MRC | Merchant Risk Council’s Post

According to SafeWise, in 2023, an astounding 76% of Americans fell victim to package theft, marking a 5% increase from the previous year. This epidemic of stolen packages has not only affected 113 million victims but has also inflicted a staggering financial loss of $6 billion across the nation, averaging a loss of $18 per person in the U.S. We at Via.Delivery have been closely listening to our customers' feedback, and we're heartened by the response: "With all of the porch thefts I hear about online, it seemed like a great option!" This feedback underscores the critical need for innovative solutions that can safeguard our deliveries and bring peace of mind to consumers. It's a powerful reminder of why we do #BOPA — striving to make the delivery process as secure and hassle-free as possible. #viaDelivery #SecureDeliveries #PackageTheft #Innovation #CustomerFeedback

🎙 Exciting News! 🎙 Season 2 of Scam Rangers kicks off with a thought-provoking episode about considerations for #bank fraud leaders in navigating the complex landscape of online scams. Join us as we explore the insights of a Fraud Strategy leader from a prominent US financial institution. In this episode, Karen Boyer CFE, CFCI, CCCI sheds light on the nuances between traditional account takeover fraud and online scams, offering valuable perspectives on serving and retaining customers amidst evolving threats. And yes, we also talk about #liability and reimbursement! Discover the the strategies to implement the right level of friction while safeguarding customers from online scams. Tune in here: https://lnkd.in/efAXzHKP #ScamRangers #FraudPrevention #FinancialSecurity #PodcastEpisode 🛡🔍🔒

💡 It's #FIBRFriday, our weekly series where we share insights from our Fraud Industry Benchmarking Resource. Today, we're looking at food ordering and delivery, which saw some of the highest payment fraud attack rises in 2023, increasing by 53% in 2023 compared to the previous year, according to our latest quarterly report. FIBR shows us that the attack rate in food ordering and delivery in 2023 spiked up to 3.3% by the end of this last year. These findings align with the trend we've seen of fraudsters increasingly targeting food and delivery both for their own use and even selling their fraud services as a 'fraud-as-a-service,' where others can pay a small feel to receive a discounted meal. 📊 Read more about the latest payment fraud trends in our Q1 Index report: https://buff.ly/3PFn7iU 📈 And visit #FIBR for more fraud insights: https://buff.ly/49fMYFo #AIPowered #GrowFearlessly #FraudPrevention #FraudTrends #Fraud #Benchmarking #Data #SiftFIBR #FIBR #PaymentFraud

🚨 Inside the World of Money Mules: A Must-Read Article🚨 In the vast and intricate financial crime landscape, #moneymules are a critical bridge between the illicit and the legitimate. Our deep dive into how these actors operate and how they can be detected is not just enlightening—it's essential reading for anyone in the financial industry. 💼 What is a Money Mule? Money mules are individuals who, knowingly or unknowingly, transfer illegally acquired #money on behalf of others. This phenomenon plays a pivotal role in #moneylaundering, making it a significant concern for financial institutions worldwide. 🕵️♂️ The Roles They Play Recruitment and Indoctrination Learn about the sophisticated tactics criminals use to recruit money mules, from social media outreach to promising easy money for minimal effort. Account Handling & Money Movement Discover how money mules use #bankaccounts to conceal the movement of illicit funds, making detection challenging. Compensation: The Illusion of Easy Money Understand how mules are compensated, revealing the complexity and risk involved in these operations. 🚩 Detecting Money Mules: A Guide Detection involves a keen eye for uncharacteristic account activity, mismatched #transactions, and rapid fund movements. We provide insights into the behavioural and technological red flags that can help identify money muling activities. 🧐 Types of Money Mules: From Unwitting to Complicit From those duped into participation to those fully aware of their criminal involvement, understanding the spectrum of money mules is key to crafting effective detection strategies. 📈 The Impact on the Financial System The ramifications of money muling are vast, from direct #financial losses to reputational damage. We discuss the findings from the European Money Mule Action (EMMA 9), highlighting the scope of this issue. 📚 Dive Deeper Into Our Article This post only scratches the surface. Head back to our article for a comprehensive understanding of money mules and how to detect them. Equip yourself with the knowledge to safeguard your institution and stay one step ahead of the criminals. Read here: https://lnkd.in/dHspTKDd

Discover proactive strategies to protect your bank's most vulnerable customers with the experts from Carefull! Sign up for this complimentary webinar at the link below.

Let's talk scams: An unexpected money scam is when you're told you've come into money that isn't expected. The scammer will often request an up-front payment and/or personal info from you in order to claim the funds. If it sounds too good to be true, it probably is. Avoid any requests for up-front payment, discuss the legitimacy of the claim with a trusted person, and never provide personal info or bank account details to a third party. To learn more about protecting yourself from unexpected money scams, visit https://ow.ly/MSUy50Rg7LQ #ScamPrevention #CyberSecurityAwareness #OnlineSafetyTips #FraudPrevention #BOQMermaidwaters #Goldcoastbanking

The journey is more important than the destination, right!? With the destination being the #moneymules we can journey forwards and backwards catching #moneylaundering as well as #appscams

The FDIC is helping seniors be Money Smart with their Money Smart for Older Adults program. While this is technically a curriculum designed to be taught by an instructor, all the materials—including slides and a resource guide—are free and downloadable. Topics include financial exploitation, investment fraud, scams, identity theft and planning for unexpected life events. https://smpl.is/8vfzh #financialliteracymonth

Past studies have under-captured the true impact of scams. By sampling scam victims themselves, we find the 30% of consumers were financially impacted by a scam in the last 5 years. This share is not only underestimated by FI's due to only 70% of victims reporting scam victimization to their FI, but also in past victim-reported studies. We found within our own data, after reassuring confidentiality and noting that being deceived by a scammer is not shameful, an additional 3% of consumers revealed their victimization. To learn more about the most prevalent scams, scammer tactics, and the wide-reaching impacts scams have on their victims, read more here: https://lnkd.in/gTMd2vTn #scams #financialfraud #victimology #fraudsters #scammers

2024 Chargeback Report | Rise in Friendly Fraud Learn more: https://hubs.li/Q02T_l4N0) Chargebacks911 has unveiled critical insights into the rising trend of friendly fraud, and our findings have been spotlighted by TWICE! This report dives deep into the factors driving this increase and offers strategies or merchants to combat it effectively. #FriendlyFraud | #ChargebackReport | #TWICE