Automated attacks are proliferating against organizations around the globe. As the cost and investment of launching these attacks continues to plummet, companies are increasingly experiencing credential stuffing attacks that can lead to account takeover and fraud.
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In this session, you will learn about the main fraud types and scenarios per type of marketplace, how to implement effective marketplace fraud prevention, and how a robust holistic payments infrastructure allows any type of platform to transform threats and challenges posed by malicious activity into accurate, profitable business decisions.
Bots have captured headlines a lot recently, but what’s not being talked about is the bot economy that supports sophisticated organized criminal activity which allows anyone to buy bots and use them online to do just about anything. This enables bad actor groups to function like legitimate businesses and fund other criminal schemes. What does this have to do with payment fraud? Because of this growing economy, HUMAN Security has observed a 98% increase in bot activity used to break into username-protected accounts (also known as account takeover) compared to the six months prior. While bots are a thriving, growing industry filled with good use cases, like chatbots, nefarious ones are increasing in popularity amongst bad actor groups to conduct schemes like credential stuffing attacks impacting financial transactions across the internet.
Business leaders at global marketplace Wish knew the secret to the enterprise's continued growth was increased international expansion.
As one of the world’s largest e-commerce marketplaces, Wish now operates in more than 60 countries, processing approximately 900,000 transactions a day, across about 250,000 merchants, and has more than 20 million monthly active users. While that scale provides a wealth of transaction intelligence, Wish also needed to put a very local lens on the data it was processing.
Wish found its answer in machine learning — in particular a machine learning fraud protection model that scales rapidly while leveraging the fraud and risk expertise of the internal team at Wish. Smart machines surfaced the localized data the Wish team needed to react to the diversity of geo-specific fraud attacks and abuse schemes.
In this session, Signifyd senior vice president of operations and corporate development J. Bennett and Wish Director of Risk Operations Tara Mitchell dive into the considerations around deploying a machine learning solution and explore the steps Wish took to marry the strengths of humans and machines to reduce their exposure to fraud and increase order approval and conversion rates.
Bots are everywhere, for better or worse. Though bots can be useful, fraudsters often use automated processes in a variety of attacks. Knowing how to mitigate bots is becoming increasingly important.
This MRC Virtual 2022 presentation highlights many of the most effective strategies, and explores how best to defend against them, demonstrating with real-world examples and advice from experts.
Bots are one of the main weapons of choice of bad actors, particularly for malicious activities such as account takeover fraud (ATO) and identity theft. Versatile and adaptable, bots can stage a wide range of malicious activities, ranging from credential stuffing attacks using information exposed in data leaks to the creation of multiple online identities.
For businesses, the combination of bot threats can pose serious problems - especially when it comes to customer satisfaction and company reputation.
This webinar will discuss how bots attack, the negative consequences they can have on an organization and how merchants can protect themselves.
1. How bots attack (and types of bots)
2. The cost of bot fraud
3. Examples of ATO bot attacks
4. How businesses can fight back
Join LiMeng Lee, Chief Strategy Officer at Razer and MRC APAC Advisory Board Member, and Gene Yu, CEO of Blackpanda (a cyber crisis management firm that offers top-tier cyber-attack containment and investigative services in the event of a data breach) as they demonstrate the importance of having a cybercrime crisis management or incident response plan in place before the incident or event occurs.
LiMeng and Gene will highlight the necessary steps which should be undertaken to set up your incident response strategy, they will also highlight the immediate activities which should take place in the wake of an incident occurring.
The viewer, upon listening to the webinar, will have a basic understanding of the importance of implementing the prevention plans outlined, and were recruiting a third-party consulting company to assist in setting these plans up can help.
With e-Commerce booming, merchants are increasingly turning to fraud intelligence companies to prevent fraudsters impacting their growth. While it’s true anti-fraud systems are becoming more sophisticated at detecting fraudsters - rules-based systems can be fooled. With all the tools and knowledge available on the dark web, even mid-level fraudsters can bypass security measures. All they need to do is mimic original account holders of stolen accounts and credit card details in a process called ‘warming up the shop’.
It all sounds too easy. And it can be. With stolen credit card details, e-Commerce accounts and the tools needed to attempt account takeovers (malware etc.) readily available for purchase on dark web marketplaces, half the work of the fraudster is already accomplished. Aside from patience, some additional tools to spoof digital fingerprints (unique identifiers of a user’s device setup, IP address, geo location etc.) and even legitimate browser cookie sessions are all available to buy online. One of the main tools used are anti-detect browsers, a fraudster tool resembling a regular internet browser, but packed with features to mask a user’s true identity and location, mimicking a regular user’s browsing session.
We aim to present to you how the process of ‘warming up the shop’ looks from start to finish, showing you some of the fraud tools available on the dark web to aid fraud attempts - you’ll be surprised how sleek and professional they appear, even giving legitimate companies' marketing campaigns a run for their money!
Imitation is never perfect. The perfect solution to prevent a successful ‘warm up’ attempt comes in the form of truly knowing your users (KYU) and understanding their interactions and behaviors. Advanced fraud solutions powered by machine learning models can effectively weed out fraudsters before they’ve had a chance to warm up. Join us to discover how.
- To understand the long process of fraudsters ‘warming up the shop’ to bypass rules-based anti-fraud systems by acting as naturally as a regular customer as possible.
- Be aware of the tools and knowledge available on the dark web that allow fraudsters to fool rule-based fraud systems.
- How KYU Advanced fraud solutions powered by machine learning (ML) models can help you understand every user behavior and interaction - and prevent fraud from happening.
In this fireside chat style webinar, join Karisse Hendrick, host of the popular Fraudology podcast, as she draws on the friendly fraud lessons she learned from the 2008-9 financial crisis, and her wealth of experience since, to illuminate the challenges fraud fighters are facing today. She’ll be swapping tips with Uri Arad, Identiq’s VP Product, who cut his friendly fraud teeth at PayPal back in the day when customers started taking advantage of new payment methods to cheat their way out of payment.
The fight against unfriendly fraud is undoubtedly going to be with us for a long time to come. With this webinar, fraud fighters can keep up to date with the latest trends and tricks, receive reassurance that they’re certainly not alone, and get some pointers about what might help their company stay ahead of the first-party misuse problem.
- Understand more about the current state of first-party misuse, and what’s causing the increase
- Put the current situation in the context of previous times first-party misuse has spiked, and learn lessons from those occasions
- Get tips about what might be effective in combating this developing problem
In this edition of the interview series My Path in Payments, Checkout.com spoke with Rakhi Seth-Forrest, VP of Global Fraud & Payment Operations at Warner Bros. Discovery. Rakhi spoke to us about how she and her team tackle payment fraud, her passion for creating a thriving team culture, and her drive to enable innovation in her industry.
In this edition of My Path in Payments, Checkout.com talks to Colleen Graneto about her work at Airbnb, her passion for building products that help money move, and her experience with payments as a small business owner. My Path in Payments is Checkout.com's interview series documenting the candid insights and diverse perspectives of modern payments leaders.