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Payment Fraud Prevention: Quick Pivots and Proactive Planning
Overview:
Effective fraud prevention strategies do not stay
effective indefinitely, they are maintained. Their
effectiveness requires the ability to execute quick pivots
in response fraud attacks while regularly reassessing
whether the overall fraud prevention strategy continues to
keep pace with evolving fraud trends and still aligns with
internal business goals. The intent of this white
paper is to help organizations examine their payment fraud
prevention strategies from both of these perspectives: the
ability to implement quick pivots that will contain fraud
attacks, and acknowledging the need for long-run
evolutions in the strategy via proactive planning.
Published: June 7, 2023Download the Report: Payment Fraud Prevention: Quick Pivots and Proactive Planning
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Account Takeover: Fighting Fraud with Dynamic Friction
Author: Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice Inc.
Published November 16, 2022
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Stop Identity Fraud and Promo Abuse in the Face of a Potential Recession
Author: Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice Inc.
Published November 9, 2022
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Three Reasons ATO Needs to be a Priority this Holiday Season and Three Strategies to Address It
Overview:
This white paper focuses on account takeover to
specifically discuss why ATO risk should be top of mind
for organizations as they prepare final risk management
strategy tune-ups ahead of the eCommerce holiday shopping
season, as well as provides considerations and strategies
for combating this risk.
Published: September 14, 2022Download the Report: Three Reasons ATO Needs to be a Priority this Holiday Season and Three Strategies to Address It
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3 Strategies to Stop Identity Fraud Before it Hurts Your Bottomline
Author: Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice Inc.
Published August 17, 2022
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Is this Really a New User? Detecting Fraud and Abuse at Account Opening
Overview:
Many fraud and abuse events begin at the account opening
event, but assessing risk at this stage is a difficult
balance. While it is natural to lean towards user
experience at this stage, any fraud or abuse that can be
snuffed out at an early point in the customer journey
saves operational and screening costs that would occur
later on the path to an eventual order decline or, worse,
a fraud loss. The focus of this white paper is to discuss
the different types of attacks and fraud that
organizations face at the account opening event, as well
as strategies to mitigate both “hard” and “soft” attacks
pertaining to automated screening and manual processes.
Published: July 27, 2022Download the Report: Is this Really a New User? Detecting Fraud and Abuse at Account Opening
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Account Takeover and Alternative Payments: Understanding the Impact of the Fraud Economy
Author: Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice Inc.
Published May 24, 2022
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E-Commerce and Omni-Channel Fraud Following the Digital Acceleration (2021)
Overview:
This white paper examines the trends and common themes
associated with merchants who thrived versus merely
survived 2020 and the lasting changes on eCommerce and
omni-channel retail. This includes a look at differences
in risk management strategy architecture, readiness to
scale and effective communication between the digital and
physical worlds to support a true Unified Commerce
strategy.
Published: August 18, 2021Download the Report: E-Commerce and Omni-Channel Fraud Following the Digital Acceleration
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Three Core Considerations for Evaluating Model-Based Fraud Scoring Providers
Author: Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice Inc.
Published October, 2021
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Maximizing Machine Learning Model Performance and Shelf-Life
Author: Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice Inc.
Published September, 2021
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Five Tips for Increasing Speed and Efficiency with Manual Reviews
Author: Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice Inc.
Published August, 2021
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The FraudBlog Site and Monthly Newsletter
The FraudBlog is focused on the eCommerce, digital payments and fraud industry, with most all posts and pages between 2011 and today written by Justin McDonald.
Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice Inc.
Primary Contributing Author, 2011 to Present
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White Paper - Digital Onboarding in the Post-Pandemic New Norm
White paper written for risk management technology service provider discussing seismic changes in consumer behavior and risk management resulting from the COVID-19 pandemic and economic shutdown. The white papers provides insights and perspective around why what worked for risk modeling in 2019 is no longer working in 2020 and considerations to adjust risk screening for new customer onboarding in the post-pandemic world.
Primary Author: Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice
Published September, 2020
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White Paper - Identifying and Streamlining Low Risk Customers or Applicants: Techniques and Benefits
White paper discussing strategies for identifying low risk applicants and claims for improving operational and risk management performance in the insurance and credit/lending industries. segmenting high and low risk claims, applications or order attempts allows organizations to treat these groups differently and in ways that benefit both the consumer and the business. This can provide substantial benefits for all parties in the online lending and insurance industries while being applied at both the quote or application and claims processes.
Primary Author: Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice
Published June, 2019
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Case Study: How WireCash Manages Fraud Underwriting Digital Money Transfers to High Risk Markets
In an industry where a single fraud or bad-debt loss can wipe out the profits earned from more than 100 legitimate orders, there is little room for trial-and-error. How then does a business find success in this industry that requires managing high risk and high potential losses despite relatively low margins? The Fraud Practice sought to uncover how WireCash learned the ropes in this difficult industry, while continuing to expand services to Latin America, Africa, Eastern Europe and several high risk countries like Ukraine and Nigeria where others wouldn’t dare go.
Author: Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice Inc.
Published May, 2018
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White Paper - Buy Versus Build: A Discussion for Today's Market
Primary author for joint white paper provided by Kount, Inc. and The Fraud Practice Inc. This white paper discusses business cases and criteria that can justify building homegrown risk management solutions in addition to third party services, including many considerations impacting ROI and total cost of ownership estimates.
Primary Author: Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice Inc.
Published March, 2017
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White Paper - Building the Business Case: When it Makes Sense to Outsource Manual Reviews
Technical risk management and business oriented white paper discussing the considerations and factors to consider when assessing the cost of in-house fraud screening versus third party vendor options. This white paper defines and discusses several KPIs (key performance indicators) for fraud management and includes formulas to calculate the net cost/benefit of in-house manual reviews versus solution providers that will take the fraud liability.
Author: Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice Inc.
Published March, 2015
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Critical Capabilities that Can Enable Custom Modeling to Improve Business Intelligence
Author: Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice Inc.
Published June 10, 2015
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Leveraging Identity Document Verification in the Mobile Channel
Author: Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice Inc.
Published May 13, 2015
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With Custom Modeling, Deployment is Just as Critical as Design
Author: Justin McDonald, Sr. Risk Management Consultant, The Fraud Practice Inc.
Published March 18, 2015