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.
Original article was written by Jim Daly for DigitalTransactions.net
Merchants’ actual fraud costs are up for the third year in a row and their total fraud-related expenses also are rising, according to the latest True Cost of Fraud study from LexisNexis Risk Solutions.
Fraud as a percentage of the revenues reported by the 653 retailer risk-control executives surveyed for the 2017 study was 1.58%, up 7.5% from 1.47% in 2016. As recently as 2013, fraud was only 0.51% of revenues before increasing to 0.68% the following year and then taking a big jump to 1.32% in 2015. (more…)
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 credit card information from customers. To protect your business and customers from this very prevalent and increasing threat, take the following steps into consideration. (more…)
Written by James Melton for Internet Retailer.
For roughly $700 per month, the owner of VapeSociety.com and VapeMood.com eliminated chargebacks of up to $5,000 per month.
Cesar Campos thought chargebacks for fraudulent credit card purchases of $3,000-$5,000 per month were going to be a regular cost of doing business.
Campos, marketing director of Campos Inc. Investments, which operates VapeSociety.com, the affiliated VapeMood.com, and other e-commerce operations, says the 5-year-old business had two employees dedicated to tracking the IP addresses of fraudulent purchasers and verifying suspicious-looking transactions. The result was a slowed-down fulfillment process and not much success in stopping the chargebacks. (more…)
Article originally posted on CPI Financial, written by Isla Macfarlane.
A survey conducted by Kaspersky Lab and B2B International suggests that banks and payment organisations are finding it difficult to manage online financial fraud in today’s connected and complex technological landscape.
The explosive growth of e-payments, combined with new technological developments and shifting business needs, has forced companies to enhance the effectiveness of their business processes in recent years. In many cases, this has been achieved by implementing e-flow systems for interacting with suppliers and clients etc. E-payments of all types have become so ubiquitous today that it is absolutely impossible for businesses to completely avoid electronic transactions of any kind. (more…)
“We estimate that in the U.S. alone, the value of false declines is more than 13 times the total amount lost to actual card fraud”
Al Pascual, senior vice president, research director and head of fraud and security at Javelin Strategy & Research.
Originally posted on internetretailer.com By Matt Linder.
All but one day so far this holiday season has produced $1 billion in online sales in the U.S., according to Adobe.
Interest in online deals showed no signs of slowing down hot on the heels of a strong Thanksgiving weekend.
Traffic to the top 25 U.S.-based online retailers was up 10% year over year Sunday and 4% on Saturday, according to data from the Verizon Retail Index shows.
Retailers should view this as a sign shoppers are both engaged and willing to spend, says Michele Dupré, group vice president of retail, hospitality and distribution for Verizon Enterprise Solutions. “This healthy spike in weekend traffic demonstrates the importance of getting promotions right when consumers are focused on ticking items off their holiday shopping lists,” she says. (more…)
Written by Liz Parks for STORES Magazine
When e-commerce merchants try to manage their own fraud protection, they can invest substantial time and effort striving to make the right transaction decisions on their own. As they do, they risk significant losses from fraudulent orders or through “false positives” that mistakenly flag legitimate orders. According to the 2016 LexisNexis True Cost of Fraud Study, and average $2.40 per transaction is lost to online fraud. Although high-volume online retailers can use very sophisticated and expensive fraud protection programs, that has not historically been the case for lower volume online merchants with more limited financial resources.
Continue reading about how NoFraud automates the process for businesses, saving them time and money, here.
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 online in the past twelve months – or about 80 million consumers – have experienced payment fraud. (more…)
Original post from cardnotpresent.com
Nearly a year after the EMV liability shift in the U.S.—a move specifically engineered to incent retailers to install EMV-compliant POS systems in their stores—only 44 percent of merchants are equipped with the new terminals, according to a new report from The Strawhecker Group. Further, not all of those merchants that have installed EMV-enabled systems are using them. Only 29 percent of U.S. merchants can actually accept chip cards, the report said, with terminal certification delays the main culprit.
Despite fewer U.S. merchants accepting chip transactions a year into the transition to EMV than predicted, however, the effects experts predicted have largely come true. Studies over the past few months have consistently shown that counterfeit fraud at the physical point of sale is dropping, while card-not-present fraud is surging. (more…)