The holiday shopping season is kicking into high gear with retailers working aggressively to entice customers with deals and discounts. Fraudsters, sadly, are also taking notice and are looking to take advantage of heightened retail activity to steal data and goods.
The expansion of EMV chip-enabled payment cards has made it more challenging for fraudsters to steal credit card information at the point of sale (POS). Cybercriminals are thus increasingly turning to online platforms to perpetuate card-not-present (CNP) fraud. Customers and retailers are not the only ones being targeted, either: Fraudsters are also using automated bots to trick advertisers into paying money for false marketing impressions.
The new Digital Fraud Tracker highlights the emerging fraud trends as well as the latest solutions and strategies that companies are embracing in an effort to protect themselves and their customers.
Around The Digital Fraud World
Social media giant Facebook is embracing a new strategy aimed at both fighting fraud and protecting user privacy.
The new strategy relies on digital signatures for authentication instead of real user data. This type of data can include cryptographic solutions that act as virtual stamps, such as gauging the battery charge on a user’s phone or the data from the device’s accelerometer as a digital signature. Facebook’s new anti-fraud solution was unveiled in October at the @Scale engineering conference.
Financial services giant Mastercard, meanwhile, is looking to get proactive in its approach to fraud. The company recently launched a new service known as Threat Scan that aims to help businesses respond to fraud proactively instead of after an incident is detected. The service works by simulating known fraud attacks against credit card issuers’ systems to distinguish acts of fraud that are being caught from those that could go undetected.
A U.S. municipality is dealing with a unique, but an increasingly common, type of fraud. The city of Philadelphia, Pa., has recently experienced a rise in property scams in which thieves steal deeds and forge sales documents and notary stamps. The thieves then attempt to sell properties they do not own to unsuspecting buyers. The trend has prompted the city to launch a Fraud Guard website that enables property owners to register on the site to receive email alerts if their name or address appears in documents filed with city officials.
Inside Ticketmaster’s Efforts To Keep Fraudsters At Bay
Music fans are also a favorite target of fraudsters. Of the 94 million U.S. consumers who bought concert tickets last year, roughly 11 million fell victim to some type of fraud. This trend puts pressure on ticket sellers to ensure their platforms are safe and trustworthy. In the Tracker’s Feature Story, Ticketmaster’s Chief Information Officer Gui Karyo explains how machine learning tools and other advanced technologies are enhancing the fan experience while keeping fraudsters in check.
Deep Dive: The Dangers Of Reshipping Fraud
The Better Business Bureau (BBB) is warning customers not to fall prey to reshipping fraud. This type of fraudulent activity lures in customers by promising large commissions to work from home, and simply receive packages at their address and reship them internationally. The Tracker’s Deep Dive explores how reshipping frauds are perpetuated and the legal risks they pose for both consumers and businesses.
About the Tracker