The fraud supply chain

All fraud is a) an abuse of trust causing b) monetary losses for the defrauded and c) monetary gain for the fraudster. You could zero fraud by never trusting anyone in any circumstance.

Every company that sells products and services digitally factors in assumed losses due to fraud. Albeit a small percentage of revenue, fraud can add up to millions of dollars over time. It will continue to rise due to fraudsters getting more sophisticated and the patched-up nature of banking infrastructure. I’m excited by the large opportunity to i... See more

For the most part, the gangs operate like corporations, with human-resources departments and complex bureaucracies. Prominent groups issue press releases (“We are pleased to announce that we have successfully encrypted Henry Schein’s network and extracted 35 Terabytes of sensitive data”) and have user-friendly homepages on the dark web, where victi... See more

Over time, gangs began licensing their model to freelancers, known in the industry as “affiliates”. When an affiliate buys the right to use a gang’s software and branding, they also gain access to its credibility. The gang in turn tries to enforce protocols so that its reputation is not undermined by the actions of freelancers. “It is strictly forb... See more