Hey Now… Start Your New Year the Right Way
Unless you have been asleep (or offline) through December, you’ve likely run across the newest trend in memes: songs to kick start your New Years. New Year revelers have been filling up Twitter discussing the best way to bring in 2018, and which song they should play to enter the new year THE RIGHT WAY. Seems like everyone is ready for 2017 to be over and for a new year to begin. Naturally, we’ve found a way to tie this back to fraud, because if we have learned anything this year, it’s that fraud is everywhere and if you didn’t get that memo in 2017, then it’s time to prepare for 2018.
Get Serious About AI
As we’ve discussed in earlier posts, merchants must look for solutions that maximize the use of artificial intelligence (AI). 2017 was about well-built and trained fraud protection and we expect 2018 to continue that trend. For retailers, the reduction in false declines means more sales and the reduction in fraud chargebacks means lower costs and lower risk. An AI-based solution allows retailers to fight fraud quickly, blocking the scammer almost immediately. When a fraud scheme doesn’t work, it usually signals the fraudster that this method is not worth investing in and they move on. We’ve even written an entire eBook on the topic: "Two Heads Are Better Than One: Artificial Intelligence + Human Insight".
Prepare Your eGift Card Strategy
This is timely as those eGift cards coming off the holiday season are ripe for redemption. But, eGift cards can account for the biggest percentage of chargebacks and fraud losses in January. While most only think about these gifts around the holidays, it’s important to protect against fraud associated with them all year round. Since eGift cards can be purchased in low denominations without raising suspicion, they make ideal targets for testing stolen credit card accounts. Solutions like Kount Complete offer the capabilities necessary to combat fraudsters using advanced fraud screening technologies, real time data, AI, and human intelligence.
Recognize the Growth of Mobile
A recent Gartner study forecasts that 2018 will be the first year of smartphone growth since 2015. Shipments are expected to total 1.9 billion units, up by two percent from this year—which means more fraud, on more mobile devices. And with mobile payments on a rapid growth trajectory, there are still vulnerabilities in mobile payments that remain unaddressed, making the mobile phone ripe for fraud. In fact, our Mobile Payments and Fraud Survey earlier this year found that despite consistent gains in mobile adoption, merchants are becoming more complacent about managing risk in the mobile channel. With Kount, it’s easy to prevent fraud for any type of mobile transaction including wallets, apps, and other mobile payment platforms.
eCommerce fraud is a problem all year long and this year will be an even bigger problem, thanks to a newly exposed round of consumer data breaches. As the holidays wind down and merchants gear up to tackle 2018, it’s important to stay up to date on both the new and different types of fraud, along with the best security technologies available.
If you play "All Star" by Smash Mouth at exactly 11:59:22pm on December 31st, the first "hey now" will play at exactly midnight
Start off your new year right!