How an Effective Fraudster Builds Checklists
Alexander Hall has 14 years of experience relevant to fraud and fraud
prevention. A reformed high-level fraudster, Alexander entered the ranks
of fraud prevention in 2017. His fraud prevention strategies have been
successfully applied to over $1b in merchant transactions, resulting in
millions of dollars of mitigated losses. In 2020, Alexander founded
Dispute Defense Consulting and now works with fraud prevention solution
providers around the globe to challenge, refine and expand their
offerings. His unique insight and articles have earned him the title
"Subject Matter Expert" by Card-Not-Present and were the foundation upon
the newly developed "Think Like a Fraudster" Virtual Workshop Course.
Checklists are available on the dark web for fraudsters to reference when attempting to employ stolen payment information. But who authors those lists? Effective fraudsters employ a 3-step process to define a list of variables needed to defraud a company.
The first step is to isolate the items required for checking out. Consider the difference between a restaurant selling their food and a bank offering lines of credit. The information that is requested and verified looks different depending on the setting. Retailers sit in the middle of these two extremes and their systems vary greatly regarding identity information, payment information, and processes for transactions.
The second step is to test the information that is verified secondarily. Ip Addresses, Email Addresses, Identity information, phone numbers, the distance between billing and shipping, etc. All are effective data points to be leveraged by a company, and all parameters are set at the discretion of the company or the service provider. By identifying these parameters, a fraudster will have an idea of what information is required to successfully put through a transaction.
The third step is the execution and sharing of the checklist throughout the community.
Over time, effective fraudsters compile mountains of information, both payment, and identity (profile) information. When challenged to find a way into a new company, they are prepared to leverage this information to figure out what works. Following the 3-step method, Alexander will share several pieces of fraud prevention strategy tips.
- Lesser-known transfers of value that a fraudster will seek to exploit
- What a checklist is to a fraudster
- How fraudsters build checklists
- How you can identify these attacks in your system
Course Level - Intermediate
Who Should Attend
- Operations Managers
- General Managers
- District Managers
- Fraud prevention
- Customer Service
Why Should You Attend
Fraudsters are fluid, dynamic, and ever-evolving. Your fraud prevention strategy should be too. All fraudsters are aware that fraud prevention exists, of course. Low-level fraudsters will attempt to checkout with stolen information, the order will be canceled, and the fraudster will move on to the next company.
Effective fraudsters will persist and test the system they are seeking to exploit in a number of different ways, in order to define a checklist of requirements which is then shared with the community as instructions.
For fraudsters, objectives are presented in several different ways. Ranging from cash-outs to products, lines of credit, and services, each objective requires interaction with different companies and the implementation of different methods. In this webinar, Alexander Hall shares his insight regarding the development process of fraudulent methods.