13% of organizations today have adapted Machine Learning and AI into their fraud detection protocols. Another 25% of organizations plan on converting from a rule-based system within the next two years. Read More
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The Cost of Friction Versus Security with New SCA Mandates
In Europe, digital retail payments were to be become more secure and less susceptible to fraud with the introduction of SCA. Yet a new standard for competition is being set for payment service providers to create SCA payment flows with minimal friction. Read More
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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
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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
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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
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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
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Fraud This Holiday Season Could be Even More Difficult to Detect as Fraud Rings Expand Mule Networks
Fraudsters use money mules for laundering as well as to receive and reship goods purchased with stolen identities. A large mule network provides more low risk shipping addresses for fraudsters to utilize as well as more options for strategically chosen shipping locations less likely to trigger fraud detection systems. A down economy and millions of
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Cyber Weekend Fraud Declines See 30% Increase Year-Over-Year and 50% Increase Relative to Rest of Year
The number of order attempts declined for suspected fraud increased by nearly 30 percent year-over-year for orders between Thanksgiving and Cyber Monday, according to data from iovation, that also found a fraud decline rate 50 percent higher than the yearly average (15 percent vs. 10 percent). Likewise, a cyber security firm found a 63 percent
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Massive Wawa Data Breach Puts Unknown Number of Cards in Hands of Fraudsters
Wawa announced a large-scale malware compromise breaching payment cards processed at the pump or inside between March 4 and December 12, 2019, also admitting that the company “does not have sufficient information to determine” how many payment cards were exposed. The gas station and convenience store has more than 850 locations along the east coast
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About Social Engineering: A Case Study and How it Relates to Spear Phishing
This guest blog post from a Certified eCommerce Fraud Professional discusses a case study involving a social engineering attack against an airline, as well as discusses methods for deception and intrusion with spear phishing attacks related to social engineering and fraudsters ultimately attempting to reverse engineer an organization’s risk management policies and practices. Read More
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