Dark Web Monitoring Tools Are Crucial in Stopping Fraud Criminals from Benefitting
When it comes to online safety, for both businesses and their clients, organizations around the world need to take responsibility for protecting data and ensuring sensitive information does not land in the hands of criminals. With the use of a dark web monitoring tool and domain monitoring tools, businesses have been able to take back control of data and dramatically reduce the risks of online fraud.
How Much is Fraud Costing the UK?
While official figures for the cost of fraud in 2021 have not yet been revealed, the estimated cost of UK fraud has been released. This year, £482,265,75 will be lost each day to scammers, which totals a staggering £127,169,987,5 across the entire year.
To add perspective to these numbers, this equates to over 350,000 round the world flight tickets. In a single day, over 715,000 visits to the cinema could have been purchased. In just one month, 17,602,802 family packs of toilet paper could have been purchased, something many of the lockdown hoarders could only have dreamed of.
What is a Dark Web Monitoring Service?
The dark web is a huge place and being a virtual platform, it can be seemingly impossible to monitor. A dark web monitoring solution automatically scans the dark web and pulls data from websites, forums and online marketplaces.
From this, plaintext copy is captured before anything is taken down/removed from these websites which are indexed safely and securely, allowing a search for potentially leaked business data. It’s almost like a Google for monitoring the dark web.
As these sites and forums are taken down almost as quickly as they are put up, to try and avoid detection, these automated tools are essential for tracking the dark web. Many of these sites also require an account to access this data, accounts that not anyone can sign up to. Dark web monitoring tools bypass these walls and can still access this data without a login.
Alongside this, if someone were to manually try and access the dark web, they risk accidentally clicking on a malicious link and causing more harm than good. Dark web monitoring services are programmed to avoid these faults.
Even the most secure businesses can be subject to a data breach and there is no guarantee that these can be fully prevented. Many people may believe this is down to skilled hackers, but it is common for most data breaches to be caused by human error within the business itself.
With a dark web monitoring service, businesses can be alerted to a data breach before damage can be done and the appropriate action can be taken.
What is Domain Monitoring?
Typosquatting is a common scam online. Fraudsters duplicate legitimate websites to dupe the user into handing over sensitive information or to install malware onto their device. The issue with these copycat websites is that they spring up faster than they can be taken down.
Domain monitoring automatically alerts businesses to any domain that has been registered that may be trying to imitate their brand. Should an organization have taken the proper steps to copyright their business, this means that these websites are quick and easy to bring down.
Not only does this protect customers from falling victim to this scam, but it also protects a brand’s reputation. Through no fault of their own, a business targeted by typosquatters can swiftly see their sales or leads dwindle as the public becomes reluctant to click on their website through fears it may be a scam.
Domain monitoring doesn’t just help with typosquatting. Smishing, a common scam where criminals send mass texts via leaked mobile numbers, can also be prevented. These text messages claim to be from trusted providers, asking the recipient to click on a link and follow instructions.
These links lead to domains that are very convincing copycats of the trusted website. Users then part with login details, credit card information or other sensitive data that allows fraudsters to access accounts and steal their cash.
Why Do Businesses Have to Use These?
Fraud is a crime, so naturally, the public would assume the police and government are responsible for protecting the public from online safety. While in essence, this is true, there is little done to protect businesses.
Businesses should be taking every step to be safe, after all, you wouldn’t leave your office unlocked overnight with the assumption that the police should always be watching it. It’s the same with online fraud and data breaches.
Dark web monitoring and domain monitoring are just two of the tools that can be used to protect brands from online criminals. While it may seem like an unnecessary cost to those who have not been targeting in the past, the repercussions of risking operation without protection can be catastrophic.
Data breaches can also damage reputations and lead to substantial fines. Prevention is the best course of action, and the detection of data breaches early on can save a lot of time, hassle and money in the long run.