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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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Thanksgiving, Black Friday and Cyber Monday all Set New Record Highs

Desktop and mobile eCommerce sales reached a combined $14.5 billion across Thanksgiving, Black Friday and Cyber Monday, while CNP channel sales on each day increased by at least 17 percent year-over-year. The nearly $6.6 billion in eCommerce sales on Cyber Monday set a new record for the largest online shopping day in North America, as Cyber Monday marked the fifth consecutive day with over $1 billion in online sales.

Online and mobile eCommerce sales on Thanksgiving Day increased more than 18 percent to $2.87 billion this year. Digital commerce sales exceeded $5 billion on Black Friday and reached $6.59 billion on Cyber Monday, each increases of about 17 percent from last year.

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Alibaba Exceeds $25 Billion in Purchase Volume on Single’s Day with 90 Percent of Revenue Made in Mobile Channel

Alibaba shattered previous sales records on Single’s Day in China, the largest global online shopping day of the year, reaching $25.3 billion in purchase volume across their Taobao and TMall platforms on November 11, 2017. Alibaba’s sales on this one day exceed the total volume of online sales in the United States from Thanksgiving through Cyber Monday, underscoring the size and significance of the Chinese eCommerce market.

Alibaba enjoyed $17.8 billion GMV on Single’s Day in 2016, previously the largest online shopping day of all time. On Single’s Day 2017, sales across Alibaba’s platforms increased by nearly 40 percent to $25.3 billion. Alibaba also reported that 90 percent of the gross merchandise volume came from mobile transactions.

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Visa Canada Requires CVV on All eCommerce Transactions While Providing Merchants New Liability Shift

Visa Canada published a document titled The Future of Payment Security in Canada, detailing several new requirements related to ensuring security with Visa card transactions, including several new rules and deadlines coming into effect over the next few years. Notably, issuers must eliminate the use of static passwords with Verified by Visa by April 2018, while merchants will be required to collect and provide the CVV2 to issuers but in turn receive a liability shift when issuers approve incorrect CVV numbers.

These new requirements around the CVV2 only apply to eCommerce and phone order merchants, but a separate requirement will apply to mail order merchants. Catalog and mail order merchants are now prohibited from collecting the CVV2 in a written format.

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Uber Sat on Data Breach Affecting 57 Million Users for Over 1 Year

Uber, one of the latest companies to suffer a data breach, is suffering backlash not just for the 57 million user accounts compromised following the breach, but the company’s failure to disclose the breach until more than one year after it occurred. The company is now facing scrutiny from Congress and potential legal repercussions.

The data breach occurred in October, 2016 when two hackers stole data from a third party server. The data included names, phone numbers and email addresses of 57 million riders and drivers, where driver’s license information was compromised for many Uber drivers as well.

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Over 700 Million Compromised Email and Password Combinations Used to Send Spam

Lists of email addresses with password and other information used to send phishing emails and spam were hosted on an open server and available to copy or download.  More than one-fourth of the email and password combinations were identified from previous data breaches and this collection of 711 million email address account credentials shows the scale of data breaches and consumers who are ripe for account takeover.

Having access to active or legitimate consumer email accounts for sending spam is a major asset in the fraudster world and black market. Email providers and third-party email security vendors constantly update blacklists of bad servers known for sending spam. Using real email accounts circumvents many of these filters.

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Google and Walmart’s New Partnership Will Help Both Battle eCommerce Behemoth Amazon

Google and Walmart announced a partnership that will bring hundreds of thousands of items sold by Walmart onto the Google Express online shopping service so they can also be purchased by voice request using Google Home, much how Amazon Prime members can order with voice commands to Alexa on Amazon’s Echo or Dot.

Walmart will also be integrated with the Google Express Easy Reorder features, which are similar to how Amazon offers the option to Subscribe & Save on many items. For Walmart, this partnership helps them compete with Amazon in the battle for eCommerce retail market share. For Google this partnership is about competing with Amazon both with eCommerce and in the battle for the home.

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Apple to Offer Text P2P Transfer and Stored Balance Account with Apple Pay Cash Card

The new Apple iPhone and operating system are set to launch in September and include new features likely to grow adoption of Apple Pay and contactless mobile payments at the physical point-of-sale. Apple Pay is set to rollout in several more countries by year’s end while the newest operating system (iOS 11) will support Apple Pay Cash Card, a stored value account for sending and receiving person-to-person payments as well as making online and contactless payments via Apple Pay.

Apple Pay Cash adds significant new payment options and features for Apple users. First, it supports person-to-person payments directly within iMessage, which has the potential to immediately grab market share from other P2P money transfer services like Venmo/PayPal, Square Cash and Facebook Messenger. Second, the Apple Pay Cash Card, which is a stored value account that essentially serves as a digital prepaid card, has the potential to spur many more consumers using Apple Pay for mobile contactless payments, particularly among underbanked and youth consumer demographics.

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Fitbit Pay Joins an Already Crowded Mobile Payments Arena

Fitbit recently unveiled their first smartwatch, called Fitbit Ionic, which will support NFC contactless payments with their mobile wallet called Fitbit Pay. Fitbit Pay will be compatible with Visa, MasterCard and American Express cards issued by partner banks and is expected to launch with the Fitbit Ionic smartwatch in October.

 

Fitbit Pay will work with American Express as well as MasterCard and Visa cards issued by participating banks, which include major card issuers Bank of America, US Bank, Capital One, HSBC and more.

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Vantiv Eyes Global Expansion, Acquires WorldPay for Nearly $10 Billion

Vantiv, the largest acquirer in the U.S. based on transaction processing volume, is now a significant global competitor as well, following the $9.9 billion dollar acquisition of UK-based WorldPay, who has over 400,000 processing clients across 146 countries.

It was announced on July 5th that Vantiv would acquire global processor WorldPay for $9.9 (£7.7) billion in the form of cash, a converted rate of shares to Vantiv and a cash dividend with total value representing an 18.9 percent premium compared to the closing price for WorldPay on Monday July 3rd.

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The Fraud Practice Releases a New Risk Management Technique White Paper Discussing Confidence Indicator Services

Confidence Indicators White PaperUsing Confidence Indicator Services to Enhance Qualification Capabilities in Online Applications” is the latest white paper from The Fraud Practice; released today and available free to download. This white paper defines and discusses Confidence Indicator services in the context of a “digital body language,” which can provide a view and indication of how a consumer answered critical risk questions that may validate or call into question what the user input or said. This can allow organizations to better detect high risk applicants, and accept more applicants where data was a limiting factor.

This risk management technique is defined and discussed in terms of how it works, the signals it provides and business use cases, to include application on-boarding, credit issuance and loan origination, insurance claims fraud and more.

Download the Free White Paper

 
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