Refund Fraud - Fraud as a Service - Have We Created a Monster?

MRC Vegas 2024
FraudAware, Accertify
Mar 26, 2024

Refund fraud is the newest and fasters growing fraud trend in the industry. Some sources indicate that merchants are losing three times more revenue to this fraud than actual credit card fraud. However due to the lack of visibility, lack of tracking and the fact that most of these losses are written off as a cost of doing business, this type of fraud can go, and it is going unnoticed for a long period of time. Creating a seamless process around returns and refunds was always in the service of providing an exceptional customer experience, but did we unintentionally create this risk gap?!

Learning Objectives:

  • How to identify refund fraud and different methods used by fraudsters
  • Individuals vs. Organized group - who is who and why fighting them may be different.
  • How to leverage existing tools in combating this fraud - best practices

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