Meet The Fraudsters

If you run an online business, fraudsters are no strangers to you. According to PYMNTS’ Global Fraud Index, last year alone, the dollars at risk per every $100 in online sales rose from $1.89 to $7.30, an increase of nearly 400%. Before you can even tackle the problem, identification is the first step in managing online fraud. FraudWatch, a leading online fraud-detection solution, created a handy guide that identifies 6 profiles of popular fraudsters. The guide includes The High Roller, The Skimmer, The Dealer, The Opportunist, The Prankster and The Insider.

When an order is placed on your website with a stolen credit card, the actual cardholder will dispute the charge with their issuing bank. In cases where the complaint can’t be verified, the bank typically sides with their customers. As a result, many online businesses utilize a variety of tools to flag suspect orders and then employ an in-house fraud department to manually review these orders. However, many legitimate orders are rejected because the staff can’t handle the volume or the order amount doesn’t justify the time involved in manual verification.

The FraudWatch Meet The Fraudsters guide will open your eyes to the most popular fraud scenarios.

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