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Fraud Focus: The Rise of First Party Fraud Chargebacks
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In this episode of "Fraud Focus," Jordan and Cambria dive deep into the topic of friendly fraud, discussing recent industry trends and their personal experiences in fraud prevention. They begin by addressing the recent National Public Data breach, providing a detailed overview of the incident and offering practical advice on how to protect oneself from identity theft, such as freezing credit and being cautious with suspicious communications.
The conversation then shifts to the core topic: friendly fraud. They explore how the COVID-19 pandemic and the rise of online shopping have led to an increase in friendly fraud cases, where consumers dispute legitimate charges to get refunds without returning the items. Jordan and Cambria discuss the psychological disconnect that leads consumers to engage in this behavior, comparing it to traditional theft. They also touch on the impact of friendly fraud on businesses, especially in industries like food delivery and digital goods.
The discussion includes insights into the challenges of managing friendly fraud, the role of ATOs (Account Takeovers), and the sophistication of fraudsters in making fraudulent transactions appear legitimate. They also speculate on the potential for stricter consumer penalties and the need for better biometric authentication to curb fraud.
They conclude by considering the broader implications of fraud prevention strategies and the importance of consumer education in reducing fraud.
Articles Referenced in the episode:
https://krebsonsecurity.com/2024/08/nationalpublicdata-com-hack-exposes-a-nations-data/
https://www.mastercard.com/news/perspectives/2024/sellers-beware-getting-to-the-bottom-of-first-party-fraud/
*The opinions expressed in this episode represent the hosts' personal opinions and do not necessary represent those of their affiliated or sponsor companies.
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