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Welcome to News & Events

Published on December 20, 2011, by in Industry News.

Welcome to The Fraud Practice’s FraudBlog; your source for updates on current events, commentary and best practices related to the eCommerce CNP payments and fraud industry.

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New Fraud Practice White Paper Discusses Techniques and Benefits Related to Identifying Low Risk Customers and Applicants

A new white paper from The Fraud Practice titled “Identifying and Streamlining Low Risk Customers or Applicants: Techniques and Benefits” is now available. This free white paper discusses the application of technology and techniques to derive signals of low or reduced risk and the benefits of identifying such orders in terms of conversion and screening costs when low risk orders or applicants can be streamlined or fast-tracked.

Identify Low Risk White Paper

Request your copy of this free white paper

 
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Mortgage Application Fraud Increases in First Quarter of 2019 as Fraudsters Become More Sophisticated in How They Fudge Their Income

The National Mortgage Application Fraud Risk Index maintained by CoreLogic found a six percent increase in mortgage fraud risk in the first three months of 2019 relative to the first quarter of 2018. Applicants lying about their income have been increasingly more difficult to detect in recent years, employing tactics such as lying about employment and promotions while providing false documentation to corroborate employment claims, as well as counterfeit college transcripts and divorce decrees.

Fraudulent applicants are taking advantage of the time it takes for new employment records and information to reach traditional credit and employment data vendors. Since 2016, CoreLogic has seen consistent increases in the number of applicants or borrowers claiming a new job or promotion that occurred within the past year.

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Equifax Acquires SMB Credit Rating Firm PayNet

Founded in 2000, PayNet provides a range of services and data products for leasing and commercial lending companies to make better credit granting and other decisions by understanding the credit history and risks of small and medium businesses. Equifax announced their acquisition of the company, for an undisclosed amount, on April 24.

PayNet and employees are now part of Equifax’s United States Information Solutions, the credit bureau’s largest business unit.

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MasterCard Acquires Ethoca, Post-Transaction Provider Pioneer

MasterCard announced on March 12 their acquisition of Ethoca, pioneer of the chargeback or issuer alert service. The acquisition is expected to close by the end of the second quarter and terms of the deal were not disclosed.

Ethoca came to market in 2005 with the first card issuer-to-merchant collaboration network, their Ethoca Alerts service. This network allows Ethoca’s now 4,000 financial institution partners to communicate disputed transactions with their more than 5,000 merchant clients, allowing the merchant to respond and potentially avoid a chargeback. These services, known as issuer alerts, can help organizations reduce costs and lower chargeback rates.

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Nearly 450 Million Consumer Records with PII Exposed in 2018

According to the Identity Theft Resource Center, who just released their 2018 End-of-Year Data Breach Report, the number of data breaches fell by nearly 25 percent compared to 2017, but the number of compromised records containing personally identifiable information (PII) more than doubled to 446.5 million.

Although the total number of data breaches declined in 2018, according to the Identity Theft Resource Center (ITRC), it was still the second highest number of data breaches reported in one year since the ITRC has been keeping track.

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Cyber Monday and Black Friday Reach Record Highs Totaling More Than $14 Billion in Online Sales

Cyber Monday 2018 was the largest online shopping day recorded in the U.S. with $7.9 billion in sales volume, according to Adobe Analytics. Online sales on Black Friday grew 24 percent from 2017 to $6.2 billion this year as mobile shopping and pick-up in-store saw the largest growth.

While Cyber Monday online spending increased about 20 percent year-over-year, mobile payment transactions represented $2.2 billion of the $7.9 billion sales total for the day. Mobile spending was up nearly 56 percent from Cyber Monday 2017. Adobe additionally estimates that online sales on Thanksgiving Day reached $3.7 billion, an increase of 29 percent from 2017.

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