Category: Fraud Tips

The 7 types of eCommerce fraud schemes you should know about

As an eCommerce seller, there are multiple responsibilities that are juggled between you and your team: sourcing product, quality control, customer service, SEO, HR… One of the tasks that is often overlooked, until it is too late and very costly, is fraud prevention. With the frequency of data breaches that seems to be occurring regularly… Read more »

How to Choose Fraud Detection Software: Features, Characteristics, Key Providers

Originally posted on Altexsoft.com As we make more cashless payments for retail purchases, restaurants, and transportation – not to mention the increase in online shopping – wallets loaded with legal tender may become a thing of the past. According to 2018 research by BigCommerce, software vendor and Square payment processing solution provider, 51 percent of… Read more »

Online Fraud Losses Will More Than Double in Five Years, Juniper Forecasts

Originally posted on Digital Transactions by Kevin Woodward. Payments companies and retailers have a sobering forecast to ponder for online fraud. By 2023, global online fraud losses from e-commerce, airline ticketing, money transfer, and banking services will grow from $22 billion projected in 2018 to $48 billion, says Juniper Research in a new report. Thanks… Read more »

Fed Report Pegs CNP Fraud as Retailers’ Biggest Concern

Originally posted by CardNotPresent.com. New research from the Minneapolis Fed indicates that retailers are more concerned with fraud in their online channels than any other kind of fraud. Across nearly every size business, Fighting Fraud in the E-Commerce Channel: A Merchant Study found that not only was CNP fraud considered their greatest threat, but half… Read more »

Stop the Intrusion and Keep your Revenue: How to Prevent Online Fraud in Your Business

Contribution from freelance writer Jenny Holt According to the Association of Certified Fraud Examiners, a typical organization loses 5% of revenue every year to fraud. For businesses, online fraud typically manifests itself in the form of credit card fraud, identity theft, mobile phone transaction fraud, international purchasing fraud, phishing scams, and downloaded malware that collects… Read more »

Online payment fraud costing U.S. merchants billions

The ‘2016 American Express Digital Payments Security Survey’ reveals that 70% of merchants in the U.S. have seen sales conducted via digital channels rise in recent times. However, the report reveals that sales could be much higher if it wasn’t for payment fraud. Overall, nearly half (48%) of online shoppers who have made a purchase… Read more »

Research shows that manual review is the largest expense eating at fraud budgets

According to CyberSource’s 2016 Fraud Benchmark report, companies allot most of their fraud funds to the manual review process. Of those manually reviewed, 82% transactions are approved. Because of the high acceptance rate of manually reviewed orders, companies are tightening their screening process to decrease that number in hopes of cutting costs and accepting more… Read more »

Fraud Prevention Tips Every eCommerce Merchant Should Know

In 2014, eCommerce fraud cost US retailers 32 billion dollars (LexisNexis true Cost of Fraud Study 2015). That amount soared 11% as fraudsters refocus their efforts on eCommerce enterprises since the implementation of EMV chip technology that makes brick and mortar store transactions more secure. Unfortunately, as fraud prevention methods get more sophisticated, so do the… Read more »