Fraud rings are organized networks of individuals that work together to execute fraud schemes at scale. These groups often share stolen identity documents and/or compromised data and engage in criminal tactics to systematically target businesses and consumers. These groups can have global reach, and the breadth and depth of their organized network allows them to amplify the impact and complexity of their fraudulent activity.
Use case/ examples of fraud rings
Coordinated account creation: Submitting coordinated credit applications with stolen or synthetic identities across multiple banks to maximize the potential payout per identity before being detected.
Phishing campaigns: Launching mass phishing and social engineering campaigns to harvest compromised user credentials for subsequent use to execute account takeovers.
Data sharing: Sharing stolen identity data across the fraud ring to enable multi-channel fraud attempts. For example, an identity file might be used by one member of the fraud ring to fraudulently lease a vehicle while another uses it to apply for credit cards. This technique also makes it possible for the fraud ring to rotate the IP addresses, devices, and locations it uses to evade detection.
