Credit Card Chargeback Laws: What You Need To Know
Commercial businesses are always vulnerable to break-ins and thefts. However, some sectors, such as retailers, are more susceptible to less obvious forms of theft, such as credit card chargeback fraud. Chargeback, also known as “friendly fraud,” occurs when a cardholder disputes a financial transaction and gets the payment reversed by their bank instead of contacting […]
4 Frequently Forged Identity Documents In Car Sales
Fraud in the automotive industry can cost dealerships hundreds of thousands of dollars. Unfortunately for these dealerships, automotive lenders are now trying to make the dealerships shoulder the responsibility for fraud related losses, which leaves dealerships to absorb the detrimental costs. In many automotive fraud cases, fraudsters will submit fraudulent documents that help them receive […]
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 […]
What are Gambling and Gaming Fraud and Why Do They Matter?
Gaming has steadily grown in popularity across all demographics alongside the emergence of more capable hardware. This has spurred new business models and approaches in the process. Mobile gaming has seen tremendous growth, with a full 54% of gamers choosing to play games on their mobile phones instead of consoles or desktop computers. Revenue projections […]
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 […]
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 […]
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 […]