Dark Web Marketplaces
Cyber Criminals organize sophisticated operations to steal vast amounts of confidnential information to sell it on thriving Dark Web Marketplaces.
This is how they do it:
1. Data Breach
Cyber criminals mount intricately coordinated assaults to gain access to sensitive, private information by the millions stored on various databases owned by different companies. All it takes is one vulnerability in a third-party company to expose millions of your records. Most data breaches go undetected for over 200 days and in 2021 155.8 million Americans had information compromised through a data breach.
2. Dark Web Marketplaces
After a data breach, compromised information of all types are placed for auction on secret Dark Web Marketplaces. Nearly every type of confidential material can be found on these marketplaces ranging from Netflix and bank logins, credit cards and social security numbers, to fingerprints and facial profiles to bypass biometric security. Cumulatively, this encompasses hundreds of millions of endangered records.
3. Information is Purchased
Individual fraudsters then acquire this information. Purchased material is used for a wide range of criminal activities such as identity theft, account takeover, application fraud, synthetic identity fabrication, and credit card fraud, just to name a few.
While fraud detection and identify verification systems are able to stop some attempts, it is far from enough. Estimates place U.S. combined identity fraud losses of consumers, businesses, and governments at an astounding $200-500 billion in 2021.
MindWise has infiltrated Dark Web Marketplaces and is able to alert institutions of compromised information BEFORE individual fraudsters have purchased it and attempted to use it illegally. This provides companies with valuable information and time to proactively stop fraud rather than trying to mitigate it after it is already underway.