2023 Fraud Trends From the Experts
7 Articles: How To Protect Your Company From Fraud During the Coronavirus Crisis
The impact of COVID-19 has touched every industry, and fraud prevention is certainly no exception. Fraudsters adapt fast by nature, and have inevitably moved to take advantage of the situation. On the other hand normal customers are changing their buying patterns in response to fast-changing times.
Predicting whether a transaction, signup or login is fraudulent or legitimate isn’t easy at the best of times. It’s even harder when you can’t rely on the patterns learned from past data.
Why We Have 7 Articles of Advice to Share
Uri Arad, Identiq’s Co-founder and VP Product, has been approached numerous times over the last several weeks by friends and past-colleagues in the payments and fraud industries. His time and influence as the Head of Analytics and Research at PayPal’s risk department mean that he’s often approached for advice and predictions — especially when things are changing fast.
Uri is dedicated to leveraging his experience to help where he can, and his efforts in recent weeks have spiraled somewhat, into 7 different pieces in 7 different publications. Each one is different, so here’s the breakdown so you can choose the topics most relevant for you and your team.
1. Digital Commerce 360: Preparing for the Online Fraud Challenges of the Coronavirus Crisis
This is the ideal introductory article: a run-through of the different ways your business may be affected, and what you need to start looking out for as a result.
You might be experiencing a temporary lull in traffic and orders or you might be in an industry with a boom in suddenly popular items and services. The nature of your business affects what you need to watch out for, and what you should do to prepare.
2. CardNotPresent: How Merchants Can Defend Against Coronavirus Fraud
CardNotPresent interviewed Uri and discussed the impact of the fact that right now “there is no normal” as well as the importance of collaboration between merchants to get through this challenging period safely.
3. Direct Commerce: Fighting Fraud in the Time of COVID-19
Statistical models are at the core of most fraud prevention systems today — but suddenly, they’re not as reliable as usual. They rely on the future looking more or less like the past. Right now, that’s simply not the case.
Here, Uri explains what fraud prevention leaders should do when buying habits change this unexpectedly, to this extent.
4. Multichannel Merchant: Coronavirus Crisis Presents Greater Risk of Ecommerce Fraud, Experts Say
Gift cards are particularly popular right now, and are being offered by many businesses who have never used them before. Consumers are using them to help support retailers who have had to close their stores due to the coronavirus crisis. Unfortunately, fraudsters love gift cards too — they’re practically free money for fraudsters.
Multichannel Merchant talked to Uri to find out what to do to empower good customers to purchase gift cards, but make sure fraudsters aren’t getting in on the act.
5. Payments Source: Coronavirus Response Must Include a Boost in Fraud Protection
Don’t forget that some fraudsters will set up schemes now, betting on merchants being overwhelmed — and then cash in later, when you’re not expecting it. Here’s what to look for to protect your site in the future from the crimes being plotted today.
6. Payments Journal: Why the Economic Impact of COVID-19 Creates Challenges for Fraud Fighters
While it’s natural to focus on the immediate fraud concerns coronavirus has brought, it’s important to think through the wider implications as well. Friendly fraud, family fraud and attacks using mules are all likely to be spiking — and your fraud department needs to be prepared.
7. My Total Retail: Managing the Fraud Prevention Risk Caused by Coronavirus
Success comes from adapting to change. However strange things feel at the moment, and however challenging it is to adapt to buyer behaviors that are shifting so quickly, fraud prevention professionals can keep on top of the threats and smooth the experience for good users — as long as they stay flexible and fast on their feet.
We hope that some of these articles reflect the fraud prevention challenges you’re experiencing at the moment, and help you find a way through them.
Stay safe, and stay healthy.
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