Consumer information is always at risk as fraudsters continue to develop new ways to attack. Criminals commit widespread data breaches, identity theft schemes, and other methods of fraud in order to steal consumer data and gain illicit access to accounts, products, and services. While it is the goal of practically every organization to eliminate fraud, few think about what happens to pilfered consumer data once it has been stolen. By understanding the Dark Web and learning how IDology’s identity verification platform fights fraud, companies will be able to better detect potential Dark Web exposure and minimize risk while also streamlining their customer authentication process.
What Is the Dark Web?
When customer data is stolen, many fraudsters turn to the Dark Web in order to trade or sell this valuable information to other individuals or groups. The Dark Web is a collection of thousands of websites that use anonymity tools like Tor and I2P to hide their IP addresses. This allows users and websites to cloak where they are surfing from, as well as hide their activity online. It is much easier for users to access sites on the Dark Web now than it was a few years ago.
One of the most notable ways fraudsters browse and conduct business on the Dark Web is by using Tor, a free software program that routes information across a worldwide network of volunteers in order to conceal both location and usage. Tor exists to allow people to surf the Internet, send messages to one another, and complete transactions anonymously. While not all activity on the Dark Web is malicious or illegal, fraudsters have exploited the hidden nature of it in order to buy and sell identity information taken from legitimate customers and organizations.
Minimizing the Dark Web Risk
At IDology, we understand that fraud prevention plays a critical role in an organization’s overall success. It is more important than ever to put a system in place that allows a business to verify the identity of anyone attempting to gain access to accounts or products. Companies need to be certain that John Smith is truly John Smith, and not an imposter using stolen data. This is especially true for organizations operating with strict Customer Identification Program (CIP) and Know Your Customer (KYC) rules and regulations.
Robust identity verification and fraud prevention methods from IDology accomplish this goal. Our Dark Web Defense solutions allow organizations to continuously update their threat intelligence, including zero-day Dark Web strikes. These help block attacks that other systems miss. This intelligence is delivered in real-time so organizations can ensure they are working with legitimate account holders and keeping fraud at bay. IDology also alerts clients of transactions that have potential Dark Web exposure, which allows for the improvement in fraud detection and prevention.
Recently, IDology launched a new Thought Leadership Video on this subject. Check it out below!