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New Account Fraud: A Behind-the-Scenes Look at Cyber Threat Actors

Fraudulent new account applications by cybercriminals and fraudsters have been surging for quite some time. Through identity theft or synthetic identities (combinations of fictitious and real information, such as name, SSN, and other PII to create new identities), threat actors are applying for new accounts at record levels. This trend has partly been driven by the proliferation of compromised PII and financial account information circulating in the Dark Web, and by Pandemic Unemployment Assistance and SBA PPP fraud, which have been extremely popular during the COVID-19 pandemic. This whitepaper takes a look “behind the scenes” to understand how threat actors create new accounts at scale.

Download this whitepaper to learn:

  • A profile of a Russian cybercriminal gang that is dedicated to registering accounts across several countries and financial institutions on a massive scale
  • Techniques and procedures these threat actors use to compile identities and register accounts
  • Ways institutions can combat new account fraud during the account opening process

Q6 Cyber’s cutting-edge technology monitors the “Digital Underground” – a vast universe of online sites, marketplaces, communities, and forums where cybercriminals live – to proactively identify and contain emerging threats for your institution. Learn more about Q6 Cyber and Abrigo.

Curious about the latest tactics and tools and highlight noteworthy recent shifts in the underground cybercriminal ecosystem? View our webinar, Cybercriminals, Fraudsters, and the Dark Web – What to Watch for in 2022.