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risk_management:fraud
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FIXME

Fraud

With the advent of e-commerce merchants can do their business almost boundaries-free, quicker and easier and reach their customers worldwide through a simple click. Since almost every business includes a payment step, anyone conducting online transactions unfortunaltely runs a risk of being defrauded. Some fraudsters rely on the internet to commit their crimes but even if daily a lot of stores all over the world have to deal with fraud, they still are successfull. The lesson to be learned is to stay educated and vigilant about this issue and put appropriate preventive measures in place and have systems that check transactions for fraud, in order to minimize the risk.

Types of fraud

  • Online intellectual property theft
  • Identity theft
  • Phishing
  • Pagejacking
  • Advance fee scams
  • Bad check scams
  • Fake money orders
  • Wire transfer fraud

For further details see:"Common types of online fraud" by Attitude

Fraud Prevention Strategies for retailer

  • Set Purchase Limits
  • Scan Overnight Shipping Requests
  • Pay Attention to the Time of Day
  • Ask a Secret Question
  • Manage Password Management
  • Notify User of Account Changes
  • Employ Velocity Checks
  • Auto Accept/Reject
  • Minimize Manual Review
  • Use Proxy Piercing/IP Geolocation
  • Apply Device Fingerprinting Technology
  • Implement Multi-Merchant Order Linking
  • Adopt Dynamic Risk Scoring
  • Maintain Positive and Negative Lists
  • Apply Custom Business Rules

<note>Read the full document of the Merchant Risk Council "Fraud Management Best Practices for Online Retail" (Chase Paymentech, October 26, 2011) </note>

  • Bookmark "Fraud" at del.icio.us
  • Bookmark "Fraud" at Digg
  • Bookmark "Fraud" at Furl
  • Bookmark "Fraud" at Reddit
  • Bookmark "Fraud" at Ask
  • Bookmark "Fraud" at Google
  • Bookmark "Fraud" at Netscape
  • Bookmark "Fraud" at StumbleUpon
  • Bookmark "Fraud" at Technorati
  • Bookmark "Fraud" at Live Bookmarks
  • Bookmark "Fraud" at Yahoo! Myweb
  • Bookmark "Fraud" at Facebook
  • Bookmark "Fraud" at Newsvine
  • Bookmark "Fraud" at Yahoo! Bookmarks
  • Bookmark "Fraud" at Twitter
  • Bookmark "Fraud" at myAOL
  • Bookmark "Fraud" at Slashdot
  • Bookmark "Fraud" at Mister Wong
risk_management/fraud.txt · Last modified: 2012/01/04 16:03 (external edit)