Should Legacy Rules-Based Systems be Ruled Out as New Marketplaces Emerge?

The accelerations in eCommerce Delivery, Marketplaces and the gig economy have companies scrambling to make better decisions, faster.  Model-based applications are being applied to address wider areas of fraud, as they can detect threats more precisely and efficiently. 

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The Rise of Machine Learning and AI in the Fraud Prevention Industry

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.

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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.

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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.

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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.

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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.

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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 consumers who knowing and willingly committed friendly fraud.

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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.

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