Fraudsters discovered an enormous financial value in customers accounts. That who seek illegal profits involved and adopted (sometimes created new ways) various fraud tactics.
This article based on study done by Source Media Research & Payment Source, on behalf of Accertify Inc (wholly owned subsidiary of American Express).
For a few decades credit card fraud and financial losses used to be the biggest issue but now fraudsters are creative and technically equipped. As all businesses working towards customizing the customer’s experience and creating seamless transitions, fraudsters use it for illegal gains. Some new technologies might not be tested enough time to find out all weak point and exactly this creates opportunity for fraudster.
For every company own reputation is key to success. Corporate reputation related frauds and non-traditional frauds (gift card frauds, identify theft, account takeover, data breaches, loyalty points, rewards, return frauds, discount frauds, etc) gaining popularity. Fraud prevention used to be about saving money, now it’s about saving corporate reputation.
On screenshot available list of fraud types experienced by that who participated in survey. Fraud detection and prevention is a key to success nowadays. Here’s a list of main fraud prevention solutions:
- Fraud monitoring.
- Account transaction monitoring.
- Digital identify verification.
- User behavior analytics.
- Device intelligence.
- A few step authentication.
- Dark web data.
- Biomedical data.
- Community reputation data.
It’s impossible to prevent all frauds because fraudsters are creative. So, most of the time it’s a customers responsibility of to keep account safe (no saved password on web, no saved password on computer or phone, sms notification for every transaction and for every change in profile data, etc).
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