The U.S. consumer banking industry faces nearly $50 million per day in potential losses from credential stuffing attacks, according to the 2018 Credential Spill Report from Mountain, View, Calif.-based Shape Security.
"Criminals harvest credentials from data breaches and then test them on every website and mobile app imaginable. A small subset of those credentials unlocks accounts because most consumers reuse passwords across multiple sites," the report revealed. Criminals then tap those for different types of fraud from unauthorized bank transfers to illicit purchases.
In 2017, 51 different organizations had more than 2.3 billion credentials compromised according to the Credential Spill Report, which dove into how criminals stole, weaponized and turned compromised data into profits.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
