Sift has released a new report entitled “Digital Trust & Safety Index: Content Abuse and the Fraud Economy”. The report contains new data from a survey of more than 1,000 eCommerce companies on the subject of content abuse.
Content abuse is a technique fraud rings use to verify if credit card credentials they purchase on the dark web are valid. They do this by creating fake sale listings on eCommerce websites, and then having another member of the ring “purchase” that item. If the transaction is approved by the site, the ring knows the credentials are valid and can use them to make fraudulent purchases on other sites.
In the report, Sift lists the main problems stemming from this fraud technique as brand abandonment and data breaches. The report explains:
- How an illicit supply chain connects content abuse to all types of fraud, and its direct influence on account takeover and payment fraud
- The pervasive problem that drives 56% of consumers to abandon brands and businesses
- Which verticals are being heavily targeted by opportunistic fraudsters in pandemic-era e-commerce