Fraud as a Service definition
Fraud as a Service is a business model where people sell services to cybercriminals. Most of these transactions happen on the dark web. These services come in a wide range. It can be as simple as selling tools for committing fraud, like phishing kits or malware. But some criminals provide complete packages that include UI, payment systems, security measures, tutorials, and even customer support.
How Fraud as a Service works
FaaS operates much like legitimate Software as a Service (SaaS) businesses. Customers, in this case, other criminals, can purchase or rent tools, data, or infrastructure to carry out a fraud scheme. FaaS providers offer credit card generators, identity theft tools, and even botnets for rent.
History of FaaS
With the rise of the digital age, cybercrime has evolved from isolated incidents to organized, sophisticated operations, and the dark web became a hub for illicit activities. As cybercrime became more profitable, a market emerged for selling tools and services to less tech-savvy criminals, leading to the birth of FaaS. Over time, this model has grown in popularity due to its profitability, ease of use, and the perceived anonymity of the dark web.