Fraud, Friction, Risk & Reward … Is your company prepared to fight online fraud?

Risks/threats: organised crime, cause-motivated hacktivists, rogue nations, internal (e.g. rogue employee), hackers

stats: (1) every single minute, over 600,000 phishing emails are sent (2) fraud is moving to card not present (CNP). 59% of global fraud in 2015 (3) us accounts for 61% of global fraud

to combat:

  • staff training
  • selecting the right processing partner
  • refining your own offering (policy, service)
  • internal fraud prevention
  • use of scheme tools (3ds)
  • strict adherence to PCI DSS
  • use of fraud screening tools (device fingerprinting)
  • use of self-learning (machine learning) fraud mngm algorithms
  • outsorting for manual review of certain transaction
  • monitoring of chargebacks for any unexpected spikes