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The theft of personal information has been a staple for criminals for generations. With the dawn of the internet, the ability of criminals to exploit the personal information of others has exploded. When it comes to tackling this type of cyber crime, credit card issuers and processors often work independently and lack a medium through which genuine collaboration is possible. This lack of cooperation allows cyber criminals, such as criminal carders, to operate essentially unnoticed across the entire spectrum of companies, highlighting the need for an increased intra-industry sharing of information. NCFTA is now launching the “Clean Credit” initiative, where it intends to act as the industry’s common ground meeting space and information collection and distribution point for four key fraud detection indication variables:
- Common Point of Purchase (CPP) information/Common Point of Compromise (CPC) Information
- Test authorization Information
- Address Change Information
- Fraud IPs/User Agents
Focusing industry collaboration at these four key detection points will greatly reduce the breadth and the width of the identity theft problem.
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Goals & Objectives
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NCFTA intends to facilitate intra-industry communication with monthly telephonic meetings where fraud investigators can share information on the latest scams and criminal techniques they are observing, in addition to maintaining a low noise/high signal email listserv. NCFTA will also host physical quarterly meetings which will incorporate federal and international law enforcement agencies.
"Capital One recognizes our partnership with NCFTA as a critical component in our fight against cyber related crimes impacting financial institutions. The economic and social costs of cyber related fraud create the compelling need for just the sort of public/private partnership that we are building here. Combining resources from academia, private sector, and law enforcement provides a single source for meaningful intelligence sharing that leads to actionable prevention, detection and mitigation efforts."
- Capital One Corporation
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