Fraud Report

We follow a 5-step approach to cyber fraud intelligence

By keeping abreast of the activities of cyber fraudsters, we’re able to continually share high level intelligence reports with the general public about some of the most popular and effective techniques typically used by these criminals to wreak havoc. Given the audience, these intelligence reports are deliberately kept high level. Knowing how badly this information is sought for, we recognize that going into the specifics of the mode of operation of cyber fraudsters may turn out to be more harmful than helpful. Organizations seeking to protect their customers and brands can get in touch with us for more information.

Our Approach to Cyber Fraud Intelligence
We follow a five-step iterative process to cyber fraud intelligence. Our analysts and researchers begin by collecting fraud intelligence data from the surface, deep and darkweb channels, closed groups, and social media platforms. The collected raw data is then aggregated, processed and translated to actionable intelligence, following which analysis of the most viable information is conducted. We then validate the information using freely available online resources prior to producing and publishing our reports.

Fraud Reports

GIFT CARD MILLIONAIRES

How duly registered businesses make millions purchasing and flipping fraudulently acquired gift cards.

Gift cards are a valuable currency to cyber fraudsters. Once a gift card is illegally obtained, they head straight to online platforms where they can anonymously exchange it for crypto money, which can then be converted to real money. Most of these exchange platforms, which would not be mentioned in this report, are popular brands that are well-known to cyber fraudsters.

E-FRAUD AS A CAREER IN NIGERIA

In Nigeria, 99% of cybercriminals are financially motivated, and so are cyber fraudsters. These are referred to as “Yahoo! Boys” or more fancifully, “Gee Boys”.

Fast-forward thirty-five years, stealing or robbery – for the most part - has now moved from the physical realm to the cyber realm. While a physical thief remains distasteful, a cyber thief isn’t always looked down upon in the same manner even though the financial damage that he’s capable of causing is in several orders of magnitude greater than the one that a physical thief is capable of. What’s more – the risk taken by the cyber thief in accomplishing his objectives pales in comparison to the one taken by a physical thief.

NIGERIA’S GROWING ARMY OF HUSTLERS​

This is an interesting fraud schemes where 2 parties win and 1 party loses.

The transaction is funded through a compromised online bank account login details (otherwise referred to as “logs”) or stolen credit card data (otherwise referred to as “fullz”) The account owner or their bank is the loser in this equation. Like WhatsApp, Telegram is another instant messaging platform being leveraged by these fraudsters. Though less popular, Telegram is a much more robust and scalable platform than WhatsApp. While WhatsApp only allows up to 256 participants in a group, a Telegram group can have up to 200,000 members. Due to its scalability and relative security, it is our opinion that Telegram will become the number one platform of choice (for instant messaging) for cyber fraudsters in the not-too-distant future.

ONLINE MEAL DEAL – BROUGHT TO YOU BY FRAUDSTERS

How criminals are abusing food delivery services like DoorDash, Uber Eats, and Grubhub.

This fraud scheme significantly threatens the brands of mobile food ordering and delivery companies. Grubhub, DoorDash and Uber Eats collectively boast of partnerships with over 500,000 restaurants. As this menace gets worse, many of the popular restaurants will begin to sever ties with mobile food delivery companies when chargebacks begin to seriously eat into their profits.