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 »
Category: Fraud Tips
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 »
One of NoFraud’s partners, iTristan Media Group, asked our Director of Business Development to talk about the fraud landscape and how that impacts merchants. The recording can be found here.
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 »
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 »
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 »
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 »