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© MOONPAY 2023
Navigating Scams, Social Engineering, and Friendly Fraud
Strategies for Merchant Protection and Consumer Trust
Ana Maria Anic, Head of FinCrime at MoonPay

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© MOONPAY 2023
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1. Understanding the Threat Landscape
a. Unmasking the Online Scammer
2. The Merchant's Role in Prevention
3. Strategies for Prevention and Protection
4. Building Consumer Trust
5. Overcoming Challenges
6. Case Studies and Best Practices
7. Q&A Session
8. Safeguarding the Future
Agenda

6. Understanding the Threat Landscape
Scams: Deceptive schemes to trick people into losing money or personal
information.
Social Engineering: Manipulating individuals into revealing sensitive
data or access through psychological tactics.
Friendly Fraud: Customers falsely claim unauthorized transactions to
obtain refunds, impacting businesses.

7. Unmasking the Online Scammer
● Deceptive Persona: They pretend to be
someone else.
● Persuasive: Good at convincing with
emotions.
● Anonymous: Hard to trace, stay hidden.
● Persistent: Don't give up easily.
● Aggressive Persuader: Might turn up the
pressure, even resort to threats.
● Secretive: Information? Nope, they're
tight-lipped.
● Flattery Artists: Use compliments to gain
trust.
● Storytelling Mistakes: Their tales are often
full of holes and inconsistent.

8. ● Unwanted contact: They approach you
first.
● Info Seekers: Hungry for your sensitive
information and data.
● Money Chasers: Always looking for your
cash or crypto
● Missing Paperwork: Avoid legal
documentation.
● Authority Impersonators: The "badge"
may not be real.
● Too-Good-To-Be-True: Promises of
unimaginable wealth.
● Keep It Hush-Hush: They don't want you
asking for help / Discourage seeking
advice.
● Tech Wizards: Use technology to hide.

9. Common Scams Targeting Merchants
● Online Payment Frauds
● Phishing Emails and Websites
● Counterfeit Products
● Chargeback Abuse
● Fake Customer Reviews
● Vendor Impersonation
● Romance scams
● Phishing scams
● Social media cryptocurrency giveaway scams
● Fake cryptocurrency exchanges
never ending list!

11. Strategies for Prevention and Protection
Employee Training:
● regular training sessions
● security awareness
Multi-Factor Authentication:
● multi-factor authentication (MFA)
● MFA requires users to provide multiple forms of verification, such as a password and a
one-time code, increasing security.
Friendly Fraud Mitigation
● Strong security measures and evidence
Chargeback Prevention
● Clear Terms of Use and Refund Policies
● Customer Communication and fast response
Dispute Resolution:
● Collaborate with Payment Processors
● Establish dispute resolution mechanisms

12. Proactive Measures
● Implement trusted and secure payment processing solutions
● Transaction Monitoring: monitoring tools to detect suspicious activity
● Customer Verification
● Fraud screening
● Anomaly-alerts
● Wallet screening vendors
● Biometrics
● Target specific cohorts
● Wallet screening vendors for crypto world
● Scam warnings / Reason to purchase questionnaire

13. Full article

14. Scam Warning in Customer Journey:
● MoonPay integrates scam warnings into the customer journey.
● Alerting users to potential scams before they occur.
Active Customer Outreach:
● Preventing and helping users recognize scams.
● MoonPay reaches out to customers who might look like victims
Dedicated Scam Prevention Efforts:
● MoonPay's commitment to trust and safety
● Actively working on scam prevention measures.
Building User Trust:
● MoonPay's efforts enhance user trust
● Demonstrating a commitment to customer protection
Constantly improving Fraud screening
● improving rules, adding new rules and targeting specific cohorts
● manually analysing anomaly alerts

15. Failing to prevent scams
● Loss of customer trust
● Financial losses
● Legal issues
● Chargeback Increase
● Fraud and Dispute monitoring programs
● Bad customer reviews - unhappy customers
● Bad company reputation

16. Overcoming Challenges in Scam Prevention
Challenges Solutions
Scammers are becoming more sophisticated Adapt with advanced security measures
Consumers may not always recognize scams Enhance consumer education efforts
Friendly fraud can impact finances
Implement clear refund policies and dispute
resolution (T&C’s)
Social engineering tactics are manipulative Employee training and awareness programs
Constantly evolving threat landscape Stay updated and adapt continuously

17. Building Consumer Trust
Consumer Trust Matters Trust is vital for business success
Scam Prevention Commitment Demonstrates commitment to safety
Transparency and Communication Be open about security measures
Proactive Approach Anticipate and address threats
Responsive Customer Support Quick response builds trust
Feedback and Improvement Use feedback to get better
Trust Seals and Certifications Display relevant trust symbols
Customer Education and Success Stories Share scam prevention wins
Community and Partnerships Engage with the security community
Continuous Improvement Show ongoing commitment to safety

19. Safeguarding the Future
Collaboration:
● Foster partnerships with industry and security experts. - Partner with cybersecurity
firms for enhanced protection.
Information Sharing:
● Share threat intelligence and best practices. - Share data on recent scam attempts
within your industry.
Collective Defense:
● Work together to protect against evolving scams. - join a community of businesses
to collectively combat scams (example - Global Anti-Scam Alliance)

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Open discussion and Q&A

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Thank you!
ana@moonpay.com
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