Though most payments fraud is due to identity theft and organized crime in North America, the continent also sees a standout number of incidents due to terrorism as compared to other developed regions. According to the information-security firm Terbium Labs’ report, “The Next Generation of Criminal Financing: How Payment Fraud Funds Transnational Crime,” 8% of the 154 criminal cases in...
Maintaining any business is a bit of juggling act. Online merchants often face even greater challenges because they face more incidents of true fraud and friendly fraud. It is critical that ecommerce merchants keep fraud in check and factor in expenses for money lost on shipping, lost products, chargeback fees, and probable losses of merchant accounts. To stay in business,...
Visa will buy the Los Angeles-based Verifi, which offers tools that help merchants, acquirers, and issuers to resolve chargebacks. This is especially impactful considering rising chargebacks in the industry. Though the terms of the acquisition were not announced, Visa said it will integrate Verifi’s technology with the risk-management offerings from CyberSource and Cardinal Commerce. Visa acquired CyberSource in 2010 and...
As of early 2019, EMV chip cards have continued to increase share and the number of incidents of fraud have dropped significantly in the U.S., according to Visa. The Details on Visa’s Numbers Recently, Visa reported that 3.5 million U.S. merchant locations accepted EMV chip cards as of March, which was an increase of about 400,000. There were 3.1 million...
Having the option to pay even more ways for digital goods, like music streaming and news subscriptions, has created new obstacles for merchants. Customers love the convenience and 24-hour access to services, but merchants are having to deal with an uptick in friendly fraud, as well as the newer challenge of family fraud. Friendly Fraud vs. Family Fraud Friendly fraud...
Rogue mobile apps account for 28% of fraud attacks, according to the Q2 2018 fraud report by Bedford, Mass.-based security solutions company RSA. Other highlights from the report include: Phishing accounted for 41 percent of all fraud attacks observed by RSA in Q2. Canada, the United States, and the Netherlands were the top three countries most targeted by phishing. Fraud...
The online gaming industry is ripe for fraud. They games deal with many, low-cost transactions that need to be approved in real time, so it does not ruin games for players. The almost real-time nature of these transactions makes it more difficult to catch fraudsters before it’s too late. Fraudsters continue to get more sophisticated. They are always looking for...
By now, everyone knows that Facebook not only cashed in the rampant friendly fraud generated by kids unintentionally or without parents’ knowledge downloading games from the platform, but it encouraged the practice. A few years ago, the social media giant informed its employees of friendly fraud and explained how it should not try to block it. The result was some...
Losses caused by online payment fraud aren’t expected to stop. Currently, they’re even greater than what you could find some years ago. The growth in fraud is driven by a continued epidemic of data breaches. If you want to learn what Juniper Research forecasts concerning online fraud and where you can get the best protection from payment fraud, just go...
Protect Your Business from Fraud One of the biggest ways for your business to lose money is to not work to fight real and friendly fraud. If you do not keep them under control, your business will be looking at a lot of chargebacks, which is when a card issuer requires a merchant refund a disputed or fraudulent transaction. Too...
