With credit card fraud facing extinction, ID theft looks to fill the void

We may finally be witnessing a slow down of credit card fraud – at least, as we knew it. But only because bad actors and cybercriminals have moved on from poaching plastic to identity theft.

Bad actors are moving upstream, targeting online identities, passwords, and pieces of data they can use to fool merchants and outfox financial institutions.

Businesses need to ensure they are protecting customer accounts and not allowing bad actors to use stolen identities and credentials to make purchases online.

Nuro’s street-legal bots to deliver packages for FedEx

FedEx and Nuro, an autonomous driving tech developer, are launching a long-term partnership that will use small robotic vehicles resembling toasters on wheels to handle last-mile parcel deliveries.

Innovations like autonomous vehicles can speed up deliveries and improve customer experiences. But they can also appeal to bad actors who want to take advantage of new systems. Businesses need AI fraud detection systems that can produce near real-time approvals and reduce manual reviews to maintain speed.

Concerns over digital payments fraud grow in India

Consumers in India are increasingly concerned about digital payments fraud. They are exercising greater caution when using digital payments, compared to a year ago, according to a new study.

Around 60% of respondents would first call their bank to block their account or visit the bank branch to file a written complaint in the event of fraud, the study revealed. These results indicate that banks continue to be consumers’ preferred first point of contact.

With Kount’s Dispute and Chargeback Management solution, when a customer calls a bank to dispute a charge, the solution tells the business it has a dispute inquiry. In some cases, the business can respond automatically, relaying additional transaction details to the bank. Sharing this information quickly means the business can save the sale or prevent a chargeback.

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Facebook data leak could lead to fraud for brands and merchants

The data-scraping attack that exposed 533 million Facebook users’ personal information may not seem like a problem for e-commerce brands. But any data breach poses a threat to brands and merchants.

The leak included information like phone numbers, email addresses, and locations. That creates opportunities for scammers to impersonate brands, phish their customers, take over customer accounts, and make fraudulent purchases.

These kinds of fraud attacks can erode customer trust and increase fraud costs. Businesses need a robust fraud solution that uses networked data to protect the entire customer journey.

Gift cards: Popular with shoppers, fraudsters

Bad actors love gift cards because they only need a card number to access funds or resell them for cash. The lack of personal data attached to the gift card helps the bad actor hide their activity.

Digital e-gift cards make it easier for bad actors to commit fraud — they are easy to buy and convert to cash quickly. Businesses can protect themselves against e-gift card fraud with Kount’s AI-driven fraud prevention, which can detect anomalies to quickly identify and mitigate risk.

June 21, 2021
Weekly news digest
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