On June 18, the Federal Reserve Board released a set of tools and materials to provide a consistent way for organizations to classify and better understand fraudulent activity occurring across the payments industry. The FraudClassifier model was developed to help address the industry-wide challenge of inconsistent classifications for fraud involving ACH, wire, or check payments.
Fraud is changing approaches to DDOS attacks. From targeting service outages, the attacks are now used to steal money and data. The article reveals that 47% of account takeover (ATO) attacks were aimed at loyalty programs and streaming services, where bad actors attempted to use stolen credentials to gain unauthorized access to online accounts to carry out malicious actions such as data theft, identity fraud or fraudulent e-commerce transactions.
Forbes: Voice has the power to transform the customer experience, especially when it comes to consumer security and authentication practices. While the conversational economy presents many new opportunities, it doesn’t come without risks – voice fraud is continuing to impact contact centers.
Cybercriminals are exploiting the increased popularity of video games during lockdown to launch attacks.
and Fraud Tracker
In recent weeks, digital transactions at restaurants continue to grow as consumers adapt to mobile order-ahead and create new loyalty accounts.
Other new eCommerce trends this week show:
- Wellness and vitamin purchases rise sharply to 56% YoY
- Gaming and Streaming is up 58% from February average
- Sporting goods transactions grow as families pursue at-home activities
Creating a smooth and positive customer experience is a critical differentiator in digital commerce, and it should be a key focus for companies developing new channels, partnerships, and offerings.
Learn about chargebacks – the direct and hidden costs associated, and how to prevent them.