online fraud Archives - AfricaBusiness.com

22Jun

By Africa BusinessNo Comments

Tech

How technology enables businesses to fight fraud without impacting customer experience

Mark Wells, Chief Customer Officer, Experian Africa The continual growth in online fraud has led to a shift in Financial Services and Telecommunications business priorities. Experian’s latest research report shows that nearly 3 in 4 senior decision-makers are now prioritising investments to improve protection against fraud. This illustrates the severity of the fraud threat as more organisations find it necessary to look for new solutions to this problem. Of equal importance to fraud prevention is the need to improve customer experience (73%). These top two business priorities are closely linked – as fraud checks often have a negative impact on customer experience and conversion rates. In response to this challenge, many organisations are looking to use emerging technology that provides ...

Online merchants hit by double whammy of fraud as cost of living bites

New research from Ravelin charts the rise of the ‘criminal customer’, now the ‘number one risk factor’ for one in three online businesses The research also shows a marked growth in sophisticated & organised criminal fraud Chief Financial Officers (CFOs) and Chief Risk Officers (CROs)now have to navigate an increasingly complex fraud landscape New forms of payment amplify dispute resolution issues for merchants Online businesses are being hit by a damaging double-whammy of fraud as the cost of living crisis bites. A survey of chief financial officers (CFOs) at online merchants across 10 countries, commissioned by fraud prevention platform Ravelin has found fraud is on the increase across the board in areas including: Online payment fraud (54%) Account takeover (...

Fighting Fraud in 2021

The COVID-19 pandemic has had a drastic impact not only on people’s health and wellbeing, but on that of businesses too. This was especially poignant for many companies that had to venture into the online world for the first time. Unsurprisingly, the uncertainty that coincided with the sudden digital migration created the perfect opportunity for fraudsters looking to capitalise on the confusion. In fact, South Africa has the third most cyber victims worldwide, losing R2.2 billion a year, with low investment in cybersecurity and immature cybercrime legislation making the country the ideal target.[i] So, what can companies do to ensure that their business is safe from cyber-fraud in 2021? “The first step towards insulating your business from cyber-crime and fraud is to make sure you’re using...