Amidst the COVID-19 pandemic, the world saw an increase in another form of security concern—a cyber one. Reports show that cyber-attacks increased by over 600% during the COVID-19 pandemic. As the world continues to shift to online solutions for business and commerce, criminals are moving towards digital scams and fraud rackets to exploit others for the sake of personal gain.
Many guides and references about Stripe Radar are damaging sales and conversions due to improper setup and configuration. Copying another businesses’ rules to your account is bound to end in more lost sales than if they were left alone. Instead, you need to selectively enable the rules that apply to your business and where they are seen to make an impact against fraud.
Ways Fraudsters Perform Identity Theft A 2019 Internet Security Threat Report by Symantec stated that cyber-attackers are expanding their targets and using cleverer methods to perform identity theft and scam — and nobody is exempted. Almost 10% of individuals are now victim of identity theft every year, with 21% of these people having been victimized
ATO (Account Takeover) attacks have been on the rise this year, and we expect them to continue to grow without proper mitigations. A multi-lateral approach should be taken to stop these threats effectively. There are plenty of low-cost mitigations that can be implemented to prevent these attacks, which we will go into further. Combining these methods, we have seen our clients significantly reduce the threat of account takeovers.
Top Benefits of Flexible Identity Verification As identity theft cases are increasing quickly, every company has to set up a cutting-edge verification tool to guarantee that only genuine users are accessing their solution. The verification process is indispensable from the perspective of user experience. If your company is secure, individuals will feel confident about using
How to stop online fraudsters with identity verification? To start, we need to understand fraudsters and their motives. Most are after anything with monetary value. The more money they can make, the more likely you will be a victim of their scams. Also, the easiness of committing that scam will factor into their targets.
Payment Orchestration Meets Fraud Optimization Many companies have diversified their payment platforms by offering multiple acquirers and payment methods for their customers. This approach is a critical way to diversify your payment stack and increase conversions. By having only one payment method like PayPal, you put your business at tremendous risk due to disruptions.
Strengths and Weaknesses of Complex Verification Methods In today’s online world, one factor of security is not enough. Businesses need a layered approach to defend themselves with solutions that are easily deployed against evolving threats. This is one of the main reasons behind dynamic friction and why one approach will not work. Fraudsters are learning
Blocking Greater than 1% is Bad Business. Many businesses might have rules that look like the below when dealing with fraud. They see a risky user and decide to block them without even giving them a chance. Or they put them through a slow manual review. In today’s, online business users expect results fast, and
What is dynamic friction for fraud? Friction for those unfamiliar with it in the identity space essentially means slowing down a person. Not many people like to be slowed down, and that’s the same way people feel about friction. Companies slow people because they don’t want to take unwanted risks. If there are no checks
How can companies better approach friction? Joining fraud tools with identity proofing is critical to responding to advanced threats while minimizing friction. Once this is done, we can tune existing detection for new threats and know which signals will increase trustworthiness. For example, instead of rejecting any payments by our fraud tool, we can set
A case study into the costs to get to a 1% block rate and 0 manual reviews Before we understand the client’s use case, we need to gather the pre-requisites for fighting fraud. First, you will need some fraud tool to get a baseline of the standard data on a person to set up any