Retail Fraud: The shocking truth about ‘friendly’ fraud
Posted by Global Risk Technologies™
Successful merchants know where their money comes from and where it goes. They know the opportunities for the business and they know the risks. But how many merchants recognise that one of the biggest threats to their bottom line comes from an unlikely source? The actions of the ‘ordinary’ consumer are causing bigger…
Read MoreEMV and the Changing Face of Fraud
Posted by Global Risk Technologies™
EMV technology, perhaps better known as ‘Chip and PIN card technology’, is seen as a major weapon in the fight against fraud. Authenticating your debit or credit card transactions through a computer chip rather than a magnetic stripe or signature has resulted in a huge reductions in fraud losses from stolen or counterfeit…
Read MoreUK businesses under continuing threat of Card-Not-Present fraud
Posted by Global Risk Technologies™
Card-Not-Present (CNP) fraud is continuing to pose a real threat in UK, as British businesses were hit by card fraud every 20 seconds in March, according to Finextra. Small businesses are those most affected and although other forms of card fraud are reportedly declining, CNP fraud, of which chargeback fraud represents a significant…
Read MoreCard-Not-Present fraud continues to rise
Posted by Global Risk Technologies™
Card-Not-Present (CNP) fraud in the United Kingdom is on the rise, according to a report by industry group Financial Fraud Action. After an initial surge following the introduction of EMV to the UK in 2008 (a trend played out in many countries and likely to hit the United States in October 2015), CNP…
Read MoreOnline payment environment suffering from continuous threat from hackers
Posted by Global Risk Technologies™
The wider problems apparent in the online payment environment have been highlighted following recent comments reportedly made by Sony customers after the entertainment technology giant suffered a data breach caused by cyber hackers. Customers are allegedly complaining that after being offered inadequate refunds, they are unable to seek a chargeback from their bank…
Read MoreThe future of chargebacks: How rising ecommerce means rising fraud
Posted by Global Risk Technologies™
With UK ecommerce spending set to reach £52.25bn in 2015, the threat of chargebacks has never been greater. As modern-day consumers choose faster and easier ways to shop, the risks of a chargeback being filed increases. Merchants and banks can no-longer ignore the risks and need to start looking ahead at how to…
Read MoreWill chargebacks become part of the Bitcoin world?
Posted by Global Risk Technologies™
CoinTelegraph reported this week that Bitrated, the Bitcoin trust platform, has launched “a new reputation layer on top of multisignature technology, essentially creating the possibility for Bitcoin chargebacks.” This would be an interesting development in the progression of Bitcoin as an accepted form of currency. Although Bitcoin is the best-known form of cryptocurrency,…
Read MoreChargeback Season: How can retailers weather the storm?
Posted by Global Risk Technologies™
We are currently in the peak time of year for chargebacks. A chargeback typically hits retailers 35-60 days after being filed by the consumer, so following the Christmas rush and January sales, many retailers may find themselves being hit hard. The February chargeback season is often damaging to retailers, following what is usually…
Read MoreReturn fraud – how can retailers battle the fraudsters?
Posted by Global Risk Technologies™
The Guardian recently reported that return fraud costs American retailers $10.9bn a year (losing $3.58bn in the festive period alone). Almost all retailers can expect to have stolen goods returned for a ‘refund’ at some point but how can they protect themselves, their profits and their genuine customers? Organised retail crime is still…
Read MoreFinding Fraud in 2015?
Posted by Global Risk Technologies™
The eCommerce industry has dramatically expanded in Europe, creating a shift from in store purchases to digital and online sales. With that increase in online transactions and sales, new opportunities for fraudulent activity are slated to increase. According to Lexis Nexis, merchants lost 0.68% in 2014 compared to 0.51% in 2013. This dramatic…
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