Card Not Present Fraud , Fraud Management & Cybercrime , Fraud Risk Management

Fighting Card Fraud in a New Environment

Andrei Barysevich of Gemini Advisory on How Carders Are Using New Technologies
Andrei Barysevich, CEO and co-founder, Gemini Advisory

The COVID-19 pandemic has shifted the dynamic of card fraud in favor of the fraudsters due to the massive increase in online transactions, says Andrei Barysevich of the fraud intelligence company Gemini Advisory. And many fraudsters are using more sophisticated tools, including anti-fingerprinting technology, he says.

See Also: Overcoming the Top Ten Challenges to Omnichannel Fraud Management

"Prior to COVID-19, half of all fraudulent transactions happened in person, where the bad guys actually used a physical card and they would encode a card on physical plastic and use it at the store to make purchases," he says. "Since March, most of the transactions migrated online. And a lot of companies, especially smaller ones, were not really prepared to deal with the influx of online orders.

In an interview with Information Security Media Group, Barysevich discusses:

  • Carding criminals using anti-fingerprinting technology to get around device-based attributes used to authenticate transactions;
  • The costs associated with card-not-present transaction monitoring using 3D Secure 2.0;
  • How smaller organizations can perform manual checks on "red flag" card transactions.

Barysevich, co-founder and CEO of Gemini Advisory, specializes in threat analysis of highly restrictive criminal communities. He previously was a private consultant for the FBI's New York cybercrime field office and served as director of research at the threat intelligence companies Flashpoint and Recorded Future. He has participated in the investigations of several high-profile reshipping, money laundering and bank fraud cases.


About the Author

Nick Holland

Nick Holland

Director, Banking and Payments

Holland, an experienced security analyst, has spent the last decade focusing on the intersection of digital banking, payments and security technologies. He has spoken at a variety of conferences and events, including Mobile World Congress, Money2020, Next Bank and SXSW, and has been quoted by The Wall Street Journal, CNN Money, MSNBC, NPR, Forbes, Fortune, BusinessWeek, Time Magazine, The Economist and the Financial Times. He holds an MSc degree in information systems management from the University of Stirling, Scotland.




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