Math As a Payment Method
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.
By reverse-engineering Luhn’s Algorithm (MOD10 / MODULUS10), fraudsters are able to pull value from used cards and generate new cards that can be used for checkouts. Luhn’s Algorithm has been around for decades and was initially introduced as a security measure to ensure that credit cards could not be predicted. By learning this formula and taking note of systems with lax checkout requirements, fraudsters are able to employ math and complete checkout.
There are 3 steps to this process. Generate card numbers, employ a hijacked merchant account number to test numbers by running authorizations, and finally, putting through an order with a company that has lax payment requirements. During this webinar, Alexander will shed light on the industries that are most reliably affected by this method, will go over the ways that this simple method can generate 100’s of thousands of dollars of revenue to the fraudster, and what merchants can do to limit their exposure to this method.
- Outline how fraudsters use math to generate credit card numbers
- Cover the industries most affected by this method
- Thoroughly explain several applications of this method
- Cover strategy items to help reduce exposure to this method
Course Level - Intermediate
Who Should Attend
- Operations Managers
- General Managers
- District Managers
- Fraud prevention
- Customer Service
Why Should You Attend
Fraudsters are using math to generate credit card numbers. Systems with low requirements for checkouts are being exploited by simple use of math, and the associated apps that are available on the app market and black market listings. For systems with higher requirements for checkout, fraudster employ social engineering in order to bypass security and make a transaction go through.
The methods employed by fraudsters are fluid, dynamic, and ever-evolving. This webinar is dedicated to shedding light on the use of credit card numbers, generated by reverse engineering Luhn’s Algorithm.