Scam Companies Flourish Using Breached Data [Video]

Fraud Management & Cybercrime , Fraud Risk Management , Training & Security Leadership

Expert Discussed Need for Enhanced Verification, AI Tools to Detect Fake Companies (gsuparna) • March 4, 2024    

The U.K. Companies House registration portal adds about 4,000 companies each day. But 20% of those brand-new companies – or about 800 of them – are scams. These fake businesses are being created from an ocean of stolen high-quality data related to real people, making it hard to spot the fraudsters, said Graham Barrow, director of “The Dark Money Files” podcast.

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“If you start creating companies in the names of those real people whose data have been breached, then you can spread the connections out across a very wide network of different names. And that makes the investigator’s job that much harder,” said Barrow.

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