To celebrate its first year in “business,” a darknet website called BidenCash has leaked the credit and debit card records of millions of consumers, for free. The data contained in the massive dump included the full names, email addresses, phone numbers, home addresses, card numbers, expiration dates and CVV codes of 2,141,564 unique card holders…
All the personal identifiable information (PII) and card data needed for fraudsters to quickly conduct millions of illicit transactions.
Shamelessly, BidenCash said in a “thank-you” note to its customers, “We are thrilled to have reached our first year anniversary as an online store, and we couldn’t have done it without your support!
“Thank you for choosing our store and for trusting us to provide you with quality products and excellent service.
“We are proud to have you as a customer, and we look forward to continuing to serve you in the coming years. Your loyalty and trust are what motivate us to keep improving and growing our business.”
This was certainly a sickening act and an unabashed statement; but it’s not the first time a dark web carding marketplace has given away records and PII for free. In fact, it’s not the first time BidenCash itself has done this.
Last October, as a way to “advertise” its business, BidenCash released credit card records of 1.2 million consumers. Two months earlier, one of its competitors, All World Cards, released 1 million of its stolen records. Both dumps were designed to attract new “customers” to their sites and were released free of charge.
As orchestrators like BidenCash and All World Cards grow more brazen in their efforts, the probability of additional paid and free card data dumps is extremely likely to continue…
In fact, it’s practically guaranteed; and it’s the banks and credit unions that are paying the price.
A recent report from LexisNexis shows that in 2022, every $1 stolen through fraudulent activities resulted in $4.36 in total costs incurred by financial institutions. Meaning a $1,000 fraud now costs FIs $4,360 to resolve.
But this is just the beginning, as these costs are widely expected to grow far more devastating.
It’s why now is the time for banks and credit unions to better protect themselves and their depositors from fraud. While it may be nearly impossible to prevent all data breaches and data leaks, it is possible to detect and prevent the resulting fraudulent transactions at the institutional level…
And it’s possible to reduce and potentially eliminate the massive real costs associated with these crimes.
A real-time operating artificial intelligence solution, developed by ToolCASE, has this distinct and remarkable capability. It’s called RembrandtAi and its application has already saved financial institutions hundreds of millions in fraud costs. Yes, hundreds of millions.
RembrandtAi works around the clock to keep bank customers, credit union members, and institutional capital safer from unsavory actors; and It’s already been proven, over and over again, to help reduce fraud costs within just days of implementation.
Unlike most legacy fraud detection and preventions systems that alert fraud teams of potential threats in post transactional batch data, RembrandtAi can detect fraudulent transactions as they’re happening.
With the costs of fraud growing out of control, and shameless bad actors giving away PII and card data for free…
Now’s the time for your institution to implement RembrandtAi.
Discover how RembrandtAi can save your institution potentially millions in fraud costs, and how this remarkable technology can transform your bottom line at www.ToolCASE.com
For a FREE, one-on-one demonstration of RembrandtAi, simply schedule your demo, HERE