In the battle against e-commerce fraud, it is incumbent upon online merchants to know the enemy and the tactics they employ. When it comes to account takeover, online merchants face the added challenge of recognizing a fraudster masquerading as a valued and trusted customer.
In this blog post, we will provide you with information on what account takeover is, and how to combat it.
Online fraud is a complex, hard to detect, and constantly evolving type of crime with serious business consequences. While many e-commerce merchants are looking for new ways to engage with customers, fraudsters are also looking for new ways to exploit them. In a way, every touchpoint you create – from buy online/pick up in store options to social click-to-buy ads, mobile shopping to loyalty rewards programs – is another opportunity for cybercriminals to bypass your fraud screening.
Every year, more than a billion consumers shop on e-commerce websites. And in 2016, a new startup called Fomo set out to help merchants reach that audience. To do that, Fomo first needed to find a service partner with expertise in geolocation. They chose MaxMind. “We’re a relatively new company, but our growth has been phenomenal since we added MaxMind’s GeoIP2 Precision services,” said Fomo’s co-founder Ryan Kulp.