Fraud investigations

Fraud as a Service (FaaS) refers to the commercialization of cybercrime, where fraudsters offer tools, services, and expertise to other criminals for a fee. This model lowers the barrier to entry for committing fraud, enabling individuals with limited technical skills to carry out sophisticated fraudulent activities by leveraging ready-made solutions provided by more experienced cybercriminals.

About Fraud investigations

How Does FaaS Work?

FaaS operates similarly to legitimate Software as a Service (SaaS) models, offering subscription-based or one-time access to various fraudulent tools and services. These can include phishing kits, malware, fake identification documents, and access to compromised accounts. The providers often offer customer support, updates, and user-friendly interfaces, making it easier for clients to execute fraud without deep technical knowledge.

Which Types of Fraud Can Be Carried Out via FaaS?

FaaS enables a wide range of fraudulent activities, including identity theft, credit card fraud, account takeovers, and synthetic identity fraud. It also facilitates large-scale operations like business email compromise (BEC) and ransomware attacks. The services provided can be tailored to specific targets or industries, increasing the effectiveness and reach of fraudulent campaigns.

What Are the Most Common Challenges with This Topic?

The primary challenge in combating FaaS is its scalability and accessibility. The availability of these services on the dark web and other clandestine platforms makes it difficult for law enforcement to track and dismantle operations. Additionally, the constant evolution of fraud techniques and tools necessitates continuous adaptation by cybersecurity professionals. Organizations must invest in advanced threat detection and employee training to mitigate the risks posed by FaaS.

Secure verifications for every industry

We provide templated identity verification workflows for common industries and can further design tailored workflows for your specific business.