Fraud Fighters & International Law Enforcement Meet in Spain

Sep 19, 2019


Investigators and forensic experts have recently met in Spain during the Europol Training Course on Payment Card Fraud and Investigations. This article will tell you how fraud fighters are trying to make payments a better world to be in and will help you find a trustworthy processor to rely on.

Fraud Fighters & International Law Enforcement

Business costs associated with fraud aren’t going to drop any time soon. In recent years, commerce has rapidly been switching from the offline to the online space. Simultaneously, fraudsters have been able to quickly adapt to this new reality and create more sophisticated tools to “better” attack their potential victims.

Online payment processing criminals are now attacking larger groups of people and hacking larger amounts of data.

The 5th annual Europol Training Course on Payment Card Fraud Forensics and Investigations has recently brought together a number of professionals in the field. The attendees are focused on developing stronger cooperation between law enforcement bodies and those working on eliminating fraud.

Such events target a myriad of topics in the field of payment fraud. So, the attendees discuss issues concerning online skimming and logical attacks on automated teller machines (ATMs), card data analysis and cryptocurrencies, social engineering attacks or loyalty card fraud.

To avoid falling into the trap of systematic attacks such as card-testing and bots found earlier in the transaction flow, businesses need to rely on data science and machine learning. By the way, Visa has added a new technology means to better prevent and disrupt payment fraud.

If you want to fight fraud successfully, you should have the right approach that can help you transform business transparency and make your business operations more effective. For this, working with a true payment expert like eMerchantBroker.com is of vital importance. EMB is the top-rated high risk processor and a respectable provider of alternative business funding in the U.S.

Card Payment Options considers eMerchantBroker.com an A company, and the BBB has listed EMB as an A+ company. When searching for the best fraud fighters, consider turning to eMerchantBroker.com. EMB, thanks to its partnership with Verifi and Ethoca, guarantees unprecedented fraud prevention and chargeback mitigation solutions for merchants of any type and size.

With EMB that’s also ranked as the “Best All-Around High Risk Merchant Account Provider” by ValuePenguin, you can be sure to get easily approved for the cheapest possible rates in the industry.

Global Fraud Challenges

Methods for making payments online are growing both in number and sophistication. So, it’s no stretch to say that merchants and financial institutions will face an increase in new fraud threats. This means being well prepared to combat them is just a must.

Let’s look at some facts:

  • According to a payment service provider, as of 2019, card-not-present (CNP) fraud, cross-border fraud, and counterfeiting on non-EMV cards represent the top global card fraud challenges.
  • In 2016, 73% of the value of total fraud losses on cards issued in the Single Euro Payments Area (SEPA) stemmed from CNP payments, and 3% from ATMs.
  • Since 2008, average losses with businesses have increased 49.5%, with these businesses losing an average of 6.8% in total expenditure.
  • According to the EY Global Fraud Survey 2018, based on 2.550 executives from 55 countries and territories, fraud and corruption are among the greatest risks to businesses.
  • The 2019 Global Identity and Fraud Report, based on the survey among 10.000 consumers and 1.000 businesses across 21 countries, 55% of businesses globally saw an increase in fraud-related losses over the last 12 months. Specifically, the losses were caused by account opening and account takeover hacks.

To sum up, if you want to succeed in the fight against fraudsters, and especially if you want to effectively take on the evolving threats in the field of payment fraud, you must take action.

Here, close cooperation between the public and private sectors plays a critical role. Another highly important step is to focus on continuous training. The 3rd one suggests updating your investigative techniques and improving your forensic capabilities.

That’s the reason why the top international experts and speakers in the space come together each year to address the problem of fraud and find better solutions for both consumers and businesses.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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