formats

Welcome to News & Events

Published on June 22, 2020, 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.

Be sure to signup to see all of our content to include our free monthly FraudBlog Newsletter.

 
formats

Equifax Acquires Kount for $650M Becoming Third Credit Bureau to Acquire a Device ID Provider

Equifax finalized a deal to purchase Kount for $650 million, following suit after TransUnion acquired iovation in 2018 and Experian acquired 41st Parameter in 2013. Kount will maintain their headquarters in Boise, Idaho, as it becomes a part of Equifax’s United States Information Solutions (USIS) company. The deal is expected to close in the first quarter.

Read More

 
Comments Off on Equifax Acquires Kount for $650M Becoming Third Credit Bureau to Acquire a Device ID Provider.
formats

Fraudsters Raised the bar in 2020 Increasing the Average Fraud Purchase Value to Over $700

The average order value during the Black Friday weekend was up 64 percent year-over-year, but during the entire months of October and November the average order value of fraud attempts was up 70 percent.

Read More

 
Comments Off on Fraudsters Raised the bar in 2020 Increasing the Average Fraud Purchase Value to Over $700.
formats

Ecommerce Growth Brought in by COVID-19 Brought Added Pressures to Merchant Fraud Strategies

False positives were already a pain point for merchants but exacerbated by the pandemic. It is estimated that $146 billion worth of CNP purchase attempts are declined each year and more than half are falsely declined.

Read More

 
Comments Off on Ecommerce Growth Brought in by COVID-19 Brought Added Pressures to Merchant Fraud Strategies.
formats

More than 36 percent of Consumers Admit to Friendly Fraud

More than 36 percent of consumers admitted to falsely claiming a transaction was unauthorized or fraudulent while 31 percent falsely claimed a product never arrived, arrived damaged or was unsatisfactory, according to a recent study. While there is overlap of consumers who have made each of these false claims, this represents a meaningful share of consumers who knowing and willingly committed friendly fraud.

Read More

 
Comments Off on More than 36 percent of Consumers Admit to Friendly Fraud.
formats

Mobile Wallets Responsible for The Rise in Friendly Fraud

Merchants are less likely to dispute chargebacks on transactions originating from mobile wallets and significantly less likely to win those they choose to represent. Consumers may be more prone to commit friendly fraud with mobile wallet transactions and the dishonest ones may already be exploiting this trend.

Read More

 
Comments Off on Mobile Wallets Responsible for The Rise in Friendly Fraud.
formats

EU Organizations Fined $211 Million Related to Data Breaches Under GDPR

A recent report analyzes the $211 Million in data breach fines imposed on European Union organizations by the General Data Protection Regulation (GDPR).

Read More

 
Comments Off on EU Organizations Fined $211 Million Related to Data Breaches Under GDPR.
formats

New Survey Report & White Paper: Attract, Develop and Retain Talent in Payments and Risk

 

This joint survey report and white paper from The Fraud Practice and Executive Search firm Greenings focuses on the talent planning needs and concerns of organizations while providing insights around attracting, developing and retaining talent in the payments and fraud space.

Download the Free Report

 
Comments Off on New Survey Report & White Paper: Attract, Develop and Retain Talent in Payments and Risk.
formats

Black Friday and Cyber Monday Online Sales Set Records but Fall Short of High Expectations

Cyber Monday once again set the record for the largest online shopping day in the United States as consumers spent more than $10.8 billion online. Black Friday online sales also topped last year’s with $9.03 billion in online sales, but neither day lived up to the elevated expectations for online holiday spending during the pandemic.

Read More and see the chart (dating back to 2012)

 
Comments Off on Black Friday and Cyber Monday Online Sales Set Records but Fall Short of High Expectations.
formats

Banco Santander to Acquire Wirecards’s Technology Assets

Following a series of accounting fraud scandals that resulted in the insolvency of German processor and payments provider Wirecard AG, Banco Santander will be acquiring their payment technology assets for €100 million.

The acquisition only includes the assets related to merchant services and payment processing with the approximately 500 employees who manage the assets, who will now join GETNET, Banco Santander’s global merchant services team.

Read More

 
Comments Off on Banco Santander to Acquire Wirecards’s Technology Assets.
© The Fraud Practice LLC 2012