Victoria Vasylenko on LinkedIn: Chargeback Fraud in Gambling Fraud can reduce online gambling profits and… (2024)

Chargeback Fraud in GamblingFraud can reduce online gambling profits and damage the reputation of merchants in an industry where trust can be hard to come by. Chargeback fraud happens when players dispute a charge with their bank, claiming that they didn’t make the purchase. Most forms of online fraud in gambling involve the use of a compromised credit card belonging to an innocent third party. When the cardholder finds it out, they can demand a chargeback. For the merchant, this results in both the loss of the transaction amount and the levying of a chargeback fee.Some tips to prevent fraud in the online casino:- Verifying card CVV when connecting it to the user’s account;- Asking users to verify each addition of funds before finalizing;- Requiring complex and unique passwords for all new accounts;- Deployingbackend fraud detection tools(geolocation, fraud scoring, etc.);- Offering mobile payments with two-factor authentication;- Verifying the age of users to prevent underage abuse of online gambling.These services can be bolstered with chargeback prevention software. Merchanto's team knows how casino brands can avoid risks caused by chargebacks. For more info please:🌐 Visit our website Merchanto.org📞 Or contact our team support@merchanto.org

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As transactions are shifting from in-person to online, security has become top of mind in the payments industry. Love seeing resources like this that provide merchants with tools and resources that can help reduce payments fraud from Discover Global Network.#DiscoverEmployee #Fraud #Ecommerce #Merchant

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As transactions are shifting from in-person to online, security has become top of mind in the payments industry. Love seeing resources like this that provide merchants with tools and resources that can help reduce payments fraud from Discover Global Network.#DiscoverEmployee #Fraud #Ecommerce #Merchant

Some Types of Online Gambling FraudOnline gambling fraud sees cybercriminals look to abuse or defraud a gaming operator. Naturally, online gambling does attract fraud a lot, due to its sheer accessibility as well as traditional ties of the offline industry with money launderers. Equally, it also attracts the interest of regulators and legislators – no matter if we’re talking about a poker room, online casino, slots website, bingo room or bookmaker. The most common techniques are multiple account fraud (ormulti-accounting), chip damping, gnoming, bonus abuse, carding and chargeback fraud.One of the most important ways to stop fraud for any kind of online business is to follow good KYC-practice. This includes implementing a risk-based fraud detection software solution that helps keep in line KYC mandates, but also addresses risks associated with the online gambling sector specifically.If you want to fight against online gambling scams, you should know that cross-referencing huge amounts of data is humanly impossible, which is why fraud managers will need to turn to third-party solutions. These will include tools, functionality, and touchpoints such as the following – though keep in mind these can be combined into end-to-end and other types of software:1 - sign-up (onboarding) monitoring;2 - AML-tools;3 - log-in monitoring;4 - withdrawal and deposit monitoring;5 - actual games and tables monitoring;6 - a leading tool in online fraud prevention is browser fingerprinting;7 - password hash analysis was the method discovered to be more likely to catch all but the most sophisticated fraudsters, as scaled multi-accounting abusers will rarely be creating unique passwords for all of the fraudulent accounts8 - digital footprint analysis - legitimate emails and phone numbers are often linked to at least a few social media accounts and other online platforms, which says a lot about their owner;9 - IP fraud score analysis - similar to device fingerprinting, an IP address can reveal a lot about an individual’s internet usage, location, and potential for fraudulent activity;10 - behavior and velocity checks – modules that examine someone’s actions at various touchpoints, as well as comparing them across time to see e.g. whether a lot of users have been logging on with the exact same IP in just a few hours;11 - There is a range of techniques you can use to identify customers correctly:a) Encourage strong passwords and two-factor authentication.This makes it much harder for fraudsters to access other people’s accounts.b) Use identity verification servicesthat identify user data such as email, ID and age verification and geolocation; PEP-lists, all relevant sanctions lists, watch lists, and crime lists;c) Implement fraud prevention softwarethat can conduct risk assessments based on the browser behavior of users and raise red flags over users who display suspicious activity.

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Customers are looking for cues that their information is protected when they make a purchase. Merchants are uniquely suited reassure their customers and prevent payments fraud. It is great to see current and emerging tools that can help reduce fraud as a merchant from this article by Discover Global Network.#DiscoverEmployee #Fraud #OnlineShopping #Merchant

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Customers are looking for cues that their information is protected when they make a purchase. Merchants are uniquely suited reassure their customers and prevent payments fraud. It is great to see current and emerging tools that can help reduce fraud as a merchant from this article by Discover Global Network.#DiscoverEmployee #Fraud #OnlineShopping #Merchant

Customers are looking for cues that their information is protected when they make a purchase. Merchants are uniquely suited reassure their customers and prevent payments fraud. It is great to see current and emerging tools that can help reduce fraud as a merchant from this article by Discover Global Network.#DiscoverEmployee #Fraud #OnlineShopping #Merchant

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Decoding the UPI Chargeback Scam: Safeguarding Businesses in the Digital EraAs the wave of internet-supported payments surges in India, an unfortunate byproduct has emerged – a rise in online scams. This trend not only impacts individual users but also poses a significant threat to businesses, including global giants like Amazon and Facebook. In this post, we'll unravel the complexities of a specific menace that demands attention – the UPI Chargeback Scam.Before delving into the details, let's acquaint ourselves with some key terms:Chargeback: It occurs when a consumer raises a complaint due to non-receipt of purchased goods or services or requests a refund for various reasons. This complaint is channeled through an intermediary, typically the payment aggregator or card issuer.Understanding the UPI Chargeback Scam:Clever fraudsters have identified a vulnerability within the expansive landscape of daily online transactions. The scheme involves initiating a genuine transaction with businesses. Subsequently, upon receiving the products or services, the scammer fabricates a chargeback complaint, seeking a refund, from the payment aggregator.The payment aggregator then forwards this complaint to the seller, allowing a specific timeframe for resolution. If the issue persists beyond this timeframe, the payment aggregator refunds the amount to the scammer while deducting funds from the seller's account along with a nominal penalty. Notably, the payment aggregator offers consumers up to 90 days to raise complaints, whereas sellers are allotted a significantly shorter time window to address these issues. The sheer volume of daily transactions often leads to sellers failing to respond promptly, resulting in automatic payment reversals.While the percentage of chargeback scams may currently be relatively low, the magnitude of these fraudulent transactions is steadily increasing.#DigitalSecurity #FraudPrevention #BusinessProtection #UPIChargebackScam #OnlineFraud #UPI

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Customers are looking for cues that their information is protected when they make a purchase. Merchants are uniquely suited reassure their customers and prevent payments fraud. It is great to see current and emerging tools that can help reduce fraud as a merchant from this article by Discover Global Network.#DiscoverEmployee #Fraud #OnlineShopping #Merchant

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