Gift Card Fraud – Digital ‘Bait & Switch’ (Recent Kaspersky Findings)

In response to recent Kaspersky findings on a new online bait & switch gift card scam where fraudsters promise a gift card code when the user goes through several steps and enters their PII, and then (of course!) gives them nothing in return, NuData offers perspective on the larger implications for organizations and individuals of purloined PII.

Robert Capps, Vice President of Business Development at NuData Security:

“This sort of bait-and-switch fraud existed long before the internet. But today it is more far-reaching by digitally piggybacking on the brand reputation of other companies to lure victims. This is why so many organizations who transact with customers online – from the banking and finance sector to eCom and major retailers – are layering in advanced security solutions, such as passive biometrics and behavioral analytics.

“Security-minded merchants and financial institutions are incorporating passive and active biometrics and behavioral analytics to verify customer identities online. By analyzing hundreds of indicators derived from the user’s online behavior, companies don’t have to rely on passwords, payment data, and other leaked information to make an authentication decision. Hackers can’t mimic that passive biometrics data, so even if a customer’s personally identifiable information has been stolen during a phishing attack, that information is not enough to commit fraud.”

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