A recent FBI bulletin was published titled, "'Tis the Season for Holiday Scams", due to the significant increase in cybercrime against businesses and consumers. The FBI warns of record losses during the 2016 shopping season with attacks stemming from online, social media, and smartphone apps. Now more than ever, it is imperative for consumers to remain diligent in protecting themselves from click bait and malware-loaded emails. A golden rule of thumb for consumers is if it’s too good to be true, it’s more than likely fraud. Businesses have a responsibility to not only protect themselves, but to ensure they are doing legitimate transactions with a true customer to avoid costly chargebacks or loss of product.
In-store fraud has declined as more fraudsters are moving online. Counterfeit card fraud declined by 43% YoY among Visa® EMV merchants in Q3 of 2016, but this has shifted fraudsters to card-not-present fraud. Attempted fraud of this kind is expected to increase by 43% YoY by volume, posing a significant risk for online merchants as the retail industry continues to shift to digital transactions. Cyber Monday, which brought in $3.34 billion in online sales in 2015, is expected to register the highest processing volume of any day of the year. While this makes the holiday shopping season much riskier for merchants and consumers, forecasts anticipate the worst day will be Christmas Eve, with a nearly 2.5% rate of fraudulent attempts. Due to an increase in spending patterns, banks and merchants error on risk (or relax risk decisioning) to provide a better customer experience for holiday shoppers. Now more than ever, online merchants need to identify a good customer before checkout.
GIACT has been helping companies verify valued customers since 2004. Recognized as the leader in providing real-time payment risk and authentication services, GIACT has recently introduced its new EPIC Platform. EPIC consists of the four fundamental pillars of fraud detection: Enrollments, Payments, Identity, and Compliance. The platform is designed to increase fraud detection and prevention through the lifecycle of a login, transaction, or change event. The EPIC Platform’s suite of products seamlessly integrates into a user’s authorization systems, offering state of the art fraud detection in real time.
GIACT has a proven track record assisting companies in balancing the art of risk mitigation with positive customer experiences. The EPIC Platform is the next step in fraud detection evolution, protecting you and your customers from login to logout.