Fraud Awareness Week is every week at a successful e-commerce company. 2Checkout is not only aware of, but deeply invested in, mitigating risk on many levels. A few of those levels have been defined in this week’s articles. Many of you know that 2CO keeps our fraud detection and prevention methods necessarily quiet. This week we have opened the vault a little, although we only scratched the surface of the types of fraud we see every single day and the ways we monitor and mitigate the risk to our supplier base.
With the recent state of the world’s economy, the industry is seeing an increase in fraud . Traditional fraud methods continue to be prevalent but there is also an increase in “friendly fraud”. With the Holiday Season in full bloom, fraudulent activity will be more apparent now than ever.
ACFE President James D. Ratley, CFE, said that the support of organizations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness.
“Fraud continues to be a serious problem, and the state of our economy requires all organizations to be even more vigilant,” Ratley said. “Once again, we want to say ‘thank you’ to all of the Fraud Awareness Week supporters for helping to shine a spotlight on the urgent need for fraud prevention and detection.”
Not only is it important for businesses to be privy to internet fraud scams, but it is equally important for consumers to understand the risks and to learn what to look for when shopping. See this article, as I feel it provides a needed level of awareness for consumers.
According to the National Retail Federation, nearly half of consumers plan to use the Internet to purchase holiday gifts this year. But these shoppers need to be aware and prepared for a very real concern when surfing the Web — online fraud.
The internet provides a convenient outlet for additional shopping. The other side of that, of course, is that the internet also opens new opportunities for unlawful activity from all corners of the globe.
My hope is that this week of Fraud Awareness will turn into a daily awareness of the risks of, and opportunities for selling and buying on the internet. Be aware of some of the issues we discussed in this week’s articles in addition to our ongoing efforts of mitigating risk.
If you, the supplier, find an instance of fraud on your account that we missed, please cancel the transaction but also make us aware of the order. We analyze our data closely, and the more data we have, the more successful we will be at separating the good orders from the bad in the future.
On behalf of our Fraud & Disputes Department, I would like to wish you a happy and safe selling experience during this Holiday Season.
Sebbe
