The fraud industry: Expect to be KYC’d by criminals when buying stolen credit cards on the dark web

Professionals in today’s fraud industry may come equipped with some kind of know your customer (KYC) regime to validate buyers of stolen credit card numbers, a bizarre inversion of the sort of financial services protocols designed to stop white collar crime. Anyone can go on the dark web and start searching for opportunities to buy stolen credit card numbers, but the people brokering this data may require some evidence that you are not a time waster or an undercover cop. More about machine learning Richard Harris, head of international operations at Feedzai, which uses machine learning to do real-time fraud detection for banking and ecommerce, explains: “If you just want to go and buy, people are going to want to start validating – it comes down to an identity issue…


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