an Account Data Compromise event.
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This story was summarized by Canadian Fraud News