News
The Importance of Manual Review
In the last decade, the fraud detection and identity verification space have rallied around usage of Machine Learning. One often overlooked component to make these models successful is a strong risk operations team. A strong risk operations team enables a financial institution to shift outward the risk frontier (more approvals and fewer...
How to Select Your Fraud Solution Provider
Fraud is an extremely large challenge for eCommerce merchants. According to Juniper Research, eCommerce fraud is projected to eclipse $20 billion in 2021, an 18% increase from the prior year. The right fraud solution provider can provide vital compliance and anti-fraud protection. However, with so many options on the market, choosing the...
Beyond KYC: Know Your Business & UBO
Knowing your customer and the ultimate beneficial owners (UBO), who own and control a business, is fundamental to satisfying regulatory requirements as well as understanding risk, explains Christian Chmiel, Chief Innovation Officer, Web Shield. Identifying and verifying customer identities is central to customer due diligence. This is the process by which a...
Fraud Prevention: Investment on Fire
The previous year and the pandemic affected change in absolutely every industry on the planet. And the fraud prevention market is no exception — but unlike plenty of others, this sector is growing significantly in relevance and demand. Look no further than the investment and M&A activity in the first half of...
Risk Management: Addressing the Leading Fraud Types
There are many things that can derail a startup or scaleup in its tracks. Some of them can hardly be predicted, like the development team quitting or the investors imposing their will on the product development. Others, like customer background checks, risk scoring, chargeback resolution, identity theft prevention, and risk management can...
Fraudulent Courses: How to Avoid Them
With Coronavirus restrictions keeping everyone indoors for months at a time, it's no surprise that online learning courses have grown in popularity. For those who want to spend such time productively, these courses provide crucial knowledge which can be implemented at work. Moreover, many of the most popular courses are accredited, allowing...
How to Save Revenue for E-commerce Businesses
A dollar saved is a dollar earned, This old idiom has never been more relevant than in 2021 when businesses worldwide try to find new growth drivers and cope with supply chain disruptions caused by the COVID-19 pandemic and lockdowns. What is even worse, fraudsters are much better prepared to leverage the...
The UK Fraud Epidemic is Now a National Security Threat
In late January, a BBC article proclaimed that the "fraud epidemic is now a national security threat" in the U.K. This article was based on a think-tank report that discussed the escalating fraud impact on society and it was highly critical of the policy response from the U.K. government and law enforcement agencies. The report concluded that...
Turning a “blind eye” on cybersecurity – understanding the risks of identity theft
No matter how many warnings people get, a huge percentage turn a blind eye to their cybersecurity. A lot of people don’t take precautions until it is too late. If you look at the statistics on data breaches, and how easily you might fall foul of an account takeover either as a personal...
The Fraud Landscape in 2021
After the year that changed everything, what will the key drivers of fraud and fraud prevention be in 2021? Read on to hear about the potential fraud trends and developments in how to combat fraud, along with changes in the regulatory landscape. Regulatory Regulatory interest in fraud has been increasing in the UK...