Buy Now Pay Later Fraud Risk
As commerce migrates onto the web, so do longtime procedural staples of the retail space. From “try before you buy” options for online clothing shoppers to layaway-style pre-ordering of goods, many common brick-and-mortar practices are becoming more common online. However, these old tactics are risky when translated to the Internet and e-commerce. Unlike in-person sales […]
How to Stop Account Access Fraud
Account access fraud carries heavy consequences. Financial account losses from account takeovers alone are $12,000 on average and as many as one-third of all attempted logins for such accounts are suspected takeover attempts. To make matters worse, as many as 28% of customers would simply close their account with a company if it was taken […]
How to Navigate Through Chargeback Insurance Options
Chargebacks occur when a buyer requests a reversal of a credit card payment that is issued from the bank. This was created as a way to protect consumers from merchant scams but has since evolved into a way for individuals to commit what is commonly known as “friendly fraud.” Friendly fraud occurs when a consumer […]
Mobile Identity Verification: What You Need To Know
Mobile identity verification is not new technology, but the lockdown has made a viable verification system more critical than ever. With so many customers conducting their banking from mobile devices, the risk of application fraud has never been higher. Fraudsters can use personal information to open a bank account under someone else’s name or use […]
5 Reasons You Should Invest In Fraud Technology
It is high time for businesses such as banks and large retailers to invest in and integrate fraud technology into their existing infrastructure. The COVID-19 pandemic has forced businesses to shift to remote operations and working environments. However, this comes at a hefty cost considering every dollar of fraud now costs a U.S. business $3.36. […]
4 Consumer Identity Theft Stories: How to Protect Your Customers
Fraud does not limit itself to any particular business, it impacts all industries. While technology is improving and businesses are leveraging increasingly sophisticated fraud prevention methods, fraud is still on the rise. In early 2020 the world shifted to a more remote, online environment and with that shift, came a 7% increase in fraud in […]
3 Key Benefits of a Handheld ID Scanner
Handheld ID scanners are a great way to check if an ID is real and to extract information from the ID. Handheld ID scanners are typically paired with verification software to prevent fraudsters from slipping passed through. They can improve ID checking efficiency, reduce the risk of underaged individuals, keep a record of past fraudulent […]
5 Fraud Risk Management Solutions You Need
Fraud risk is the likelihood of an organization or business being subject to fraudulent activity. Banks and retailers use several methods to prevent fraudulent activities. To mitigate any fraud risks and be AML compliant, you need a fraud prevention team to stop cybercriminals from accessing your system and data. This fraud prevention team is responsible […]
