Advanced Fraud Solutions Releases Report on Prevalence of Card-Not-Present Fraud, BIN Attacks

HIGH POINT, N.C., Oct. 7, 2020 /PRNewswire/ -- Advanced Fraud Solutions (AFS), a leading provider of card fraud detection software, today announced the release of a new report, Beating BIN Attacks: How to Protect Against Card-Not-Present Fraud, on how fraudsters are leveraging exposed card information as well as using brute force BIN attacks to target card portfolios. The report details why card-not-present (CNP) has remained so prevalent and how financial institutions can mitigate card-related fraud losses.

Click here to view the full report

According to the Federal Trade Commission, overall card fraud rose 104% from the first quarter 2019 to the first quarter 2020. As more card payments have gone online due to the pandemic, the effectiveness of EMV technology has lessened, giving way to CNP fraud schemes. AFS' report also narrows in on the attempts of fraud operators to use bank identification numbers, or BINs, alongside a number generator, to submit bulk amounts of test payments in the hope of finding an open account. These brute force attacks, known as BIN attacks, can be difficult to spot and stop without a proactive fraud prevention alert system.

"So many of our everyday purchases are made online using debit or credit cards – given the volume of transactions, it has become increasingly difficult for financial institutions to differentiate between legitimate and suspicious activity," said Bill Caldwell, Director, Card Fraud Services at AFS. "Banks and credit unions need to use a hard data-based approach, with a robust, up-to-date fraud database that looks at at-risk debit and credit cards and includes Dark and Deep Web-based sources. They also need to be able to pinpoint which cards in their portfolio are at risk so they can prevent losses quickly and effectively."

The report also highlights how to prevent CNP and BIN attacks using TrueCards® – AFS' omnichannel debit and credit card fraud prevention solution. TrueCards acts as a centralized risk management system to identify the true point of compromise so that the financial institution can immediately block all at-risk cards. TrueCards works across processors and with any debit or credit card network as well as provides financial institutions with the ability to facilitate the sorting of Dark Web card intelligence data. TrueCards is also easy to integrate and custom built per financial institution.

To download the report, or learn more about TrueCards, click here.

About Advanced Fraud Solutions
Advanced Fraud Solutions was founded in 2007 with the simple mission to help financial institutions and businesses prevent fraud in real-time by utilizing our comprehensive private cloud-based software solutions at the frontline and in the back office. Every day, our innovative fraud prevention tools help banks, credit unions, and merchants of all sizes eliminate losses and safeguard their financial assets, providing the level of protection that today's customers demand. At Advanced Fraud Solutions, we know the best way to fight fraud is to prevent it. Learn more at Advanced Fraud Solutions.

View original content to download multimedia:http://www.prnewswire.com/news-releases/advanced-fraud-solutions-releases-report-on-prevalence-of-card-not-present-fraud-bin-attacks-301147565.html

SOURCE Advanced Fraud Solutions