WebProNews

Tag: TransUnion

  • Americans Being Targeted by Coronavirus Digital Fraud

    Americans Being Targeted by Coronavirus Digital Fraud

    TransUnion research shows Americans are being targeted by coronavirus-related digital fraud in alarming numbers.

    As the coronavirus pandemic forces more Americans to stay at home, ecommerce has become a critical part of everyday life. Even basic necessities are being purchased online, rather than through physical stores. Bad actors are taking advantage of that trend, targeting Americans in an effort to defraud them.

    TransUnion surveyed 1068 adults, finding 1 in 5 (22%) had been targeted with coronavirus-related digital fraud. “In the report, TransUnion Global Fraud & Identity Solutions reported a 347% increase in account takeover and 391% rise in shipping fraud attempts globally against its online retail customers from 2018 to 2019.”

    Methods of taking over accounts included buying credentials on the dark web, social engineering, romance scams, phishing and more. Once an account is taken over, fraudsters can steal packages by intercepting them at the carrier and changing the shipping address, rather than attracting attention by doing it online.

    “With so many reported data breaches, it’s not just about if your account will be hijacked, it’s about when,” said Melissa Gaddis, senior director of customer success for TransUnion Fraud & Identity Solutions. “Once a fraudster breaks into an account, they have access to everything imaginable resulting in stolen credit card numbers and reward points, fraudulent purchases, and redirecting shipments to other addresses.”

    TransUnsion’s report is a good reminder that, even in a time of global crisis, individuals need to practice solid cybersecurity to keep their information, purchases and finances safe.

  • Senators Express Alarm Over FBI Secretly Demanding Data From Credit Agencies

    Senators Express Alarm Over FBI Secretly Demanding Data From Credit Agencies

    Documents have come to light exposing the FBI’s practice of secretly demanding information about Americans from Equifax, Experian and TransUnion.

    According to a report by TechCrunch, the FBI has been using “legal powers — known as national security letters — to compel credit giants to turn over non-content information, such as records of purchases and locations, that the agency deems necessary in national security investigations. But these letters have no judicial oversight and are typically filed with a gag order, preventing the recipient from disclosing the demand to anyone else — including the target of the letter.”

    Tech companies have been dealing with national security letters for some time but, following the Edward Snowden revelations, the laws were changed in 2015 to give companies the right to petition for release from the gag orders. As a result, tech companies routinely publish transparency reports, disclosing how many times the government has requested their assistance.

    In the wake of these documents becoming public, at least three senators have expressed concern. Republican senator Rand Paul and Democratic senators Ron Wyden and Elizabeth Warren have written letters to the three credit agencies, questioning why the agencies have never disclosed the FBI’s requests.

    “Because your company holds so much potentially sensitive data on so many Americans and collects this information without obtaining consent from these individuals, you have a responsibility to be transparent about how you handle that data,” the letters said. “Unfortunately, your company has not provided information to policymakers or the public about the type or the number of disclosures that you have made to the FBI.”

    Senator Wyden, in particular, has been a vocal proponent of privacy protections and an equally vocal critic of questionable and illegal spying on American citizens. With these new revelations, it’s a safe bet there will be more inquiries and possible regulation to govern how the financial and credit information of Americans can be accessed and used.