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...
The year 2020 will forever be remembered as a year of considerable change, one that has pushed people and commerce into extremes never before seen in the history of the world. Interestingly enough, at the advent of this year, our unemployment rate was enjoying a notably low rate. It was only at 3.6 percent. The GDP was increasing at a...
The current pandemic has brought forth more sophisticated scammers like never before. Fraudsters, taking advantage of the pervasive fear and uncertainty among the population have devised many fraudulent schemes, including: masquerading as people in need, businesses peddling personal protection devices, and government leaders pledging to provide stimulus funds. According to an AARP report, people in the U.S. have lost an...
In 1974, the Fair Credit Billing Act (FCBA) was passed as an amendment to the Truth In Lending Act. It’s objective was to protect consumers from billing practices that were unfair and to provide a means to address billing errors in credit card accounts. Although this act awarded millions of consumers a way to protect themselves from unauthorized, fraudulent, and...
Originally, disputes were built to protect the buyer. These days, however, the idea of accumulating reverse charges poses a significant danger to businesses. Chargebacks are inevitable and often exceed the merchant’s expectations. Excessive rates can take a toll on your credibility, credit background, and customer loyalty. Add that to the increasing favoritism for buyers, and the situation is bottom-line threatening...
