Fraud as a Service (FaaS) involves cybercriminals offering their fraudulent services or tools to
others for a fee, enabling even those with minimal technical skills to engage in cybercrime.
FaaS services are advertised on dark web forums, encrypted messaging platforms, and
sometimes even on the clear web disguised as legitimate businesses.
Common FaaS offerings include phishing kits, ready-to-deploy malware, stolen credit card
information, botnets, and identity theft services.
Businesses can protect themselves by educating employees, using strong passwords and
MFA, regularly updating software, implementing robust network security, and monitoring
accounts for suspicious activity.
Regular software updates are crucial because they often include security patches that fix
vulnerabilities exploited by cybercriminals.
If you detect suspicious activity, immediately report it to your financial institution or the relevant
online service provider and take steps to secure your accounts.
