The global e-commerce market size grew to a record $2.2 trillion in 2017, and there areno signs of a slowdown in 2018, as more and more people turn to the virtual marketplace for their shopping needs.
But this tremendous exponential growth also has a dark side. As digital channels are opening, and international brands are diversifying their offerings, fraudsters are seeking new, or rediscovering old, ways to capitalize on global opportunities.
MaxMind will be presenting alongside Shopify at the Merchant Risk Council’s flagship fraud prevention conference, MRC Vegas, Tuesday, March 20, from 2:15pm – 3pm.
Jenn Sessler, MaxMind’s Director of Business Development, andWill Mowat, Shopify’s Fraud Operations Lead, will be discussing the growing problem of account takeover and what merchants can do to combat it. Jenn and Will bring years of industry insight and first-hand experience with fraud prevention and risk mitigation to this informative and timely presentation on account takeover.
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.
Just like good customers, fraudsters must provide a shipping address in order to receive merchandise. But fraudsters, who need to evade detection and efficiently resell stolen goods, leave traces in the shipping addresses they use. The minFraud Network collects data on shipping addresses and uses it to identify any high risk shipping addresses associated with the transactions you submit for review.
This blog post investigates some high risk shipping addresses known to MaxMind, as well as provides some general fraud review tips for identifying them.
As a merchant, you’ll frequently see cases where multiple orders with different billing addresses and payment methods are placed from the same IP address, and it’s not clear whether or not this indicates fraud.
Such activity could be a sign of fraud, with a fraudster testing multiple compromised credit cards. It could also be a sign that a fraudster is using a proxy to obscure his identity. There are times though when such activity is expected and flagging such transactions as fraudulent would mean denying good orders and frustrating customers.Continue reading →