Equifax Australia’s Post

I’ve noticed refund fraud surging in the last 12 months. Why? Unlike traditional fraud, it doesn't require stolen card details or advanced tools. The key challenge? Differentiating intentional refund fraud from legitimate customer complaints. This distinction is key for maintaining customer trust while safeguarding against fraud. This makes it very hard for businesses to maintain high customer service standards. Here are some approaches to tackling this, as well as loopholes I’ve seen: 📊 Account History Analysis: Scrutinize the ratio of problematic orders to total orders, total order history, and the time between account registration and placing orders. These metrics are essential in assessing the legitimacy of a complaint. 🕵️♂️ Spotting Repeat Offenders: Fraudsters may try scaling their operations by creating multiple accounts. They often use prepaid, gift, or virtual cards, which are easier to obtain than traditional bank cards. Pay attention to the Bank Identification Number (BIN) and adjust risk levels accordingly for different card types. 📧 Email & Phone Inspection: Watch for newly created email addresses and phone numbers with little to no digital footprint. This is a common tactic among fraudsters to avoid detection. 🖥️ Device & IP Analysis: Be on alert for repeated use of the same device and browser, or the use of emulators and fraud-specific browsers. Fraudsters often use proxies to mask their IP addresses. 🌐 E-Commerce Loophole: Fraudsters list items for sale on platforms like eBay, then place an order for these items through online stores. Once the item is shipped directly to the eBay buyer, they contact the store claiming the item never arrived or was damaged, thus seeking a refund. This scheme allows them to profit from both the eBay sale and the refunded amount from the online store. 🛒 Refund Services: There's a growing market for refund services targeting various stores. See the image below for examples. Understanding and identifying refund fraud patterns is vital. It's a balancing act: providing excellent customer service while protecting against fraud. More knowledge sharing helps us all put smarter, more nuanced fraud prevention strategies in place. Curious to hear about other e-commerce fraud attacks you’ve seen, or measures you’ve put in place that work really well. #RefundFraud #FraudPrevention #CyberSecurity #CustomerService

🚨 Tackling the Rise of Gift Card Fraud 🚨 Gift card fraud is more than just a costly inconvenience—it’s a rapidly evolving threat to consumers and businesses alike. In a recent article, Homeland Security Investigations (HSI) dives deep into the alarming rise of this deceptive practice and the multifaceted approach needed to combat it. From deceptive phone scams to elaborate online schemes, fraudsters are leveraging gift cards as a quick, untraceable cash source. It’s crucial for both organizations and individuals to stay informed and vigilant. At ComplyAdvantage, we are committed to supporting efforts to prevent and detect financial crimes like these, using innovative technology to enhance AML compliance and safeguard businesses from ever-evolving threats. Check out the article to learn more about how HSI is working to protect us from gift card fraud and what steps we can all take to stay one step ahead of scammers: https://lnkd.in/gtNvV5EU #FinancialCrime #GiftCardFraud #AML #FraudPrevention #Compliance #HSI #CyberSecurity #FinancialSecurity #ComplyAdvantage

In the fast-paced world of online retail, ensuring security is paramount. With the ever-present threat of fraud looming, e-commerce businesses need robust strategies to verify identities and prevent malicious activities. Enter our one-stop e-commerce fraud prevention solution – a comprehensive suite of tools designed to help you combat fraud and protect your business. Don’t let e-commerce fraud erode your profits and reputation; increase your profits and minimize fraud costs with confidence:

Chargeback fraud – Insights and prevention strategies Chargeback fraud is a growing concern for businesses today. As e-commerce continues to flourish, so does the risk of fraudulent chargebacks, posing significant financial and operational challenges for businesses of all sizes. In this article, we delve deep into the world of chargeback fraud, providing valuable insights and effective strategies to help businesses safeguard against this threat. fraud.com https://lnkd.in/eV5i_wN3 #Fraud #CyberSecurity #Prevention #Identity #theft

The global retail sector faced a staggering $429 billion loss due to payment fraud last year. This highlights the critical need for advanced security measures and fraud prevention strategies. Stay secure! #Retail #FraudPrevention #PaymentSecurity #BusinessIntelligence #CyberSecurity https://lnkd.in/dxCj3fMf

🔒 Strengthening #ecommerce Security Fraud remains a significant challenge for e-commerce merchants. Diverse forms of fraud affect transactions, making robust prevention strategies essential. ➡️ At Spreedly, we seamlessly integrate advanced fraud prevention tools to safeguard your transactions and boost customer trust. 🔗 Learn more about our innovative solutions: https://bit.ly/4a4RLtm #EcommerceSecurity #FraudPrevention #SpreedlyTech #DigitalPayments

🪪 Tip of the day: Verify the identities of customers picking up orders in-store. Nearly 1 in 3 customers opt for in-store or curbside pickups for their online orders. Shoppers prefer this method because it’s convenient and can help prevent package theft. Unfortunately, scammers can easily make unauthorized purchases this way as well without the consumer knowing their identity was stolen. And oftentimes, ID isn’t required for pickup. To prevent fraud, ensure pickup orders are verified with a driver’s license or ID card that matches the name on the order. 🏬 Learn everything you need to know about buy online, pickup in-store fraud: https://hubs.la/Q02nZh630 #FraudPreventionMonth #BOPIS #curbsidepickup

Fraud is everywhere and the risk is rising everyday. Don't just take our word for it. Below we have Narasimha, the Chief Risk Officer and Head of Risk at John Deere India, share his thoughts. #fraud #ecommerce #fraudprevention #ato Sift

Today kicks off #Cybersecurity Awareness Month. With more and more of our everyday lives taking place online, cyber-risks are a growing concern for both consumers and businesses. It is more important than ever to be prepared for emerging threats. While payment card fraud is well known, a lesser-known but costly issue is first-party or friendly fraud. This occurs when a consumer makes a legitimate purchase and later requests a chargeback, despite having received the goods or services. Until recently, merchants had limited defenses against these threats, resulting in losses of up to $50 billion annually. This month, Mastercard is launching its First-Party Trust program leveraging AI and data to help issuers better detect friendly fraud and identify genuine purchases. I spoke with Fast Company about how the program will give the upper hand back to merchants and issuers, instead of bad actors. Read more about our program and how we’re empowering the ecosystem below ⬇️ #Cybersecurity #Fraud #AI #MastercardEmployee

Transactional fraud is a growing threat affecting industries from eCommerce to banking. With global losses projected to exceed $48 billion, it’s crucial for businesses to fortify their defenses. Learn about the various types of fraud—credit card, triangulation, chargeback, and identity theft—and discover how to protect your business and customers from these threats. Read more: https://lnkd.in/gAAvFqJm #Cybersecurity #Fraudprevention #Ecommerce #Identitytheft #Chargebackfraud