Fraud

The holiday season is a time of joy, celebration and increased shopping activity. Unfortunately, it also marks a peak in fraud attempts against retailers. One aspect of this threat is first-party fraud, also known as friendly fraud. This type of fraud occurs when customers dispute legitimate charges on their accounts — whether due to confusion,…

The holiday shopping season brings more than just increased sales. It also ushers in a wave of sophisticated fraud attempts that can leave retailers vulnerable. Last year's VISA warning about increased scam activity across both card-present (CP) and card-not-present (CNP) transactions was just the beginning. Now, with artificial intelligence making impersonation attacks more convincing and…

In an era when artificial intelligence (AI) is transforming e-commerce, retailers are facing new challenges, including malicious price-scraping bots and rising privacy concerns. AI has created a number of opportunities for the e-commerce landscape, but it isn’t without risks. Consumers are increasingly cautious when considering how their data is used and shared online. Trust is…

When strolling the aisles of retail stores, gift cards present an inviting value proposition. And yet, the security of these financial products is paramount and a key focus for the entire industry. Which begs the question: What makes a secure gift card? Gift card packaging understandably takes the spotlight whenever the gift card industry discusses…

This video features a panel discussing how retailers are tackling loss prevention and fraud through technology from Total Retail Tech 2024 in Charlotte, NC. Speakers include Sree Sreedhararaj, Chief Technology Officer, IPSY; Karen Beebe, Chief Technology Officer, Bealls, Inc.; Adam Gunnett, Director, IT and Business Intelligence, Busy Beaver Building Centers; and moderator Sucharita Kodali, Vice…

Over the last 12 months, businesses have witnessed a significant jump in refund fraud. This growing menace operates on a more subtle and insidious level, unlike conventional fraud types, which require stolen credit card details or sophisticated hacking tools. Fraudsters exploit the trust-based nature of customer service policies, manipulating return and refund processes without needing…

E-commerce fraud is undergoing a dramatic transformation as international criminal rings increasingly take on the structure and mindset of the Fortune 500 companies they sometimes attack, according to a new report by Signifyd. The types and targets of online fraud are multiplying, the report notes, as fraudsters look for new revenue streams and novel schemes…

As retailers leverage online shopping options for busy customers this holiday season, they’re finding that industry-wide, sales are up (and continuing to rise), and the industry is expected to exceed $6 trillion in sales this year. Across all shopping channels, from in person, to picking up in-store, to ordering something online if it’s not available…

Gift card fraud is a pervasive challenge. In 2023, gift card-related fraud comprised $217 million of the record-high $10 billion in funds lost from scams nationwide. In 2023, gift card sales topped nearly $200 billion in the U.S., and about 50 percent of U.S. consumers said they planned to buy gift cards due to their…

Nearly one in five retail transactions occur online, with that figure rising each year. While retailers have adapted their strategies to reflect this consumer behavior, there’s one massive issue that they’re grappling with, especially given the rise in artificial intelligence: e-commerce fraud. Today’s fraudsters have more opportunity than ever to commit crime, using identity as…