2021 Outseer™ Fraud & Payments Report Digital Transaction Insights from the Outseer Global Data Network™

Fraud
KPI/Analytics
Outseer An RSA Company
Mar 06, 2022
Case Studies

Outseer, an RSA Company, is the leader in payment authentication and account monitoring solutions. As new digital banking and payments models scale, organizations need to be prepared for the potential increase in fraud and payments risks that may come with this growth. The Outseer 2021 Fraud & Payments Report provides insights into the latest global fraud trends and outlines strategies for addressing issues in authentication, fraud detection and fraud

A few highlights from the Report:

  • Total 3-D Secure transaction volumes grew close to 50% in the first three quarters of 2021 when compared to the same period last year
  • 50% of the 3-D Secure transactions in the Americas were leveraging the EMV® 3-D Secure (3DS2) protocol
  • Outseer recovered over 12.9 million unique compromised cards in the first three quarters from online card stores and fraud communication channels
  • Brand abuse attacks continue to be the most dominant attack vector that grew 274%

 

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Related Resources

Mar 08, 2023
First-Party Fraud: What It Is, and What It Isn’t

The fraud prevention industry is peppered with hundreds of vendors who mainly solve for third-party identity theft fraud. Some vendors branch out into synthetic fraud, including manipulated or fabricated identities, yet very few vendors tackle first-party fraud. First-party fraud is defined as the use of one’s own identity to open an account and use it to commit a dishonest act for personal or financial gain. It remains an elusive problem because there are no consumer victims in chargebacks, disputes, or overdraft fraud. Moreover, when it comes to the granular semantics of first-party fraud, different opinions start to clout the agreed-upon definition, making it difficult to classify, pinpoint, and ultimately combat these dishonest acts. 

Join this session to hear from industry experts about: Where do manipulated identity or rewards gaming abuse fall on the spectrum between first-party and synthetic fraud?  How do these categorizations differ by industry? In what ways do our assumptions around these semantics turn into ineffective proxies for first-party fraud?  How can we differentiate between a consumer’s intent to commit a dishonest act, versus a consumer who was manipulated into a dishonest act, versus a consumer making an honest mistake? 

The key is context. We need to understand a consumer’s act in context of other financial decisions they’ve made across various life stages, across different financial institutions, and across various economic environments. Behavioral anomalies across time and space will serve as better proxies in determining whether a consumer is a true first-party fraudster or whether new socio-economic conditions or happenstance interactions with malicious actors have resulted in a first-party-like occurrence. 

In order to achieve this level of context, a multi-industry data consortium is required. Consumer transactional behavior can then be analyzed across the financial ecosystem, over time, to correlate actions with true first-party fraud and to promote an ecosystem of trust.

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