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In the wake of Target’s disclosure that upwards of 40 million cards were compromised, a tsunami of public outrage and public opinions have been raised in discussions about how this happened and what Target should have done to stop it. According to the Wall Street Journal Target has already reported that sales are down as shoppers stay away out of fear. Consumers are still cautious about Target, and they are afraid of making purchases there. But should they be?Read More
Online shopping has spiked in the last 5 years, crossing the trillion dollar threshold in 2012. Embracing the consumer preference for internet shopping, many new businesses are only available through the web. Yet a surprisingly low number of new merchants are taking measures to protect themselves from internet fraud. While many online business owners are convinced that any fraud activity on a card is largely the domain of banks and credit card issuers, internet retailers are simply unaware that in the world of ‘card not present’ (internet purchases), they are liable for bad purchases run through their stores.Read More
SANTA CLARA, CA – October 16, 2013 – Signifyd today announced the launch of the first ecommerce fraud platform that seeks to dramatically reduce a retailer’s exposure to chargebacks and fraud by analyzing data footprints to bridge the gap between online and offline consumer identities.Read More
This is a repost from CoinDesk. Bitcoin sales service btcQuick says that it has achieved nearly $2m in sales. Colorado-based CEO Jerrod Bunce started the company in November 2012, after trying to buy bitcoins and getting frustrated with bitcoin sales site BitInstant, a service that enabled customers to buy and sell bitcoin but which was criticized for its slow service.Read More
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Welcome back for another entry into our series, the top 10 phrases used in the fraud industry (and an explanation of what they really mean!). Today we are going to talk about a more business related fraud scheme, but still one with severe consumer and commercial implications. Affiliate fraud, alternately known as click fraud, is the act of fraudulently simulating web traffic to a web site.Read More
Welcome back for another entry to our series, “The top 10 phrases used in the fraud industry (and an explanation what they really mean!)” Today we are talking about ‘Return Fraud’, which is a form of theft that utilizes several other forms of fraud in our list so far.Read More
“Can I get a refund?” – A question that no retailer wants to hear, the automatic guarantee of a refund by a merchant has become ingrained into 21st century America. From expensive jewelry to small ticket items, purchased in person or over the web, the ability to return goods to merchants in exchange for a customer’s money back goes almost unquestioned. But many merchants do not wish to offer refunds over frustrations of the costs involved. When a customer cannot obtain a refund directly from a merchant, they begin the process called a chargeback. In a perfect business world there would be no refunds, no chargebacks. But we are inhabitants of an imperfect world working in an imperfect marketplace, and chargebacks happen all the time. Why they happen, how they happen and what to do about it is going to be covered in this three part series.Read More
Welcome back to part 7 of our series, “The top 10 phrases in the fraud industry (and what they really mean!)”. Today we are tackling a big one that predates the Internet. We are talking about reshipping fraud. Reshipping fraud has many names, such as delivery address fraud and fake address fraud. Reshipping fraud works directly hand in hand with identity theft.Read More
An order comes in, everything checks out except one detail, there is a billing and shipping mismatch. Quick, what do you do? Do you call the customer to verify the shipping address? Do you do a Google search on the customer and/or the address? Or like far too many businesses we here at Signifyd have spoken to, does your business simply cancel the order to prevent fraud out of fear and leave money on the table?Read More
Credit card numbers. Those 4×4 groupings of numbers that every consumer enters into a website checkout to make a purchase. They appear to be random, right? Wrong. Those numbers on every credit and debit card issued in America is in fact a highly organized and regulated set of identifiers unique to every card. Today we are going to talk about BIN checks.Read More