I have been working with merchants for years, and I am still amazed at the creativity fraudsters come up with to defraud merchants. These people aren’t stupid, uneducated thugs. They are educated, crafty and patient.
If there is one thing I have learned from my experiences, I know that even if you wanted to, it is not realistic to think you can stop all fraud. There are just too many ways to create a perfect one-use identity. The resources, time, money and people I would have to put into place to catch these fraudsters just don’t make sense.
But the good news is you don’t have to catch the perfect one-use criminal. The majority of fraudsters out there are still using the basic scams to de-fraud merchants because there are still too many businesses that aren’t doing anything to stop them.
The purpose of this section is to give you an understanding of some of the general schemes that are out there. With this understanding you can look at your businesses and craft strategies to prevent fraud that most closely represents the type of fraud scheme your site sees.
David Montague
- The Fraud Practice
- Red Bank, New Jersey, United States
- Mr. Montague is the founder and President of The Fraud Practice. He has spent the last fourteen years working in the eCommerce space, and is well respected for his business knowledge and thought leadership. His background includes an in-depth application of innovative solutions for preventing e-commerce fraud. Mr. Montague is a published author, having written "Fraud Prevention Techniques For Credit Card Fraud", and he speaks regularly at events around the world about eCommerce fraud. Mr. Montague is an active member of the Association of Certified Fraud Examiners ACFE and the Project Management Institute PMI.
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