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How to detect and prevent fraud ….. Sometimes

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:


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


This item appears in the following sections:
Fraud Prevention
Anti-Money Laundering Fraud Prevention
Terrorist Financing
ID Systems & Services in Fraud Prevention
Minimizing Fraud Procedures
Minimizing Payment Fraud

Also see

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