While many are looking forward to the holidays, taking a much-needed respite from the woes of the world, scammers are gearing up for a new holiday season of swindling. This year, the Better Business Bureau (BBB) has published what they call their “Naughty List” with the top scams that can catch shoppers off guard this holiday season. Social media platforms...
According to Digital Commerce 360, consumers spent $791.70 billion online with U.S. merchants back in 2020. This was a staggering increase of 32.4% based on the U.S. Department of Commerce numbers. This is the highest growth that U.S. e-Commerce has seen in the last twenty years. It was more than double the 15.1% hike in 2019. The COVID-19 related surge...
The Fraud Economy continues to experience growth as fraudsters did not slow operations during the pandemic. Always on the prowl, seeking vulnerability and weak links (like the pandemic), these opportunistic bad actors are ready to attack when the coast is clear. In 2020, experts have reported that as much as 1 Trillion USD had been lost due to cybercrime worldwide. ...
Although identity theft should be mitigated via prevention and protection strategies, there will be times where it cannot be avoided. Personal information can be easily snatched by accessing a computer illegally. Even if you are cautious and guard your information, it is critical that you keep a close eye on your business financial accounts. How Identity Theft Impacts A Business...
Authorised Push Payment (APP) Scams occur when an individual or a business is deceived into sending money directly to a fraudster impersonating a legitimate payee. The results are disastrous for those ingenious people who fall prey to them. Based on findings by UK Finance, it found a total of 66, 247 cases of APP fraud reported in the first part...
To say that the year 2020 was full of turmoil, both at a health and economic level is putting it mildly. With a surge of the world’s population confined to their homes for weeks and months on end, it is no wonder that digital traffic exploded at an unparalleled level. Around the world, people were suddenly dependent on the internet...
Since the emergence of e-Commerce back in the 1990s, digital fraud has been a formidable foe for businesses. Unfortunately, this trend has not shifted, but only grown from strength to strength with every passing year. In a study conducted by Experian, it was found that the losses stemming from “fraudulent identities” grew from 51% in 2017 to 57% in 2019....
When it comes to choosing the best and most effective fraud solution for your business, you must determine your unique business needs first before you seek out a solution. Once you have done that, a trial needs to be performed in order to see how it interacts with your data. The only way to judge how that solution “performs” is...
Integrated payables is a system that simplifies the payment process that enables businesses to send all of their vendor payments as a single, “online payment file” to their bank. The bank then processes and allocates the payment as per the instructions given by the business. Integrated Payables Have Benefits So what are the benefits of adopting integrated payments? Having integrated...
Due to the COVID-19 outbreak, the global fraud detection and prevention market is projected to generate about $145.7 billion in revenue by the year 2026. This is at a Compound Annual Growth Rate (CAGR) of 28.4%, according to Business Wire. With the uncertain times, we currently live in, millions of people are currently working online from home. Due to lockdowns...
