Fraud

8 Ways to Prevent Payment Fraud
August 3, 2023 at 2:56 pm

E-commerce companies lost $41 billion to online payment fraud last year. Fraudsters are developing more sophisticated approaches to making unauthorized purchases with stolen financial information. In this day and age, fraud attempts are a when, not an if. Online retailers must beef up their defenses with user verification, identification and suspicious activity monitoring. Here are…

3DS2 Enhances Transaction Security, Creates More CX Challenges
July 27, 2023 at 11:31 am

Despite years of work by card issuers, payment processors, businesses and regulators, card-not-present (CNP) fraud continues to grow. CNP fraud increased by 8.5 percent from 2022 to 2023, and it’s projected to represent 73 percent of card fraud losses this year. The most recent version of the 3D Secure protocol, 3DS2, was intended to fight this…

Fraud is Taking a Financial Toll on the Retail Industry
July 20, 2023 at 12:48 pm

The retail industry is impacted by fraud every day — and oftentimes every hour — as incidents continue to run rampant. Bad actors infiltrate both small and large businesses regularly, resulting in billions of dollars in losses for retailers each year. In fact, fraud cost Americans nearly $8.8 billion in 2022, with 2.4 million consumers…

The Inform Consumers Act Targeting Organized Retail Crime Takes Effect
June 27, 2023 at 4:57 pm

The Inform Consumers Act, a new law that aims to curb organized retail theft and the sale of counterfeit and harmful products on online platforms, takes effect on Tuesday as more retailers blame theft as a reason for lower profits, reports CNBC. Congress passed the Integrity, Notification, and Fairness in Online Retail Marketplaces for Consumers Act — or the INFORM…

How Brands and Retailers Can Combat Fake Reviews
June 20, 2023 at 2:36 pm

Consumer trust is the penultimate factor in customer loyalty. According to Deloitte Consulting researchers, customers who give a brand high trust scores are three times more likely to stick with it through a mistake. What's more, 86 percent say they’re more likely to buy from that brand again, and 62 percent will buy almost exclusively…

As Bad Bot Activity Skyrockets, Retailers Must Take Action 
June 13, 2023 at 9:14 am

Website down? Bad bots may have caused it. Online shopping carts abandoned? Bots might be responsible for that, too. Bad bot activity is on the rise in the retail industry, and the impact isn’t just being felt during the holiday season and other high-traffic times. Motivated adversaries are using bots throughout the year, driving loss…

Why Quick-Commerce Apps Are Easy Prey for Fraudsters (and How to Protect Against it)
May 18, 2023 at 12:23 pm

Quick-commerce (Q-commerce) isn't new, but it's gaining traction fast. Consumers want speed, efficiency and convenience, and Q-commerce promises all this with the delivery of goods within hours or even minutes. Q-commerce has exploded in Asia, and its popularity is spreading to the U.S. as well, with many grocery stores jumping on board. In fact, Q-commerce…

How Brands Can Identify (and Combat) Emerging Fraud Threats
May 15, 2023 at 7:46 pm

While spring is often seen as a symbol of sweeping change and rejuvenation, the most enduring changes tend to happen gradually and incrementally. It’s no different when it comes to e-commerce fraud. Brands and bad actors are engaged in an ongoing, slow-moving chess match, with subtle strategic pivots met with corresponding moves to cover up…

Visa’s™ Compelling Evidence 3.0: A Challenge That Creates Opportunity
May 9, 2023 at 5:58 pm

It’s no surprise that the pandemic-fueled surge in online shopping has led to an increase in credit card fraud of all kinds — including first-party misuse, or friendly fraud. When a customer disputes a legitimate transaction, whether it’s a knowingly fraudulent refund claim (e.g., making an online purchase and then falsely claiming that the product…

E-Commerce Cybersecurity Trends to Watch in 2023
April 11, 2023 at 9:26 am

The e-commerce industry is flourishing, and being an e-commerce business owner, securing your platform and customer data should be your biggest priority in 2023. But the question is: Why is 2023 the time to reinvent your e-commerce security? Well, most businesses relying on legacy systems and conventional tools/technologies aren’t aware that their customers or employees…