Operating a business in the customer-not-present (CNP) environment presents unique challenges. It is recognized that criminals attack organizations of all sizes every day. And, fraudsters use the information collected from data breaches, for example, in an attempt to commit fraud. With a robust Customer Identification Program (CIP) program including multi-layered identity verification and fraud prevention solutions in place, however, these businesses do their part to verify that potential and returning customers indeed are who they claim to be. To accomplish this goal, it is necessary to become acquainted with how fraudsters work and the information they target. One term to be familiar with is “fullz.”
What Is Fullz?
Fullz is a slang term used by criminals that refers to a complete set of personal data taken from a victim. Fullz includes an individual’s name and billing address, along with his or her credit card’s account number, expiration date, and card security code. In addition, fullz has a victim’s Social Security Number and birthdate, giving fraudsters a “full” identity that can be used to open banking and credit accounts, apply for loans, file tax returns, purchase products and more.
A fraudster can obtain fullz either directly or indirectly. Someone that is able to hack a business database can gain access to all of the information in one place. Hackers that infiltrate systems as a service for other fraudsters can quickly sell fullz on the Dark Web for a hefty amount – usually around $100 for each set. They provide a complete identity that can have high success rates for fraudsters, which is why criminals are willing to pay more. Even dead fullz, which are associated with credit cards that are no longer active, can be used by fraudsters for fraudulent refunds and other scams. In comparison, less complex records, such as names and credit card numbers, go for just a few dollars each on the black market.
Protection against Fullz and Fraud
Fraudsters in possession of fullz are difficult to stop with ordinary and outdated security and ID verification measures because they have all of the information needed to get past authentication methods. Fullz can be exposed to and collected by fraudsters as the result of a data breach at another organization. Therefore, businesses are at risk whether they’ve experienced a breach in the past or not. In addition to educating customers on the importance of protecting personal information, businesses must also enhance identity verification processes to keep fraud out.
Improved ID verification tactics are needed not only to gain confidence in a customer’s identity, but to also maintain CIP compliance. By leveraging the power of a collaborative fraud network, businesses can work together to stop fraud and improve the experience of legitimate customers. To learn more about fullz and identity verification contact an IDology representative today at 866-520-1234.