Prevent online Fraud from your business and why you need to stamp it out

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Online card payment fraud is a $8 billion industry, a very small number of businesses have the correct procedures in place to prevent it, this guide will make you think about it.

Published in: Business, Economy & Finance
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Prevent online Fraud from your business and why you need to stamp it out

  1. 1. Risk Management System
  2. 2. Fraud Affects All Merchants  Online credit card fraud is $8.53 billion Industry.  4% of Revenue lost due to frauds  Percentage of accepted orders which are later determined to be fraudulent is approximately 2.5% for domestic & 4.7% for international orders  Less than 5% of the Merchants have effective Fraud prevention in place
  3. 3. How Do Fraudsters Obtain Consumer Information? Unsecured servers & databases  Unknown log files  Unsecured websites & shopping carts  Employee misconduct  Phishing Emails
  4. 4. 4 Common Online Fraud Prevention Tools Can Fall Short CVC/CVV – Card Verification Value/Code  AVS – Not accurate 3D Secure (VBV/MCSC) – offers limited coverage  IP address spoof/proxy
  5. 5. 5 Sample of a Compromised Credit Card Data
  6. 6. Fraud Detection & Risk Analysis what do we do? (1/2)  Forensic Client Device Identification  Covertly gathers around 80 Parameters about a device to provide a unique fingerprint  Combine device parameter with user entered information in to 600+ Rules and Algorithms  User-defined Risk Models  Create a Time difference comparison test  9 Point geo-matrix to fortify results
  7. 7. Fraud Detection & Risk Analysis what do we do? (2/2)  Real-time Telephone Authentication for flagged transactions  Link all activities to device used regardless of identity assumed or IP address  Nexus – Maps fraudulent patterns in transactions  Keystroke – Speed, Recording  Velocity Checks  Negative Database – IP Ranges, Chargebacks, Carders, Hackers, Bots
  8. 8. Process Overview
  9. 9. AVS Blocklist Velocity Checks Device Information Layered Security: Augmenting other tools FraudFilters GOOD SUSPECT FRAUD TRANSACTIONS Nexus
  10. 10. Product - Screen Shots
  11. 11. Screen Shots – Investigation View
  12. 12. Screen Shots – Investigation View
  13. 13. Screen Shots – Investigation View
  14. 14. Screen Shots – Investigation View
  15. 15. Screen Shots – Investigation View
  16. 16. Screen Shots – Investigation View
  17. 17. Screen Shots – Investigation View
  18. 18. Nexus

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