Fraud

Turning the Tables: Combating First-Party, Friendly and Refund Fraud
October 21, 2024 at 12:27 pm

Over the last 12 months, businesses have witnessed a significant jump in refund fraud. This growing menace operates on a more subtle and insidious level, unlike conventional fraud types, which require stolen credit card details or sophisticated hacking tools. Fraudsters exploit the trust-based nature of customer service policies, manipulating return and refund processes without needingโ€ฆ

E-Commerce Fraud is Rapidly Becoming a Super Scourge for the Retail Industry
October 7, 2024 at 8:26 am

E-commerce fraud is undergoing a dramatic transformation as international criminal rings increasingly take on the structure and mindset of the Fortune 500 companies they sometimes attack, according to a new report by Signifyd. The types and targets of online fraud are multiplying, the report notes, as fraudsters look for new revenue streams and novel schemesโ€ฆ

Gen AI and the Top Fraud Trends Retailers Canโ€™t Ignore This Holiday Season
October 2, 2024 at 1:21 pm

As retailers leverage online shopping options for busy customers this holiday season, theyโ€™re finding that industry-wide, sales are up (and continuing to rise), and the industry is expected to exceed $6 trillion in sales this year. Across all shopping channels, from in person, to picking up in-store, to ordering something online if itโ€™s not availableโ€ฆ

Retailers Adopt Advanced Technology to Thwart Gift Card Fraud, Organized Retail Crime
September 9, 2024 at 8:29 am

Gift card fraud is a pervasive challenge. In 2023, gift card-related fraud comprised $217 million of the record-high $10 billion in funds lost from scams nationwide. In 2023, gift card sales topped nearly $200 billion in the U.S., and about 50 percent of U.S. consumers said they planned to buy gift cards due to theirโ€ฆ

Is Preventing Fraud Really Possible in the Era of AI?
September 2, 2024 at 5:22 pm

Nearly one in five retail transactions occur online, with that figure rising each year. While retailers have adapted their strategies to reflect this consumer behavior, thereโ€™s one massive issue that theyโ€™re grappling with, especially given the rise in artificial intelligence: e-commerce fraud. Todayโ€™s fraudsters have more opportunity than ever to commit crime, using identity asโ€ฆ

Itโ€™s Time to Refine Your Holiday 2024 Fraud Prevention Strategy
August 13, 2024 at 9:44 am

It may not feel like it right now, but the winter holiday shopping season will be here in just a few months. While youโ€™re planning your marketing campaigns and product mix for holiday 2024, take some time to review and update your fraud strategies. Adapting your fraud prevention to account for trending e-commerce fraud methodsโ€ฆ

Rite Aid Suffers Cybersecurity Breach, Millions of Customers' Data Exposed
July 16, 2024 at 5:40 pm

Rite Aid announced this week it suffered a cybersecurity breach on June 6 and roughly 2 million customers' information was stolen in the hack, reports Newsweek. The drug store chain said the hacker impersonated a company employee to access customer information from 2017 and 2018. This data included purchaser name, address, date of birth, andโ€ฆ

The Retailer's Playbook for Countering Account Takeover Fraud
June 27, 2024 at 10:33 am

Account takeover (ATO) fraud costs businesses and consumers billions. ATOs happen when an unauthorized party accesses an online account. This type of fraud has victimized nearly 30 percent of Americans and caused $13 billion in financial losses in 2023 alone. The damage extends beyond money to reputation and consumer trust. The ATO threat is growing.โ€ฆ

The Hottest Trend in Retail: Password Theft
June 26, 2024 at 2:05 pm

Retail shrinkage accounts for $94.5 billion in losses annually for the U.S. retail industry. However, it's not the only theft the sector needs to worry about. The 2024 Verizon DBIR found that credentials are the most frequently breached data in the retail industry. Cybercriminals continue to focus on stealing credentials due to the ease of obtaining them and because passwordโ€ฆ

Self-Checkout Doesnโ€™t Stand a Chance Against Fraud. Now What?
June 20, 2024 at 4:34 pm

If you're only now considering methods to reduce the growing rates of self-checkout (SCO) fraud and theft, you might already be two steps behind. According to the 2023 National Retail Security Survey Report sponsored by Appriss Retail, National Retail Federation (NRF), and Loss Prevention Research Council (LPRC), 68 percent of retailers said external theft wasโ€ฆ