Friendly Fraud Hitmen for Hire
Professional “refunders” are setting up shop and offering to help consumers get their money back for orders placed online, and received. This article describes a new twist on friendly fraud.
A “Tsunami” of Massive Unemployment Insurance Fraud Hits States
Last week, the U.S. Secret Service warned of “massive fraud” against state unemployment insurance programs. Online crime forums and Telegram chat channels focused on financial fraud have been littered with posts from people selling tutorials on how to siphon unemployment insurance funds from states.
Mastercard Announces Consumer Protection Measures at the Pump
Mastercard has a new consumer protection program to address today’s fraud vulnerabilities at fuel merchants who have not yet completed upgrades to safer and more secure Europay, Mastercard, and Visa (EMV) terminals. Mastercard reports 17% of all U.S. card present fraud losses reported occur through transactions at these merchants as of Q4 2019. This creates pain for the entire ecosystem, especially for consumers.
QSR Orders Have Gone Digital and Fraudsters Want a Piece of the Pie
To remain competitive, quick service restaurants (QSRs) are going digital. Yet, according to the article, in addition to appealing menu options, they need to think about fraud prevention from the very beginning.
and Fraud Tracker
After a decline from peak levels, sporting goods transactions picked up for the “unofficial start to summer,” and as families become more active.
Other new eCommerce trends this week show:
- Gaming and Wireless hit a new peak, up 98% year over year
- Ordering ahead continues to pick up steam, up 37% compared to February average
- Home office and electronics volumes are returning closer to pre-pandemic averages
Read the full update to see the impact of gradual reopening on U.S. eCommerce.
Kount is Recognized as the Top eCommerce Fraud Detection Solution by Mercator Advisory Group
In the vendor comparison, published this month, Mercator analysts assessed more than 40 fraud prevention providers and selected five that offer complete solutions for a detailed comparison across five attributes. Kount ranked highest overall with a 4.58 out of 5, as well as first in two categories.
Kount Referenced in AP News Tracking Sales of Sporting Goods Transactions
Kount tracked a 599% increase in sporting goods transactions compared to year ago and its detailed reports were picked up in an article by the Associate Press. Kount’s Rich Stuppy is quoted, “We might see 5% here, 5% there, never something like this. People are not spending money, they’re not going out to restaurants, so it’s like, what can I do? Maybe I’ll go get that driver I wanted.”
Mobile Order Ahead with Extra Fraud Fighting Coming Up
In an article for PYMNTS, Kount’s Rich Stuppy says, “Turning away a good order is so damaging. Not only does your business lose the revenue, but you can drive a frustrated customer to your competitor — even worse, the customer might share [his or her] negative experience with others, damaging brand reputation.”
Webinar – How To Protect Against Chargebacks and Fraud in Today’s Environment
Kount experts will lead the presentation. Tuesday, June 2, 3:00 p.m. ET