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BizReport : Ecommerce archives : September 02, 2016

Expert IDs lesser known fraud scams that could impact business

Digital fraudsters continue to develop brilliant hacks to get private information and data from both consumers and businesses. There are several newer fraud schemes that many may not understand.

by Kristina Knight

"Fraudsters today continue to become more clever and more advanced - and the best consumer defense is awareness," said Paulo Marques, chief technology officer of Feedzai. "We use artificial intelligence to identify fraud patterns triggered by scams that play on different emotions of the human psyche, so that consumers can better protect themselves against these increasing and unfortunate attacks."

With the 2016 Presidential Election around the corner, there are fraudsters using the election to steal credit card information. This fraud works when a consumer is conned into letting the fraudster make small donations on their behalf.

Spear-phishing is another newer fraud in which fraudsters hack into a consumer's inbox to determine which information to spoof - like banks or credit card companies - to again steal credit card numbers or information.

Another new fraud technique is that of 'like-farming' on Facebook - fraudsters post on the social network, encouraging consumers to like and share the content. Once the post goes viral, the innocent post is replaced with malicious content that is used for phishing.

What can be done to protect against such scams?

First, don't click URLs sent via email. Instead, use a direct contact with the company in question to determine if the request for information is real or fake.

Second, even with supposed government agencies or charities, don't give personal information out over the phone or email.

Finally, stay updated on spam techniques and tactics by signing up with the FCC for informational newsletters.

Tags: ecommerce frauds, Feedzai, fraudulent email, identity protection, online fraud

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