Protect Your Business from Online Fraud
Merchants should look for transaction patterns to detect fraud
With the drastic changes to everyday life that have come about because of COVID-19, consumers have adapted to the new reality and have embraced online solutions. Accompanying this uptick in online traffic is an increase in fraud.
A recent report from NuData Security, a behavioral biometrics company owned by Mastercard, reported a 17 percent increase in online traffic in the first four months of 2020 compared to that of 2019. Specifically, retail traffic increased by more than 57 percent and financial services increased by 21 percent. Unfortunately, there was also a 43 percent increase in high-risk traffic – which includes account takeover attempts and other types of misuse of online services.
The rise in both legitimate and illegitimate online behavior has shown that businesses need to be aware of fraud trends to help protect themselves and their clients.
Please select this link to read the complete blog post from OSAE Member Infintech.