Cybercrime , Fraud Management & Cybercrime , Fraud Risk Management

How Refund Fraud Changed the Cybercrime Landscape

Brett Johnson Discusses Why Fraud Teams Need to Look Into Refund Fraud
Brett Johnson, cybersecurity, cybercrime and identity theft consultant

The fraud teams at many enterprises overlook refund fraud because it is considered part of customer service, says Brett Johnson, a consultant on cybersecurity, cybercrime and identity theft who was a central figure in the cybercrime world for over 20 years.

See Also: Webinar | Everything You Can Do to Fight Social Engineering and Phishing

As a result, he says, there has been a huge spike in refund fraud in recent years.

"Refund fraud has become so big that it has changed the dynamic of cybercrime as we know it today. Traditionally, cybercriminals would start their career by stealing credit card details. That has now changed. Cybercriminals now start with refund fraud because it is guaranteed profit," he says.

In a video interview with Information Security Media Group, Johnson discusses:

  • How refund fraud has evolved;
  • The challenges of dealing with refund fraud;
  • Why fraud teams need to be involved to curb refund fraud.

Johnson, referred to by the United States Secret Service as "The Original Internet Godfather," was a central figure in the cybercrime world for over 20 years. He built and was leader of ShadowCrew, the precursor to today's darknet markets. Johnson was instrumental in developing many areas of online fraud while helping design, implement and refine identity theft, account takeover fraud, card-not-present fraud, IRS tax fraud and other social engineering attacks, breaches and hacking operations. Today, Johnson works as a cybersecurity consultant and public speaker.

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.

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