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After releasing our WordPress WooCommerce plugin, we noticed an increase in signups for shops starting out on their fraud prevention journey. For those unfamiliar with Woocommerce, it can essentially turn any WordPress site into an eCommerce store like Shopify.

To stay ahead of fraudsters, it is always a good idea to check up on their latest techniques. A recent review of some fraud options reveals these bad actor businesses even further progress.

Every eCommerce shop deals with the eventual scenario of a risky customer order. There might be some red flags through past experiences, or another fraud tool alerts you about risky behavior. Usually, this happens because a customer’s velocity, IP, device, amount, or one of many other factors triggered a review for the order.

Securing funds and identifying users is critical to keeping crypto exchanges and related products safe. With the recent growth in new technologies dealing with crypto, it is essential to protect them with additional controls. They all should follow similar building blocks, whether building an NFT marketplace or shoring up your KYC program for crypto exchange.

Fraud has no bounds, and as seen in the latest research on identity theft, it has taken a worse turn. Many bad actors have mastered fake and stolen identities for big payouts on loans or similar scores. They have seen hospitals, pharmacies, and doctors as another easy target.

A confounding find recently allowed us to uncover another tactic fraudsters have been taking advantage of to defeat fraud identification systems. Identity verification has seen more complex responses to an ever-increasing number of security checks.

Today’s international regulatory environment is constantly fluctuating. As digitalization continues to penetrate an increasing number of industries, regulations –particularly in domains such as information privacy and Know-Your-Customer (KYC) policies –will have to progress to sustain. However, regulations typically evolve at a slower pace as compared to industry improvements. As a result, what is acceptable for a business to do today may become proscribed tomorrow.

An identity verification service helps businesses reduce fraudulent practices, an outcome of which is also the alleviation of risks that appear during online transaction processing. Moreover, you can experience a considerable decrease in customer onboarding expenditures, a parameter that falls in line with domestic and global anti-money laundering requirements.

ID verification has become a crucial method to identify individuals in the past year due to virtual requirements. It has allowed many new services to be offered digitally, such as account openings and financial services in critical times of need. However, with every new technology, there are plenty of bad actors waiting to exploit it.

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.