How to Assess Company Performance Relative to Fraud Chargebacks and Policy exploits 1 Credit
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The global marketplace is ever-evolving, changing, shape-shifting, and otherwise adjusting to various demands. One demand stands out among the rest: Fraud.Â
The FTC reported an increase of more than 70% between 2020 and 2021, totaling more than $5.8 billion in damages. These would be categorized as transaction fraud, unauthorized purchases reported to the FTC, stemming from various reason codes. AARP (in collaboration with Javelin) reported that victims of identity theft lost $52 Billion. Another subset of fraud, identity theft looks different to the monitoring company and is calculated differently. Accertify reported on refund abuse (a subset of policy abuse), employed by customers with good spending history. The report states that the average retailer incurs $106 million in merchandise returns for every $1 billion in sales. And for every $100 in returned merchandise accepted, they lose $5.90 to return fraud.
Countless other agencies are monitoring and reporting the many flavors of fraud, touching on virtually every industry, and stemming from engagement triggered at many touch points across the customer experience journey. Account Takeovers, money laundering, Fake cash/cards/checks, third-party fraud, pig butchering, and romance scams... The list of exploits goes on.
What do we do about it? We need to take fraud seriously and develop an equally-evolving fraud prevention strategy.
In this CPE Fraud webinar, we will first identify a company's performance by diving into an understanding of the fraudulent methods that stand to affect an operation and the available data that illustrates performance. The two main focus points are chargeback performance and policy performance.
Key topics discussed in this course:
Join this online course in which speaker Alexander Hall will discuss the two crucial parts of a business operation and why becoming familiar with these metrics will help to outline the needs that a fraud prevention strategy must provide.
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Alexander is the Owner of Dispute Defense Consulting and the host of the Fraud Prevention Roundtable. A reformed fraudster, Alexander spent nearly 10 years employing sophisticated methods that he now fights against. In 2017, Alexander retired from a life of committing fraud and moved to join the ranks of fraud prevention. In 2020, he founded Dispute Defense Consulting. Today, Alexander consults with merchants on the development of fraud prevention strategies, with service providers in various SME capacities, and with publications regarding thought leadership.
Alexander is the Owner of Dispute Defense Consulting and the host of the Fraud Prevention Roundtable. He has 15 years of fraud-related experience. For 10 years, Alexander operated as a fraudster, targeting all industries with great success and employing a wide range of fraudulent methods / exploits. In 2017, Alexander retired from that life and moved to join the ranks of fraud prevention. In 2020, he founded Dispute Defense Consulting. Today, Alexander consults with merchants on the development of fraud prevention strategies, with service providers in various SME capacities, and with publications regarding thought leadership.
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