First crypto fraud case in Australia involving $800K in stolen assets filed in federal court

  • An Australian cryptocurrency company is being sued in federal court for fraud in what is believed to be the first case of its kind in the country.
  • Allegedly, a crypto company was meant to provide a French national with cryptocurrency, ABC News reported. But when the deal fell through the crypto company put the plaintiff in touch with a seller directly. Sometime later, the seller made off with the cash.
  • The international regulatory framework around crypto is evolving. Cases like this will test the legislative framework — or lack thereof. 
  • How will fraud cases that involve crypto play out? That is still to be determined, The foundations of this case could affect the result of crypto fraud for years to come.

GameStop hires Amazon executive as chief growth officer to grow eCommerce

  • GameStop is in the process of shifting its business away from the brick-and-mortar model and to eCommerce, hoping to compete with large-scale retailers such as Target Corp and Walmart Inc and technology companies like Microsoft Corp and Sony Corp.
  • Businesses continue to adopt eCommerce models, and bad actors aren’t far behind. They’re finding new, creative ways to defraud businesses and consumers. Businesses need to protect themselves against eCommerce fraud with top-of-the-line fraud prevention services and technology.

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Why your mobile onboarding is costing you new users

  • In the age of more spam, phishing, and fraud than ever before, businesses must find ways to ensure they are interacting with legit customers and not fraudsters. 
  • Experts recommend using two-factor authentication (2FA) for every digital account. If you provide an app or online service, you already know how essential it is to verify users and block bad actors.
  •  But this adds major friction to the user experience. Between 20% and 30% of users drop off during the mobile onboarding process, according to Paul McGuire, CEO of tru.ID.
  • Reducing friction throughout the customer journey is key to customer satisfaction. Here are three ways a fraud prevention solution can help you do it.

Retail fraud teams to grow following surge in online fraud during pandemic

  • According to a new report, 72% of retail brands around the world expect to grow their fraud team in the next year, while 76% predict their budget to tackle fraud will increase in the next 12 months
  • This focus on fraud detection has been driven by surges in several different types of fraud, including growth in promotions abuse.
  • Businesses that reward customers with coupons or promo codes need to watch for ATO attacks. Bad actors or customers may attempt to exploit policies for greater rewards. A bad actor may also use social engineering to get more use out of coupons or promo codes. Or they may launch an ATO attack to steal loyalty points and redeem them on high-value items.
  • Check out four ways to protect the customer journey and prevent loyalty fraud.

April 5, 2021
Weekly news digest
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