30th November 2024, Kathmandu
As Black Friday approaches, cybercriminals are ramping up phishing scams, targeting shoppers with fake emails that promise irresistible deals on gadgets or massive discounts set to expire soon. These scams aim to steal personal and financial information, leaving victims vulnerable to fraud.
Black Friday Phishing Scams
How to Stay Safe:
Be vigilant:
Look out for emails with poor grammar and urgent language.
Check the sender’s email address carefully to ensure its authenticity.
Avoid clicking on links or downloading attachments unless you’re certain they’re safe.
Report Suspicious Activity:
If you bank with us and receive a suspicious email (phishing), phone call (vishing), or text message (smishing) claiming to be from us, report it immediately by emailing [email protected].
Protect yourself and shop smart this holiday season. Stay informed and prioritize your cybersecurity.
Top 10 Must-Have Fraud Detection Tools and Best Practices for Prevention
Online fraud is on the rise, with eCommerce merchants spending significantly more on prevention. According to the Merchant Risk Council, the share of annual revenue spent on fraud prevention jumped from 2% in 2019 to 10% in 2021.
To combat this growing threat, merchants need to deploy advanced fraud detection tools and strategies. Here’s a rundown of the top 10 tools every business should have in their fraud prevention toolkit:
1. Fraud Scoring
Analyzes transactions based on fraud indicators and generates a risk score, enabling quick decision-making for accepting or rejecting transactions.
2. 3-D Secure
Adds a layer of authentication to verify online purchases, acting as a virtual PIN for cardholders.
3. Machine Learning
Learns and adapts over time to identify patterns and red flags, improving fraud detection accuracy with more data.
4. Fraud Blacklists
Blocks transactions from specific users, regions, or payment methods while allowing trusted users through whitelisting.
5. Biometrics
Utilizes two-factor authentication in mobile payments, combining passcodes or thumbprints with tokenized transactions.
6. Velocity Checks
Flags multiple purchases from a single user in a short timeframe, a common tactic in fraud attacks.
7. Address Verification Service (AVS)
Matches billing address details with the card issuer’s records to identify discrepancies.
8. Device Fingerprinting
Tracks unique device identifiers to block suspicious devices and monitor trusted ones.
9. Proxy Piercing
Bypasses proxies to detect the user’s actual location, thwarting attempts to disguise fraudulent IP addresses.
10. Geolocation
Pinpoints a user’s physical location during a transaction, comparing it with the card issuer’s records to verify legitimacy.
Why Multiple Tools Are Essential
Fraud threats evolve rapidly, making it critical to use a combination of these tools. Together, they form a robust defense against fraud, much like a finely woven net that catches more risks.
For more: Black Friday Phishing Scams
