Resources: 2 Minutes on Fraud

2 Minutes on Fraud” Video Series

Staying current on trends is vital for fraud and payment professionals, but sometimes, just getting the time is a challenge. Give us two minutes and we’ll give you the latest updates on fraud.

Do you have a question you need answered in 2 minutes or less?

Email us at fraudfighter@kount.com.

2 Minutes on Fraud: Episode 19 - “Synthetic Identity Fraud Losses Are Very Real”

Synthetic Identity Fraud Losses Are Very Real

2 Minutes on Fraud: Episode 19

Synthetic identity fraud is projected to grow considerably. The large number of data breaches occurring, and the depth of information uncovered in those breaches, has given online criminals the opportunity to construct fake profiles that look legitimate. These synthetic identities assemble real information such as name, email address, billing and shipping addresses, phone number, credit card info and even credit history, in conjunction with fake information to pass cursory fraud prevention checks. See how a large network of data and linkages break down this superficial veneer and get to the true core of whether or not someone is real.

2 Minutes on Fraud: Episode 18 - “False Positives are a Pain in the Profits”

False Positives are a Pain in the Profits

2 Minutes on Fraud: Episode 18

Because of the competitive market-landscape and the demand for ease of use is at an all-time high, if a legitimate customer sign-up or transaction is declined, they will likely leave and never return. False positives, also known as sales insults or false declines, offend customers and will hurt profits in the long run. Make sure that you are using a fraud management solution that allows for customized policy rules and the ability to add chargeback information into your order history. This, combined with robust machine learning ensures the digital journey is enjoyable for good customers and safeguards against fraud attacks.

2 Minutes on Fraud: Episode 17 - “Identity Verification for Cross-Border eCommerce”

Identity Verification for Cross-Border eCommerce

2 Minutes on Fraud: Episode 17

Complexities of identity verification outside of the Commonwealth countries doesn’t have to keep you from selling cross-border. Many of the big growth markets are outside of the United States, the UK, and Australia. Selling in Brazil, China, and other emerging markets is a strong move for many companies because the middle class is growing, they have greater buying power, and there is strong interest in buying global consumer brands. Don’t let fears of unknown markets hold back your sales – learn strategies for preventing fraud across the globe.

2 Minutes on Fraud: Episode 16 - “Why do QSRs have an Online Fraud Problem?”

Why do QSRs have an Online Fraud Problem?

2 Minutes on Fraud: Episode 16

Quick Service Restaurants (QSRs) are interacting with their customers digitally now more than ever. For every digital interaction, there are dozens of ways that online criminals and abusive customers have figured out how to defraud them. It is absolutely imperative that QSRs engaging in commerce, via mobile devices or online, have certainty that they're dealing with the customer vs. a bad actor.

2 Minutes on Fraud: Episode 15 - “How Can Fraud Prevention Increase Profits?”

How Can Fraud Prevention Increase Profits?

2 Minutes on Fraud: Episode 15

With the right strategy, fraud prevention can be turned from a cost center to a profit center in every organization. Not only does stopping fraud save money, but with certainty in every digital interaction, organizations can enter new markets and sell cross-border without customer friction, resulting in increased revenue. And with access to business intelligence reporting that provides deep insights, fraud prevention teams can advise other revenue-generating departments to help maximize sales opportunities.

2 Minutes on Fraud: Episode 14 - “Behind the Scenes: Machine Learning in Fraud Prevention”

Behind the Scenes: Machine Learning in Fraud Prevention

2 Minutes on Fraud: Episode 14

Utilizing machine learning in eCommerce fraud prevention can be powerful, as long as the combination of elements are correct. First, there has to be the right data collected; with massive amounts of it. Next, the data-rich machine learning system needs guidance from experts with deep domain expertise and a solid knowledge of fraud. Then, add in business-specific policies and you are ready for immediate success and continual improvements.

2 Minutes on Fraud: Episode 13 - “Why is Fraud an Artificial Intelligence Problem?”

Why is Fraud an Artificial Intelligence Problem?

2 Minutes on Fraud: Episode 13

There are multiple reasons why having artificial intelligence in your fraud prevention arsenal is a strong strategy. It is a difficult problem with very high stakes - you must have the correct risk assessments for every digital interaction. Lean to one side and you offend good customers, lean to the other and bad actors hurt your business. Additionally, fraud represents a very small fraction of all interactions - it's like pulling salt crystals from a pile of flour. The power of AI and machine learning when directed by fraud experts gives the edge needed to strike the perfect balance and shine a light on fraud.

2 Minutes on Fraud: Episode 12 - “What's Up With eh Growth in Fraud?”

What's Up With the Growth in Fraud?

2 Minutes on Fraud: Episode 12

Fraud is increasing in volume and sophistication and we are in a perfect storm where it’s much easier for the bad guys to do what they do, and much harder for the good guys to do what they do. There’s a number of reasons why. It’s easy to get trained, there are low barriers to entry and personal data is not only available, but surprisingly cheap. To make it all the more concerning, the number of bad actors is growing as is the sophistication of their tactics and the specialization of fraud rings.

2 Minutes on Fraud: Episode 11 - “What are Your Chargeback Benchmarks?”

What are Your Chargeback Benchmarks?

2 Minutes on Fraud: Episode 11

Every merchant experiences chargebacks – do you know where you rank against your peers? Monitoring chargebacks is a common way to determine the health and status of how merchants are doing. That’s one of the reasons Kount partnered with Chargebacks 911 to produce the very first State of Chargebacks Survey. Drawing on input from over 1,000 respondents, the results uncover their experience, insights, and performance related to managing fraud and chargebacks for online and mobile commerce.

2 Minutes on Fraud: Episode 10 - “Evolution in Payments” Video Thumbnail

Evolution in Payments

2 Minutes on Fraud: Episode 10

Payments are constantly evolving, and merchants need to keep up with the latest trends. As technology becomes more sophisticated, criminal fraud becomes more sophisticated as well. Jeff Guthrie of Moneris tells Kount about the importance of keeping up with the latest fraud tools and technology.

2 Minutes on Fraud: Episode 9 - “Location-Based Payments” Video Thumbnail

Location-Based Payments

2 Minutes on Fraud: Episode 9

The ability to create payments based on location is growing, and customers can now be tracked by GPS location and movements. In this 2 Minutes on Fraud episode, Patrick Brophy of Moneris discusses GPS, payments and where he thinks intelligence is headed in the near future.

2 Minutes on Fraud: Episode 8 - “I Don't Have a Fraud Problem” Video Thumbnail

I Don't Have a Fraud Problem

2 Minutes on Fraud: Episode 8

You may have a greater fraud problem than you think. In order to protect your eCommerce operations, you must evolve and avoid being an easy target for fraudsters. Greg Coles, 20+ year eCommerce expert, discusses the evolution of eCommerce and fraudster tactics.

2 Minutes on Fraud: Episode 7 - “Mobile Customers” Video Thumbnail

Mobile Customers

2 Minutes on Fraud: Episode 7

Fraudsters are continuously getting smarter, and customers are now much more mobile from a payments perspective. Brad Primavera, Chief Product Officer at Limelight, discusses how important it is to be able to track these customers and see where they are ordering from.

2 Minutes on Fraud: Episode 6 - “Fraud Doesn't Wait” Video Thumbnail

Fraud Doesn't Wait

2 Minutes on Fraud: Episode 6

Fighting back in milliseconds is key to stopping a fraud attack. Seconds are hours at the speed of the internet, and fraud just doesn’t wait. Rich Stuppy, Chief Operating Officer, Kount, outlines how important it is to have a fraud strategy in place that is able to work in an omnichannel environment and fight fraud fast.

2 Minutes on Fraud: Episode 5 - “Become A Professional Fraudster” Video Thumbnail

Become A Professional Fraudster

2 Minutes on Fraud: Episode 5

A simple online search can reveal thousands of sites that sell credit cards online. The dark web used to be a hidden corner where bad guys would exchange best practices. But now, it’s out in the open. Today, a regular person can Google Search terms to find hundreds of pages of content designed to help them become a professional fraudster. Rich Stuppy, Chief Operating Officer, Kount, outlines how simple it is to become a professional fraudster.

2 Minutes on Fraud: Episode 4 – “Set It & Forget It Does Not Exist” Video Thumbnail

Set It & Forget It Does Not Exist

2 Minutes on Fraud: Episode 4

In the past, fraudster tools for defeating your fraud prevention techniques were proprietary and only available on the dark web. Times have changed. Today, fraudsters are more blatant than ever. Tools are widely available at online stores to help fraudsters exploit your company. No longer in the shadows, online fraud tools are easily distributed and constantly evolving. Using a “set it and forget it” strategy for to protect your company from attacks will simply not work. Rich Stuppy, COO, Kount, explains fraud behaviors and how creating a robust fraud strategy will prevent you from being a target.

2 Minutes on Fraud: Episode 3 – “The Chargeback Lag?” Video Thumbnail

The Chargeback Lag?

2 Minutes on Fraud: Episode 3

The 30-60-90 day lag in chargeback reporting can be discretely hidden by record sales. To make matters worse, the chargeback lag means your financial reports will show a distorted picture of your company’s performance. For example, sales you thought you had in December could actually turn out to be ugly losses in February, March, and April. Don Bush, VP of Marketing, Kount, explains the pitfalls of a chargeback lag and the importance of getting in front of this common hazard.

2 Minutes on Fraud: Episode 2 – “Manual Review: Helping or Hurting?” Video Thumbnail

Manual Review: Helping or Hurting?

2 Minutes on Fraud: Episode 2

Manual Reviews are often a last line of defense against fraud, but is your review process costing you profits? If your “cost-per-manual-review” does not decrease as sales grow, that means every new order actually reduces profitability. Don Bush, Vice President of Marketing, Kount, explains how determining your own optimal Manual Review rate can protect profits.

2 Minutes on Fraud: Episode 1 - “Zero Chargebacks?” Video Thumbnail

Zero Chargebacks?

2 Minutes on Fraud: Episode 1

Chargebacks are expensive. They cost your business time and money. But the goal of zero chargebacks might not be the best strategy either. Merchants trying to achieve zero chargebacks are often leaving good sales and frustrated customers in their wake. Don’t use a chainsaw, when you should use a scalpel. For each merchant, there is an optimal chargeback rate, which allows for maximizing sales while mitigating risk. Don Bush, Vice President of Marketing, Kount, explains chargebacks and examples of optimal rates.