The Ultimate Fraud Defense for Your Business
Online payment fraud losses will reach $48 billion in 2023, up from the $22 billion in losses projected for 2018, a new study from Juniper Research has found.
Fraud prevention has become a big priority for businesses because cybercriminals continue to find ways to circumvent security systems.
Safeguard your business from both business and consumer fraud. Consumers and Businesses are victims of identity theft by fraudsters who use their identities to apply for credit cards, take out loans, withdraw funds from bank accounts and steal users' personal information and proprietary business data
Account takeover fraud can lead to identity fraud, once the cybercriminal gains access to a victim's login credentials.
Prevention of onboarding a potential fraudulent entity should be in the forefront of your onboarding process.
Fraudsters are creating synthetic identities by combining potentially valid social security numbers with false personally identifiable information. Validation of each component in your onboarding process will help identify potential fraudster before you extend credit or book that new account.
First Party Fraud, also known as Friendly Fraud is the hardest fraud to detect as an individual or business receives goods and service with proper credentials but has no intention to pay for the goods and services received.
Proper account fraud prevention, reviewing credit reports and account monitoring could potentially provide a red flag in time before too much is lost.
Third Party Fraud, also known as Identity theft, involves an individual or business identity being used without consent.
It also includes manufactured identities using stolen and false information.
Putting in place a strong fraud identification and prevention process is key to stopping the chain of fraud at your doorstep.