This report analyzes card payment fraud trends from 2012. It contains 67 pages analyzing types of fraud, examples of fraud in different countries/regions, and strategies used by banks and organizations to combat fraud. The report examines challenges in reducing fraud and discusses technologies and initiatives used to detect and prevent fraud into the future.
The document discusses gift card fraud and solutions for retailers. It notes that gift card sales have grown significantly, including through digital and mobile channels, but this growth has also increased vulnerability to fraud. The document then discusses three solutions retailers should consider: completely outsourcing fraud management, handling it in-house, or using third-party services. It emphasizes assessing current fraud prevention capabilities before determining a strategy to ensure the right level of protection and customer experience.
The document provides a summary of data on debit card transactions in the United States in 2013. Some key findings include:
- Total debit card transaction volume grew 6.8% in 2013 to 53.7 billion transactions valued at $2.07 trillion.
- Transactions processed over dual-message networks grew faster than those over single-message networks, at rates of 9.1% and 2.6% respectively.
- Card-not-present transactions grew the fastest of any category at 18.1%, though they still only accounted for 13.0% of total transactions.
- Average interchange fees, network fees, and fraud losses remained relatively stable compared to previous years. The majority of covered issu
Visa Inc. is a leading global payments technology company that processes over $7 trillion in transactions annually. The document analyzes Visa's business, industry, and financials. It recommends a bull call spread strategy for Visa due to its strong fundamentals and leadership position, though notes increasing regulation, technology changes, and macroeconomic uncertainty could impact performance. Visa is expected to grow revenues and earnings in the coming years driven by its global network expansion and new payment solutions.
1) Cash continues to play a dominant role in consumer spending, accounting for 40% of all consumer transactions based on number, though only 14% based on value.
2) Cash is used most frequently for small-value transactions under $50, accounting for half of such transactions on average.
3) Cash remains widely used across various spending categories, including food, entertainment, and services, even where alternative payment options are typically available.
4) Consumer payment preferences strongly influence payment choice, with those preferring cash using it for about half their transactions on average, while preferences also correlate with factors like age, income level, and access to financial products.
This document summarizes the key findings of the 2008 National Gambling Report on consumer attitudes and behaviors in Canada. It finds that while most Canadians gamble responsibly, participation in gambling such as lotteries and casinos remains widespread. Nearly half of Canadians report knowing someone with a potential gambling problem. The report also examines views on new forms of gambling and government regulation of the industry.
Product Brochure_Fraud in Global B2C E-Commerce and Online Payment 2014yStats.com
This document provides a summary of a 77-page market report on fraud in global B2C e-commerce and online payments in 2014. The report examines major fraud and security issues, how fraud affects online retail and mobile commerce growth, and fraud prevention tools. It provides data on topics like online shopping concerns, reasons for not shopping online, payment security by country, and mobile fraud risks. The report also profiles major e-commerce fraud detection companies.
Our research found there has been a 17% increase in lost and stolen cards abroad. Do you take suitable precautions to prevent your cards being lost or stolen?. Read more to find out how to avoid being a victim of card fraud abroad.
Airline Distribution Panel (Vienna 2009)Pascal Burg
The panel discussion focused on payment and credit risk management in the airline industry amidst the current economic crisis. Panelists discussed how the financial crisis has increased credit risk from consumers, corporations and other airlines. Examples showed how deteriorating economic conditions have led acquirers to impose tighter collateral requirements on airlines, as in the case of Frontier Airlines' bankruptcy. Panelists also explored how the increased focus on credit risk is influencing payment products and regulatory intervention across various geographies.
The document discusses gift card fraud and solutions for retailers. It notes that gift card sales have grown significantly, including through digital and mobile channels, but this growth has also increased vulnerability to fraud. The document then discusses three solutions retailers should consider: completely outsourcing fraud management, handling it in-house, or using third-party services. It emphasizes assessing current fraud prevention capabilities before determining a strategy to ensure the right level of protection and customer experience.
The document provides a summary of data on debit card transactions in the United States in 2013. Some key findings include:
- Total debit card transaction volume grew 6.8% in 2013 to 53.7 billion transactions valued at $2.07 trillion.
- Transactions processed over dual-message networks grew faster than those over single-message networks, at rates of 9.1% and 2.6% respectively.
- Card-not-present transactions grew the fastest of any category at 18.1%, though they still only accounted for 13.0% of total transactions.
- Average interchange fees, network fees, and fraud losses remained relatively stable compared to previous years. The majority of covered issu
Visa Inc. is a leading global payments technology company that processes over $7 trillion in transactions annually. The document analyzes Visa's business, industry, and financials. It recommends a bull call spread strategy for Visa due to its strong fundamentals and leadership position, though notes increasing regulation, technology changes, and macroeconomic uncertainty could impact performance. Visa is expected to grow revenues and earnings in the coming years driven by its global network expansion and new payment solutions.
1) Cash continues to play a dominant role in consumer spending, accounting for 40% of all consumer transactions based on number, though only 14% based on value.
2) Cash is used most frequently for small-value transactions under $50, accounting for half of such transactions on average.
3) Cash remains widely used across various spending categories, including food, entertainment, and services, even where alternative payment options are typically available.
4) Consumer payment preferences strongly influence payment choice, with those preferring cash using it for about half their transactions on average, while preferences also correlate with factors like age, income level, and access to financial products.
This document summarizes the key findings of the 2008 National Gambling Report on consumer attitudes and behaviors in Canada. It finds that while most Canadians gamble responsibly, participation in gambling such as lotteries and casinos remains widespread. Nearly half of Canadians report knowing someone with a potential gambling problem. The report also examines views on new forms of gambling and government regulation of the industry.
Product Brochure_Fraud in Global B2C E-Commerce and Online Payment 2014yStats.com
This document provides a summary of a 77-page market report on fraud in global B2C e-commerce and online payments in 2014. The report examines major fraud and security issues, how fraud affects online retail and mobile commerce growth, and fraud prevention tools. It provides data on topics like online shopping concerns, reasons for not shopping online, payment security by country, and mobile fraud risks. The report also profiles major e-commerce fraud detection companies.
Our research found there has been a 17% increase in lost and stolen cards abroad. Do you take suitable precautions to prevent your cards being lost or stolen?. Read more to find out how to avoid being a victim of card fraud abroad.
Airline Distribution Panel (Vienna 2009)Pascal Burg
The panel discussion focused on payment and credit risk management in the airline industry amidst the current economic crisis. Panelists discussed how the financial crisis has increased credit risk from consumers, corporations and other airlines. Examples showed how deteriorating economic conditions have led acquirers to impose tighter collateral requirements on airlines, as in the case of Frontier Airlines' bankruptcy. Panelists also explored how the increased focus on credit risk is influencing payment products and regulatory intervention across various geographies.
Global Cyber Market Overview June 2017Graeme Cross
The document provides an overview of the global cyber insurance market, including:
- The cyber insurance market is still in its infancy globally but has grown significantly in recent years, especially in the US where it is estimated to be worth $1.5 billion in 2015.
- The largest market is the US, driven by data breach legislation, high-profile cyber attacks increasing awareness, and demand from companies storing personal data.
- The upcoming European GDPR regulation coming into effect in 2018 is expected to be a major driver for the growing but still relatively nascent European cyber insurance market.
- Various industries like retail, healthcare, and financial institutions are among the largest buyers of cyber insurance.
Card Not Present (CNP) Fraud in a Post-EMV Environment: Combating the Fraud S...EMC
This Aite Group white paper examines card-not-present (CNP) fraud, which now represents 45% of total U.S. card fraud, and provides an overview of new technologies available to issuers and merchants to blunt the impact of cyber threats.
Global Payments Inc. is a provider of electronic payment processing services. Analysts recommend buying the stock with a target price of $67, an upside of 8.7%. Key risks include currency fluctuations, regulations, and slowing consumer spending. The company is growing through acquisitions and has a good market share in its main regions. Future acquisitions and increased consumer spending could boost revenues and stock price. However, a valuation analysis found the stock to be overvalued based on multiples.
Online gambling market research june 1, 2010 (1)danenright
This document provides a summary of online gambling market research conducted in 2010. It analyzes global online gambling trends, legal status by country, and primary research conducted in the UK, Australia/New Zealand, and Singapore. Some key findings include that online gambling revenues are expected to grow significantly worldwide between 2007-2012 despite the financial crisis. The UK leads in online gambling regulation while restrictions are expected to loosen in other countries. Asia is a fast-growing market for online gambling due to economic growth and gambling traditions, though legality varies across countries.
Even before the pandemic struck, the payment industry was quite dynamic over the past few years. Double-digit growth rates, dizzy valuations, and technological advancements at an unprecedented rate are some of the indicators that prove it. However, one must not underestimate the small volume decline due to COVID-19.
Findings from India Fraud Survey 2012: Fraud and Corporate Governance - Chang...EY
A report based on a survey conducted to understand the fraud scenario in India. This study aims to understand how businesses have coped with increasing fraud and corruption risk last year, what the emerging fraud risks in the industry are and the measures taken by various organizations to mitigate these risks.
For further information on EY's fraud investigation and dispute services, please visit: http://www.ey.com/IN/en/Services/Assurance/Fraud-Investigation---Dispute-Services
A42 banks race to defend from further reputational damageFreddie McMahon
The next wave of billion dollar fines is underway
as authorities are coming to the banks, already
armed with evidence of KYC, AML and CFT
systemic failings due to the way international
money transfers flow through correspondent
banks. This growing evidence shows how
money launderers’ businesses are successfully
laundering over a trillion dollars a year by
circumventing the controls of banks across the
world.
The document describes the configuration details of a scheduler that runs jobs to export social media data from various sources to a universal profile database. It outlines the deployment environment, database connections, configurable jobs, and MySQL tables used to track scheduled jobs and export status. The system job checks for new jobs every 20 minutes and exports occur based on cron expressions for each job. Failure details are captured in a MongoDB database.
The document discusses designing teams and processes to adapt to changing needs. It recommends structuring teams so members can work within their competencies and across projects fluidly with clear roles and expectations. The design process should support the team and their work, and be flexible enough to change with team, organization, and project needs. An effective team culture builds an environment where members feel free to be themselves, voice opinions, and feel supported.
UX, ethnography and possibilities: for Libraries, Museums and ArchivesNed Potter
1) The document discusses how the University of York Library has used various user experience (UX) techniques like ethnographic observation and interviews to better understand user needs and behaviors.
2) Some changes implemented based on UX findings include installing hot water taps, changing hours, and adding blankets - aimed at improving the small details of user experience.
3) The presentation encourages other libraries, archives and museums to try incorporating UX techniques like behavioral mapping and cognitive interviews to inform design changes that enhance services for users.
An immersive workshop at General Assembly, SF. I typically teach this workshop at General Assembly, San Francisco. To see a list of my upcoming classes, visit https://generalassemb.ly/instructors/seth-familian/4813
I also teach this workshop as a private lunch-and-learn or half-day immersive session for corporate clients. To learn more about pricing and availability, please contact me at http://familian1.com
3 Things Every Sales Team Needs to Be Thinking About in 2017Drift
Thinking about your sales team's goals for 2017? Drift's VP of Sales shares 3 things you can do to improve conversion rates and drive more revenue.
Read the full story on the Drift blog here: http://blog.drift.com/sales-team-tips
How to Become a Thought Leader in Your NicheLeslie Samuel
Are bloggers thought leaders? Here are some tips on how you can become one. Provide great value, put awesome content out there on a regular basis, and help others.
IRJET- Credit Card Fraud Detection using Hybrid ModelsIRJET Journal
This document discusses credit card fraud detection using hybrid models. It begins by introducing the problem of credit card fraud and how billions of dollars are lost to fraud each year. The document then discusses how standard models and hybrid techniques using AdaBoost and majority voting are used to detect fraud. Experimental results on a public credit card dataset and a private dataset from a financial institution show that the majority voting technique achieves good accuracy in detecting fraud cases. The key challenges in credit card fraud detection are also summarized, such as imbalanced data, different costs of misclassification, overlapping data patterns, lack of flexibility, and fraud detection costs.
The document discusses the rise in card-not-present (CNP) fraud and its effect on the pre-paid gift card market. It notes that over 50% of fraud is now CNP fraud, and fraud related to gift card purchases has increased significantly. Fraudsters are attracted to gift card fraud due to factors like the ability to easily resell stolen gift cards and delays in chargebacks. Existing prevention methods can help reduce fraudulent gift card purchases but dynamic, end-to-end solutions are still needed.
This white paper discusses challenges that financial institutions face in managing enterprisewide fraud. It notes that fraud is increasing in volume and sophistication, targeting the fastest growing channels like online and mobile that are most vulnerable. Traditionally, fraud has been managed within business unit silos rather than taking an enterprisewide view. This allows fraudsters, who view the institution holistically, to exploit inconsistencies. The paper recommends analyzing patterns and perpetrators across the entire enterprise to better prevent, detect, and investigate fraud.
Secure Payments: How Card Issuers and Merchants Can Stay Ahead of FraudstersCognizant
Our latest research reveals that merchants and card issuers should take a layered approach to mitigating risk, by working with consumers to improve fraud detection and prevention.
An overview of plastic card frauds and solutions for avoiding fraudster trans...eSAT Journals
Abstract Payment card fraud is causing billions of dollars in losses for the card payment industry. Besides direct losses, the brand name can be affected by loss of consumer confidence due to the fraud. As a result of these growing losses, financial institutions and card issuers are continually seeking new techniques and innovation in payment card fraud detection and prevention. Credit card fraud falls broadly into two categories: behavioral fraud and application fraud. Credit card transactions continue to grow in number, taking an ever-larger share of the US payment system and leading to a higher rate of stolen account numbers and subsequent losses by banks. Improved fraud detection thus has become essential to maintain the viability of the US payment system. Increasingly, the card not present scenario, such as shopping on the internet poses a greater threat as the merchant (the web site) is no longer protected with advantages of physical verification such as signature check, photo identification, etc. In fact, it is almost impossible to perform any of the ‘physical world’ checks necessary to detect who is at the other end of the transaction. This makes the internet extremely attractive to fraud perpetrators. According to a recent survey, the rate at which internet fraud occurs is 20 to25 times higher than ‘physical world’ fraud. However, recent technical developments are showing some promise to check fraud in the card not present scenario. This paper provides an overview of payment card fraud and begins with payment card statistics and the definition of payment card fraud. It also describes various methods used by identity thieves to obtain personal and financial information for the purpose of payment card fraud. In addition, relationship between payment card fraud detection is provided. Finally, some solutions for detecting payment card fraud are also given. Index Terms: Online Frauds, Fraudsters, card fraud, CNP, CVV, AVS
IJRET : International Journal of Research in Engineering and Technology is an international peer reviewed, online journal published by eSAT Publishing House for the enhancement of research in various disciplines of Engineering and Technology. The aim and scope of the journal is to provide an academic medium and an important reference for the advancement and dissemination of research results that support high-level learning, teaching and research in the fields of Engineering and Technology. We bring together Scientists, Academician, Field Engineers, Scholars and Students of related fields of Engineering and Technology.
Credit Card Fraud Detection System Using Machine Learning AlgorithmIRJET Journal
This document discusses using machine learning algorithms to detect credit card fraud. It begins with an abstract that introduces credit card fraud as an increasing problem and machine learning as a solution. The introduction provides more background on credit card fraud and detection methods. It then discusses several machine learning algorithms that can be used for credit card fraud detection, including logistic regression, decision trees, random forests, and XGBoost. It concludes that hybrid models combining individual algorithms performed best on a publicly available credit card dataset, with the highest Matthews correlation coefficient of 0.823. References are provided on related work in credit card fraud detection techniques.
AN OVERVIEW OF THE BANK FRAUD AND ITS DETECTION TECHNIQUES THROUGH DATA MININGijmnct
Using modern methods of the electronic commerce in daily life transactions is increasing because of the
growth and the comfortable access of the people to the internet and social networks. The electronic
payment systems are one of the most important electronic commerce methods and the electronic payment
fraud is a major problem.For example, the credit card fraud loss increases every year and is regarded as
one of the important issues in the credit card institutes and corporations. Therefore, fraud detection is
considered as an important research challenge. Fraud reduction is a complicated process requiring a body
of knowledge in many scientific fields. Based on the kind of the fraud the banks or the credit card institutes
face, different measures may be taken. This paper compares and analyzes the available recent findings on
the credit card fraud detection techniques. The objectives of the present study are first to detect different
credit card and electronic commerce fraud and then to investigate the strategies used for the purpose of
detection.
Global Cyber Market Overview June 2017Graeme Cross
The document provides an overview of the global cyber insurance market, including:
- The cyber insurance market is still in its infancy globally but has grown significantly in recent years, especially in the US where it is estimated to be worth $1.5 billion in 2015.
- The largest market is the US, driven by data breach legislation, high-profile cyber attacks increasing awareness, and demand from companies storing personal data.
- The upcoming European GDPR regulation coming into effect in 2018 is expected to be a major driver for the growing but still relatively nascent European cyber insurance market.
- Various industries like retail, healthcare, and financial institutions are among the largest buyers of cyber insurance.
Card Not Present (CNP) Fraud in a Post-EMV Environment: Combating the Fraud S...EMC
This Aite Group white paper examines card-not-present (CNP) fraud, which now represents 45% of total U.S. card fraud, and provides an overview of new technologies available to issuers and merchants to blunt the impact of cyber threats.
Global Payments Inc. is a provider of electronic payment processing services. Analysts recommend buying the stock with a target price of $67, an upside of 8.7%. Key risks include currency fluctuations, regulations, and slowing consumer spending. The company is growing through acquisitions and has a good market share in its main regions. Future acquisitions and increased consumer spending could boost revenues and stock price. However, a valuation analysis found the stock to be overvalued based on multiples.
Online gambling market research june 1, 2010 (1)danenright
This document provides a summary of online gambling market research conducted in 2010. It analyzes global online gambling trends, legal status by country, and primary research conducted in the UK, Australia/New Zealand, and Singapore. Some key findings include that online gambling revenues are expected to grow significantly worldwide between 2007-2012 despite the financial crisis. The UK leads in online gambling regulation while restrictions are expected to loosen in other countries. Asia is a fast-growing market for online gambling due to economic growth and gambling traditions, though legality varies across countries.
Even before the pandemic struck, the payment industry was quite dynamic over the past few years. Double-digit growth rates, dizzy valuations, and technological advancements at an unprecedented rate are some of the indicators that prove it. However, one must not underestimate the small volume decline due to COVID-19.
Findings from India Fraud Survey 2012: Fraud and Corporate Governance - Chang...EY
A report based on a survey conducted to understand the fraud scenario in India. This study aims to understand how businesses have coped with increasing fraud and corruption risk last year, what the emerging fraud risks in the industry are and the measures taken by various organizations to mitigate these risks.
For further information on EY's fraud investigation and dispute services, please visit: http://www.ey.com/IN/en/Services/Assurance/Fraud-Investigation---Dispute-Services
A42 banks race to defend from further reputational damageFreddie McMahon
The next wave of billion dollar fines is underway
as authorities are coming to the banks, already
armed with evidence of KYC, AML and CFT
systemic failings due to the way international
money transfers flow through correspondent
banks. This growing evidence shows how
money launderers’ businesses are successfully
laundering over a trillion dollars a year by
circumventing the controls of banks across the
world.
The document describes the configuration details of a scheduler that runs jobs to export social media data from various sources to a universal profile database. It outlines the deployment environment, database connections, configurable jobs, and MySQL tables used to track scheduled jobs and export status. The system job checks for new jobs every 20 minutes and exports occur based on cron expressions for each job. Failure details are captured in a MongoDB database.
The document discusses designing teams and processes to adapt to changing needs. It recommends structuring teams so members can work within their competencies and across projects fluidly with clear roles and expectations. The design process should support the team and their work, and be flexible enough to change with team, organization, and project needs. An effective team culture builds an environment where members feel free to be themselves, voice opinions, and feel supported.
UX, ethnography and possibilities: for Libraries, Museums and ArchivesNed Potter
1) The document discusses how the University of York Library has used various user experience (UX) techniques like ethnographic observation and interviews to better understand user needs and behaviors.
2) Some changes implemented based on UX findings include installing hot water taps, changing hours, and adding blankets - aimed at improving the small details of user experience.
3) The presentation encourages other libraries, archives and museums to try incorporating UX techniques like behavioral mapping and cognitive interviews to inform design changes that enhance services for users.
An immersive workshop at General Assembly, SF. I typically teach this workshop at General Assembly, San Francisco. To see a list of my upcoming classes, visit https://generalassemb.ly/instructors/seth-familian/4813
I also teach this workshop as a private lunch-and-learn or half-day immersive session for corporate clients. To learn more about pricing and availability, please contact me at http://familian1.com
3 Things Every Sales Team Needs to Be Thinking About in 2017Drift
Thinking about your sales team's goals for 2017? Drift's VP of Sales shares 3 things you can do to improve conversion rates and drive more revenue.
Read the full story on the Drift blog here: http://blog.drift.com/sales-team-tips
How to Become a Thought Leader in Your NicheLeslie Samuel
Are bloggers thought leaders? Here are some tips on how you can become one. Provide great value, put awesome content out there on a regular basis, and help others.
IRJET- Credit Card Fraud Detection using Hybrid ModelsIRJET Journal
This document discusses credit card fraud detection using hybrid models. It begins by introducing the problem of credit card fraud and how billions of dollars are lost to fraud each year. The document then discusses how standard models and hybrid techniques using AdaBoost and majority voting are used to detect fraud. Experimental results on a public credit card dataset and a private dataset from a financial institution show that the majority voting technique achieves good accuracy in detecting fraud cases. The key challenges in credit card fraud detection are also summarized, such as imbalanced data, different costs of misclassification, overlapping data patterns, lack of flexibility, and fraud detection costs.
The document discusses the rise in card-not-present (CNP) fraud and its effect on the pre-paid gift card market. It notes that over 50% of fraud is now CNP fraud, and fraud related to gift card purchases has increased significantly. Fraudsters are attracted to gift card fraud due to factors like the ability to easily resell stolen gift cards and delays in chargebacks. Existing prevention methods can help reduce fraudulent gift card purchases but dynamic, end-to-end solutions are still needed.
This white paper discusses challenges that financial institutions face in managing enterprisewide fraud. It notes that fraud is increasing in volume and sophistication, targeting the fastest growing channels like online and mobile that are most vulnerable. Traditionally, fraud has been managed within business unit silos rather than taking an enterprisewide view. This allows fraudsters, who view the institution holistically, to exploit inconsistencies. The paper recommends analyzing patterns and perpetrators across the entire enterprise to better prevent, detect, and investigate fraud.
Secure Payments: How Card Issuers and Merchants Can Stay Ahead of FraudstersCognizant
Our latest research reveals that merchants and card issuers should take a layered approach to mitigating risk, by working with consumers to improve fraud detection and prevention.
An overview of plastic card frauds and solutions for avoiding fraudster trans...eSAT Journals
Abstract Payment card fraud is causing billions of dollars in losses for the card payment industry. Besides direct losses, the brand name can be affected by loss of consumer confidence due to the fraud. As a result of these growing losses, financial institutions and card issuers are continually seeking new techniques and innovation in payment card fraud detection and prevention. Credit card fraud falls broadly into two categories: behavioral fraud and application fraud. Credit card transactions continue to grow in number, taking an ever-larger share of the US payment system and leading to a higher rate of stolen account numbers and subsequent losses by banks. Improved fraud detection thus has become essential to maintain the viability of the US payment system. Increasingly, the card not present scenario, such as shopping on the internet poses a greater threat as the merchant (the web site) is no longer protected with advantages of physical verification such as signature check, photo identification, etc. In fact, it is almost impossible to perform any of the ‘physical world’ checks necessary to detect who is at the other end of the transaction. This makes the internet extremely attractive to fraud perpetrators. According to a recent survey, the rate at which internet fraud occurs is 20 to25 times higher than ‘physical world’ fraud. However, recent technical developments are showing some promise to check fraud in the card not present scenario. This paper provides an overview of payment card fraud and begins with payment card statistics and the definition of payment card fraud. It also describes various methods used by identity thieves to obtain personal and financial information for the purpose of payment card fraud. In addition, relationship between payment card fraud detection is provided. Finally, some solutions for detecting payment card fraud are also given. Index Terms: Online Frauds, Fraudsters, card fraud, CNP, CVV, AVS
IJRET : International Journal of Research in Engineering and Technology is an international peer reviewed, online journal published by eSAT Publishing House for the enhancement of research in various disciplines of Engineering and Technology. The aim and scope of the journal is to provide an academic medium and an important reference for the advancement and dissemination of research results that support high-level learning, teaching and research in the fields of Engineering and Technology. We bring together Scientists, Academician, Field Engineers, Scholars and Students of related fields of Engineering and Technology.
Credit Card Fraud Detection System Using Machine Learning AlgorithmIRJET Journal
This document discusses using machine learning algorithms to detect credit card fraud. It begins with an abstract that introduces credit card fraud as an increasing problem and machine learning as a solution. The introduction provides more background on credit card fraud and detection methods. It then discusses several machine learning algorithms that can be used for credit card fraud detection, including logistic regression, decision trees, random forests, and XGBoost. It concludes that hybrid models combining individual algorithms performed best on a publicly available credit card dataset, with the highest Matthews correlation coefficient of 0.823. References are provided on related work in credit card fraud detection techniques.
AN OVERVIEW OF THE BANK FRAUD AND ITS DETECTION TECHNIQUES THROUGH DATA MININGijmnct
Using modern methods of the electronic commerce in daily life transactions is increasing because of the
growth and the comfortable access of the people to the internet and social networks. The electronic
payment systems are one of the most important electronic commerce methods and the electronic payment
fraud is a major problem.For example, the credit card fraud loss increases every year and is regarded as
one of the important issues in the credit card institutes and corporations. Therefore, fraud detection is
considered as an important research challenge. Fraud reduction is a complicated process requiring a body
of knowledge in many scientific fields. Based on the kind of the fraud the banks or the credit card institutes
face, different measures may be taken. This paper compares and analyzes the available recent findings on
the credit card fraud detection techniques. The objectives of the present study are first to detect different
credit card and electronic commerce fraud and then to investigate the strategies used for the purpose of
detection.
AN OVERVIEW OF THE BANK FRAUD AND ITS DETECTION TECHNIQUES THROUGH DATA MININGijmnct
Using modern methods of the electronic commerce in daily life transactions is increasing because of the growth and the comfortable access of the people to the internet and social networks. The electronic payment systems are one of the most important electronic commerce methods and the electronic payment fraud is a major problem.For example, the credit card fraud loss increases every year and is regarded as one of the important issues in the credit card institutes and corporations. Therefore, fraud detection is considered as an important research challenge. Fraud reduction is a complicated process requiring a body of knowledge in many scientific fields. Based on the kind of the fraud the banks or the credit card institutes face, different measures may be taken. This paper compares and analyzes the available recent findings on the credit card fraud detection techniques. The objectives of the present study are first to detect different credit card and electronic commerce fraud and then to investigate the strategies used for the purpose of detection.
Product Brochure: Fraud And Security In Global Online Payments 2019yStats.com
Product Brochure with summarized information of our publication "Fraud And Security In Global Online Payments 2019".
Find more here: https://www.ystats.com/market-reports/fraud-and-security-in-global-online-payments-2019/
This document discusses ATM card skimming and provides information on how it works, trends in the Caribbean region, recommendations to address the issue, and tips to reduce risk. It notes that skimming devices illegally record card data and PIN numbers are often captured too using hidden cameras or other methods. Skimming is a global problem that results in over $1 billion in losses annually in the USA alone. The document provides details on common skimming techniques and hardware, as well as recommendations for financial institutions, law enforcement, and card holders.
Card fraud is a major issue in the UK with this report showing that one in four adults has been a victim at some point in the past. Find out which cities are card fraud hotspots in our Regional Card Fraud report.
1. Credit card issuer fraud losses remain well-contained at around $1 billion annually despite rising volumes, though total card-related fraud costs may exceed $16 billion due to additional stakeholders like merchants and consumers.
2. Purposeful data breaches targeting payment card data are a major challenge, driving a thriving secondary market in stolen card information and products.
3. Enterprise fraud management solutions aiming to leverage data across multiple products may provide improved detection, but organizational barriers remain as issuers seek added value from multi-product implementations.
This document summarizes information from a presentation on e-commerce fraud. It discusses the growing sophistication of fraud schemes, including implanted chips, purpose-built skimmers, and counterfeit fraud operations. It also examines fraud targeting specific payment methods like gift cards, private label cards, and alternative payments. The document emphasizes that fraud prevention requires balancing manual review rates with outright denies to control costs while limiting fraud and false positives.
This document compares cards, mobile payments, and mobile money in Nigeria and discusses opportunities and challenges for each. It summarizes that while cards and electronic payments have grown in Nigeria, penetration remains low compared to other countries due to issues like fraud, technology problems, and lack of awareness. Mobile payments were seen as an opportunity due to high mobile penetration but have also faced slow adoption. The document outlines strategies like incentives, partnerships, and technology improvements that could help cards and mobile payments better penetrate the Nigerian market.
Billions of dollars of loss are caused every year by fraudulent credit card transactions. The design of efficient fraud detection algorithms is key for reducing these losses, and more and more algorithms rely on advanced machine learning techniques to assist fraud investigators. The design of fraud detection algorithms is however particularly challenging due to the non-stationary distribution of the data, the highly unbalanced classes distributions and the availability of few transactions labeled by fraud investigators. At the same time public data are scarcely available for confidentiality issues, leaving unanswered many questions about what is the best strategy. In this thesis we aim to provide some answers by focusing on crucial issues such as: i) why and how under sampling is useful in the presence of class imbalance (i.e. frauds are a small percentage of the transactions), ii) how to deal with unbalanced and evolving data streams (non-stationarity due to fraud evolution and change of spending behavior), iii) how to assess performances in a way which is relevant for detection and iv) how to use feedbacks provided by investigators on the fraud alerts generated. Finally, we design and assess a prototype of a Fraud Detection System able to meet real-world working conditions and that is able to integrate investigators’ feedback to generate accurate alerts.
EMV in the U.S.: Putting It into Perspective for Merchants and Financial Inst...- Mark - Fullbright
All product and company names mentioned herein are for identification and educational purposes only and are the property of, and may be trademarks of, their respective owners.
State of Cyber Crime Safety and Security in BankingIJSRED
The document discusses cybercrime threats facing the banking system, including online fraud, malware, and hacking. These threats have grown significantly over the past 20 years, costing banks billions annually. Common cybercrimes impacting banks are phishing, identity theft, ransomware, and money laundering. To improve security, banks need better authentication systems, employee training, and integrated cybercrime laws. Overall, the rising costs of cybercrime pose a major risk to banks that must be addressed through increased security efforts.
Leveraging graph technology to fight financial fraudNeo4j
1) Traditional fraud detection methods like analyzing endpoints, navigation behavior, and accounts discretely are unable to detect modern complex fraud schemes.
2) Connected analysis using graph databases can model relationships between entities to detect organized fraud rings and synthetic identities in real-time.
3) A demo showed how Neo4j augments existing fraud detection systems by performing sub-second connected analysis of user transactions to quickly identify fraudulent patterns and adapt to new fraud methods.
Payment card fraud costs billions each year and is becoming more sophisticated. An online carding course was designed to teach novice criminals carding techniques over 6 weeks with 20 lectures and instructors. The course cost nearly $1000 and taught students how to make thousands each month. It covered buying stolen credit card details from online shops, committing fraud, and cashing out illegally obtained goods. Understanding these courses helps defenders address the latest criminal methods.
1. Card Payment Fraud
Report Details:
Published:April 2012
No. of Pages: 67
Price: Single User License – US$3800
•This VRL report contrasts moves being taken to defraud corporates and individuals using cards
and the action being taken to counter the fraud
•It details types of fraud practised in the market
•It looks at some country based examples of how technology is being used to fight fraud
•It examines what collective moves are being taken by industry leaders, stakeholders and
associations to fight fraud
Summary
The latest available statistics in 2010 show that globally, card payment fraud recorded extremely
high rates of occurrence. Despite the many efforts to reduce and eliminate fraud through building
an improved understanding of fraud threats, sharing data on prevention and mitigation benefits,
and increasing public awareness with regards to fraudulent card payments, fraud continues to
impact the financial industry and global economy. Since consumers are becoming more
dependent on card payments, industry leaders, stakeholders and various organisations comprising
the card payment industry must develop and implement various strategies to combat fraud.
Organisations are working to prevent and mitigate the risk of card payment fraud, as well as
reducing its effects by employing the latest technologies and innovations in card payment systems
and software, including technologies in fraud detection.
In this report, current statistics on card payment fraud are presented in key countries and regions,
including Europe, Asia-Pacific, the US and the UK. These countries and regions have varying
rates of card payment fraud and are implementing various strategies and technologies to reduce
and eliminate fraud. This report specifically discusses the strategies and practices implemented by
leading banks, financial institutions and organisations in order to reduce the impact of card
payment fraud. The thoughts and opinions of industry leaders have also been gathered and
included in this report to provide an overview of the current situation with regards to card payment
fraud. Key points on how banks and financial institutions cope with high rates of card payment
fraud are also discussed here. Similarly, the effects of fraud on consumers and how they adapt to
it are credited. The report provides an overview of the ways in which awareness is being increased
with regards to card payment fraud across all members of the payments industry and cross-border
collaborations which aim to share fraud prevention and mitigation measures.
Scope
2. •This report shows how and why the cards and payments industry must ensure that the correct
checks and balances are in place to face new and inventive attempts to defraud
•The content provides an overview of the ways in which fraud awareness is being raised across
the payments industry
•It includes advice on detecting fraud, mitigating risks and preventing losses
•Global examples and statistics are provided
Reasons To Buy
•View current statistics on card payment fraud from a variety of key countries and regions,
including Europe, Asia-Pacific, the US and UK
•Study the measures introduced by banks and financial institutions to combat fraud
•Stay ahead of the curve with advice on detecting, mitigating and eliminating fraud
•Consider the global challenges in relation to card payment fraud
Key Highlights
•Card payments have a number of weaknesses which makes them susceptible to fraud
•As chip and pin cards become more secure, criminals will shift attention to more vulnerable
products such as magnetic stripe cards
•Detection procedures are always one step behind fraudsters
•Some existing fraud detection tools are inefficient and obsolete
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Major points covered in Table of Contents of this report include
Table of Contents
Executive Summary
List of Figures
List of Tables
1 The rising global challenges in relation to card payment fraud
1.1 Upsurge of the card payment market
1.1.1 Rise of global card users
1.1.2 US: global leader in card-based transactions
1.2 Dimensions of the global card payments crisis
1.2.1 Global card payment fraud shows no signs of declining
1.2.2 Global card fraud victims remain stable in number
1.2.3 Card fraud demonstrates signs of weakness
1.3 Challenges to improving card payments security
1.3.1 Unresolved vulnerabilities of card-based payments
1.3.2 Sophisticated and fast-evolving tactics of card fraudsters
2 Development of card payment fraud
2.1 Defining card payment fraud
2.1.1 Payment fraud in relation to account authorisation
2.1.2 First party vs third party payment fraud
3. 2.1.3 Payment fraud in relation to illegal use of payment instruments
2.1.4 Payment fraud as an act of criminal deception
2.2 Prevailing types of card payment fraud
2.2.1 Fraud by lost and stolen cards
2.2.2 Application fraud
2.2.3 Counterfeit card fraud
2.2.4 Card-Not-Present (CNP) fraud
2.3 Latest trends and anti-card fraud methods
2.3.1 Fiercer card skimming techniques
2.3.2 Malware attacks
2.3.3 Triangulation
2.3.4 Advanced phishing, vishing, SMSishing and Whaling
3 Recent fraud trends and outbreaks in selected major card payments markets
3.1 Card payment fraud in the US
3.1.1 US credit and debit card fraud on the rise
3.1.2 Real card fraud statistics in the US remain scarce
3.1.3 US in danger of becoming a prime target of counterfeit card fraud
3.2 Card payment fraud in the UK
3.2.1 Card payment fraud down 17% in UK
3.2.2 CNP fraud: UK’s largest card fraud loss in 2010
3.2.3 UK not complacent despite card fraud decline
3.3 Card payment fraud in the Asia-Pacific region
3.4 Recent predominant shifts in card payment fraud
3.4.1 Card-present fraud to CNP fraud
3.4.2 EMV country to non-EMV country
3.4.3 EMV enabled chip credit cards to magnetic stripe debit cards
4 Detecting card payment fraud
4.1 Fraud prevention vs fraud detection
4.2 The growing challenge on card fraud detection
4.2.1 Exchange of ideas on card fraud detection is severely limited
4.2.2 Detection procedures are always one-step behind the fraudsters
4.2.3 Existing fraud detection tools are short-ranged and obsolete
4.3 Detection and fraud risk management: a starting point
4.3.1 Authentication
4.3.2 Activation process
4.3.3 Transaction behaviour monitoring
4.3.4 Fraud control at the POS
4.4 Overview of the world’s cutting edge fraud detection technologies
4.4.1 Proactive risk management from ACI Worldwide
4.4.2 Alaric’s fractals product
5 Card payment fraud and the consumers
5.1 Consumers growing fear of card payment fraud
4. 5.2 Consumers increasing vulnerability to fraud
5.3 Consumers battling card payment fraud
5.3.1 Asia-Pacific consumers step up to combat card fraud
6 Card payment fraud, the banking industry and financial institutions
6.1 Latest statistics on card payment fraud
6.2 How does card payment fraud impact banks and financial institutions
6.3 How banks and financial institutions respond to card payment fraud
6.3.1 Card payment fraud risk mitigation
6.3.2 Mitigation measures and tools used in the US
6.3.3 Improving information sharing
6.3.4 Establishment of authority agencies against payment fraud
7 Overcoming card payment fraud
7.1 Dealing with card payment fraud: factors to consider
7.1.1 Types of card payment fraud
7.1.2 Vulnerable data management systems in the card payment industry
7.2 Battling fraud: barriers and challenges
7.2.1 Real time information sharing
7.2.2 Individualised fraud departments
7.2.3 Prompt fraud detection
7.3 Fighting fraud across the globe: specific standards and procedures
7.3.1 Europe: regional collaboration to combat fraud
7.3.2 United Kingdom: fraud rates decreasing
7.3.3 Fraud detection software and prevention solutions
7.3.4 Updated chip cards and increased use of chip and pin technology
7.3.5 US: taking a different route to fight fraud
7.3.6 Payment Card Industry Security Standards Council: a co-operative effort to help reduce
fraud
7.3.7 Contactless payments cards – a measure similar to the chip and pin technology
8 Technologies in use to reduce and eliminate card payment fraud
8.1 Fighting fraud through EMV/Chip and pin cards
8.1.1 Magnetic stripe cards to be replaced by chip and pin cards
8.1.2 US debate on migrating to chip and pin cards
8.1.3 Chip and pin cards improvements
8.2 Terminal line encryption to reduce domestic counterfeit fraud
8.2.1 How Malaysia benefited from terminal line encryption technology
8.3 Technologies behind one-time payment cards in combating card payment fraud
8.3.1 A deeper look into one-time card number technology
9 Legal authorities speak on how to deal with card payment fraud
9.1 Payment card industry council: fighting fraud from start to finish
9.1.1 Focusing on increasing card skimming cases
9.2 National Fraud Authority – fighting fraud together
9.2.1 Information sharing among members of the payments industry
5. 9.3 Combined effort of all industry leaders, stakeholders and associations
9.3.1 Working together in the fight against fraud
9.3.2 Improving knowledge and information against fraud
10 Conclusion
List of Tables
Table 1: Card fraud evolution in Europe; 1980-2010
Table 2: Average total losses per fraud in various regions and sub-regions worldwide
Table 3: Annual plastic fraud losses on UK-issued cards (2006-2010)
Table 4: Comparison of the security features of the US contactless payment cards, chip-and-pin
cards and magnetic strip cards
Table 5: Worldwide adoption of EMV/Chip-and-Pin cards and terminals
Table 6: Security advantages of one-time payment cards over magnetic strip cards and other
contactless payment cards
List of Figures
Figure 1: Comparison of Non-Cash Transactions by Region and Changes in Payments
Instruments mix, 2001 vs 2009
Figure 2: US In-Store Payment Transaction Mix 1999-2010
Figure 3: Global Card Fraud and Global Card Transaction Values, 2001-2009
Figure 4: Percentage of Organisations Subject to Attempted or Actual Payment Fraud, 2004-2010
Figure 5: Fraudulent Application Cases in Australia and Overseas on Australian-Issued Cards
Figure 6: CNP Fraud Losses on UK-Issued Cards Dropped by 15% in 2010
Figure 7: Fraud Losses on UK-Issued Cards 2000-2010
Figure 8: Price Shares of Heartland Payment Systems Before and After Data Breach
Figure 9: European Card Fraud Loss Rates
Figure 10: Fraud Losses in Various Types of Card Payment Fraud in France, 2007-2009
Figure 11: Fraud Losses in Various Types of Card Payment Fraud in the United Kingdom, 2007-
2009
Figure 12: Card Payments Fraud Losses in the UK, 2000-2010
Figure 13: Lost and Stolen Fraud Losses in the UK, 2000-2010
Figure 14: US and UK Fraud Losses in the UK, 2000-2010
Figure 15: Fraud Figures in the UK, 2004-2008 – A Comparison Before and After Chip-and-PIN
Cards Were Implemented
Figure 16: Domestic Counterfeit Fraud Rates in Malaysia 2004-2005
Figure 17: Credit Card Fraud Rates in Malaysia, 2004-2008
Figure 18: Most Effective Ways to Prevent Fraud, Information Security Media Group Survey
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