White paper warns of ‘triangulation’ fraud

The Financial Services Information Sharing and Analysis Center recently issued a white paper on triangulation fraud, a relatively new type of fraud that targets online shoppers and affects the broader payments system.

Background: Triangulation fraud involves malicious actors using fake retail sites to harvest online shoppers’ payments information. The fraudsters use legitimate merchants to complete the orders so shoppers don’t know their payments information was compromised, requiring financial institutions to manage disputes and reissue cards.

FS-ISAC Paper: ICBA helped FS-ISAC develop the paper, which details the impact of the fraud scheme and provides steps to help raise awareness of this online shopping threat.

ICBA Security Resources: Community bank security resources are available to ICBA members on ICBA’s Cyber and Data Security resource center.