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Payment and Fraud Prevention Track It takes a network to defeat a network Fraud Prevention @ IATA Anca Dolocan Portfolio Manager, Card & Fraud Services Contents Fraud Prevention @ IATA 3 Industry Cooperation, Communication, Support 4 Industry Standards for Fraud Prevention 13 IATA Fraud Prevention Standards Governance Groups 16 Q&A 17 4 Fraud Prevention @ IATA High-level Overview Current initiatives led or managed by IATA for the airlines industry and where airlines and travel agents should play an active role: Regional Fraud Prevention Workshops Global Airports Action Days (GAAD) in cooperation with Europol IATA Frequent Flyer Program Fraud Prevention Workshop & Advisory Forum IATA Global Fraud Prevention Event IATA Strategic Partners Briefing Day IATA Strategic Partnership program for fraud prevention IATA Standards Governance fraud prevention groups Cooperation, Education, Support GAAD Overall Stats Airline participation Cooperation, Education, Support 2019 Satisfaction Survey - NPS 71 Overall Rating of the FFP Fraud Prevention Workshop (Day 1 & 2) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Networking Interaction Agenda Excellent Satisfactory Average N/A Overall Rating of the FFP Fraud Prevention Advisory Forum (Day 3) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Excellent Satisfactory Average N/A See you in 2020 at Dallas, USA Save the Date 23-25 June 2020 Cooperation, Education, Support www.iata.org/global-fraud-prevention Cooperation, Education, Support https://www.iata.org/about/sp/Documents/industry_fraud_prevention.pdf Industry Standards simplify common processes, reduce costs and complexity Passenger Standards Conference (PSC) re-organized as of 1 November 2018 manages all standards activity touching passenger processes, coding and scheduling has ultimate decision-making authority over all standard setting activity within its scope every member airline is able to attend and vote adopts or changes Resolutions and Recommended Practices elects the Board Members to oversee the standards across each business domain Pay-Account Standards Board (PASB) Made up of 18 airlines Have oversight across the strategy and direction of standards within their domain Manage implementation and ensure that standard setting activities are prioritized based on airline requirements Explore new areas where industry standards could add value and propose areas where industry standards should be discontinued. Payment FP Group Members FFP FP Group Members Chair Vice-Chair Chair Vice-Chair Secretary Secretary Thank you! Anca Dolocan [email protected] AND… See you in 2020! Destination will be announced at the end of the IATA World Financial Symposium – Stay tuned! www.iata.org The Cybercrime Economy Its impacts upon fraud IATA World Financial Symposium: Miami 2019 Dr Michael McGuire University of Surrey 22 Themes & Aims • To briefly explore a key trend in Cybercrime – the emergence of a complex set of (criminal) trading relations – the cybercrime economy • To consider the relationships between this economy and fraud • To evaluate some implications of this for enterprise, in particular the aviation industry 23 Research focus • Based upon findings of an 18 month piece of research - The Web of Profit project, which aimed to understand the outputs of cybercrime, not its inputs • That is: • Not what cybercriminals ‘do’ - attack vectors, malware types, perpetrators, computer dependent v computer enabled crime variants, etc etc • Why cybercriminals ‘do’ - Revenues, laundering, spending investments etc etc. • Methodology included: interviews with convicted cybercriminals; covert observation and simulated purchases on darknet; analysis of listings; expert/practitioner surveys 24 Changing Perceptions of Cybercrime • We once thought `cybercrime’ happened in a place called ‘cyberspace’ • It involved ‘technical’ things like viruses or network compromises • It involved clever young computer experts - hackers, crackers etc. • It was about stealing credit card numbers, personal credentials etc. • Enhancing cybersecurity (perimeter protection & firefighting) was the optimal response 25 The New Cybercrime BUT The research identified a range of more fundamental, less discussed factors now seemingly crucial to cybercrime 26 The New Cybercrime – NEW REVENUE GENERATION $$ Counterfeits $$ $$ IP Theft $$ A dizzying range of methods & mechanisms for generating $$ Trade Secrets $$ $$ Data Trading $$ revenues, often at industrial scales $$ Crimeware $$ $$ Skills hire $$ $$ Advertising $$ $$ Crypto Mining $$ 27 The New Cybercrime – NEW VALUE FORMS • A new form of raw material and trading commodity - the extraction and exchange of data. • Not just data from stolen credit or debit cards • A range of newer data forms with value : - hotel/airline loyalty points, - Netflix logins - ‘likes’ on Facebook - soft drink formulas - healthcare records 28 The New Cybercrime – NEW EXCHANGE MECHANISMS • Rapidly expanding range of supporting digital financial tools • Digital currencies • payment systems • P2P banking apps • Mobile payments & banking 29 The New Cybercrime – NEW ECONOMIC AGENTS • Specialised economic agents - such as producers, suppliers, service providers and consumers • Tool supply, technical support and provision of skills and expertise • Training, professionalization, recommendations and references. • New markets & dedicated Production Zones Râmnicu Vâlcea hacker village (Romania) 30 A Cybercrime Economy Cybercrimes Revenues Laundering Other Spending crime 31 Cybercrime Revenues Cybercrime Economy now worth: $1.5 trillion in revenues annually - at minimum 32 Scale of Cybercrime economy • $1.5 tn likely to be a conservative estimate • Many revenue categories were not included/lacked sufficient data to calculate - for example: • Figure for illicit online sales included only pharmaceuticals, drugs and counterfeits • Estimates for the Crimeware category included only Ddos Hire, Trojan related malware & hacker for hire revenues. BUT - Malware sales; exploits; etc also generate significant (as yet uncosted) revenues • Numerous categories of fraud eg ticket fraud, auction fraud not included 33 The Cybercrime Economy and fraud • Two key connections: (1) The emerging cybercrime economy (and its success) highly dependent upon fraud. For example, many of the key ingredients of this economy derived from fraud (2) In turn, the cybercrime economy is changing fraud and fraud practices 34 The Cybercrime Economy – dependence upon fraud $1.5 trillion in revenues = Illicit/illegal online markets Fraudulent goods & counterfeiting $860bn per annum Trade Secret/IP theft Spoofing, Impersonation, Sale of product $500bn per annum designs Data Trading Card fraud, chargeback/friendly fraud, loyalty $160bn per annum frauds Crimeware/CaaS Account takeovers, Identity theft $1.6bn per annum Ransomware $1bn per annum 35 The Cybercrime Economy – FOUR impacts upon fraud 1: The Cybercrime economy generates more incentives to engage in fraud ● Economy worth more than combined profits of top 3 Fortune 500 companies (Walmart, Apple & Berkshire Hathaway) ● Economy worth more than annual GDP of Saudi Arabia ($.75tn) ● Highest earners can make up to $2m/£1.4m – almost as much as a FTSE250 CEO, Mid-level operators can make up to $372,000/£263,000 ● Result: Projected total global fraud losses amounted to nearly USD $4 trillion in 2018 ● Organizations lose up to 5% of their annual revenues to fraud ● Airlines projected to lose up to $3bn to fraud by 2021 36 Global rise in fraud/economic crime 37 The Cybercrime Economy – FOUR impacts upon fraud 2: The Cybercrime economy is enabling more varieties of fraud • Trade in tools enabling spread of ransomware fraud attacks on airports – recent (2018-19) attacks on Cleveland airport; Louisville Airport, Bristol & Atlanta • Invoices being traded in this economy enabling serious financial frauds for airlines. JAL recently lost nearly 400m yen ($3.4m) after payments for leased airplanes were diverted by cybercriminals • Lost 24m yen in a similar ploy involving fake emails from a US cargo business. • Huge amounts of data relating to membership/loyalty accounts for sale on darknet. Up to 72% airline loyalty programs have an issue • We were offered details of airline executive cv’s, vacation plans and other personal details by darknet vendors. 38 The Cybercrime Economy – FOUR impacts upon fraud 3: Cyber Frauds creating increasing financial & reputational costs • BA hack of card details, CVV codes and email addresses resulted in £183m fine; costs in reputational damage unknown … • Heathrow airport fined £120,000 for failing to secure sensitive data following employees loss of a USB stick • Cathy Pacific facing expensive class actions after biggest aviation databreach in history - 9.4m customers had data including passport numbers, identity card numbers, travel history, email addresses compromised • Protests to Air Canada mount after passport data on their app (used by 1.7m customers) was accessed in 2018 39 The Cybercrime Economy – FOUR impacts upon fraud 4: The Cybercrime economy enabling easier movement & concealment of fraud revenues • 4% of European cyber revenues alone now laundered by crypto currency (around $80bn) • 10 - 20% of cybercriminals use PayPal or other DPS systems to launder money • 95% of all ransomware profits were laundered through BTC-e Bitcoin exchange in 2017-18 • Airlines being drawn into this burgeoning industry: - Physical transportation of cash (staff and passengers) - Exploitation of 3rd parties (eg travel agents) & suppliers - Airline ticketing identified as a potential
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