Fraud is part of business. It is a booming industry and so is fraud prevention - reports are published almost daily. The latest reports include:

• Ravelin’s  Guide to Fraud detection for the on-demand economy which contained these useful ideas:
  • What corporates should expect from their Payment Service Providers:
    • An understanding of the basic fraud checks that a PSP undertakes
    • An understanding of how the PSP handles 3DS and any other Strong Customer Authentication protocols
    • Critically how a PSP can provide data back to the merchant to help with their own fraud detection
    • How a PSP logs historical data, especially how it provides information on failed transactions
    • How a PSP provides chargeback data (via .csv or through an API) and how it associates a chargeback with the original transaction.
  • Automate fraud detection using machine learning but need to set correct fraud threshold, and vary the threshold for each market.
• TIS white paper: the four elements in the TIS security methodology:
  • Information security
  • Business continuity
  • Infrastructure
  • TIS applications.
• Kount’s 6th Annual Mobile Payments & Fraud report:
  • Findings:
    • Channel with greatest risk:
      • 
      • Mobile fraud is increasing
    • Tools to tackle mobile fraud include:
      • 
      • Source & Copyright©2018 - Kount

Cyberfraud prevention checklists

CTMfile’s recommends using these Checklists to keep cyber fraudsters at bay:

• International Chamber of Commerce 'Cyber security guide for business', presenting a number of principles, strategies and actions that can help companies put a cyber security framework into practice
• The board Checklist: the vital questions 
• ’10 steps to Cyber security from UK’s GCHQ’ (UK Government Communications Headquarters) who monitor the Internet and many other networks
• SANS (System Administration, Networking, and Security Institute) ‘Critical Security Controls’ —a short list of controls developed by security experts world-wide based on practices that are known to be effective in reducing cyber risks
• NIST (National Institute of Standards and Technology) Framework for Improving Critical Infrastructure Cybersecurity—combines a variety of cybersecurity standards and best practices together, see
• Shared Assessments—an organization that develops assessment questionnaires for use by its members, see
• ACFE’s Fraud Prevention Checklist, see 
• ’40 questions you should have in your vendor security assessment’ from BITsight which shows how to monitor and manage vendor security.

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CTMfile take: Fraud seems to be endemic, but it doesn’t have to be. Use these Checklists.