Driving Payment Innovation - Know Your Enemy
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Understanding Payment Fraud Risks and Exposures
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Driving Payment Innovation - Know Your Enemy
- 1. “ KYE” - KNOW YOUR ENEMY Understanding Payment Fraud Risks and Exposures Andrea Wilson, CEO First Atlantic Commerce Ltd
- 8. Copyright First Atlantic Commerce Ltd 2009
- 13. Copyright First Atlantic Commerce Ltd 2009 This is a phishing email The Bank of Bermuda email domain was hijacked
- 14. Copyright First Atlantic Commerce Ltd 2009 Highjacked URL from Jliangpartnership.co.uk Copyright year is different This is the Phished site
- 15. Copyright First Atlantic Commerce Ltd 2009 This is the real web site
- 17. Current Trends in Phishing Anti Phishing Network Group 2008 Statistics April May June Number of unique phishing emails rec'd by APWG from consumers 24,924 23,762 28,151 Number of unique phishing web sites detected 20,410 20,317 18,509 Number of brands hijacked by Phishers 276 294 227 Country hosting the most phishing websites CHINA Turkey USA Contain some form of target name in the URL 28.30% 23.20% 26.10% Longest time online for Phished site 30 days 31 days 30 days Source:www.apwg.org
- 18. Current Trends in Phishing Countries Hosting Phishing Sites in Q2 2008 www.apwg.org APRIL MAY JUNE China 25.15% Turkey 25.73% USA 18.93% USA 16.68% USA 17.16% Turkey 17.92% Russia 8.23% Japan 11.23% Poland 13.56% Poland 7.15% China 9.17% Greece 6.86% Turkey 5.79% Poland 7.41% China 5.87% Germany 3.97% Russia 3.27% Russia 4.28% Republic of Korea 3.12% Greece 2.11% France 2.48% Greece 2.61% France 2.08% Republic of Korea 2.38% France 2.32% Republic of Korea 1.60% Bulgaria 2.28% Romania 2.21% Netherlands 1.60% UK 2.16%
- 20. Copyright First Atlantic Commerce Ltd 2009
- 21. Copyright First Atlantic Commerce Ltd 2009
- 22. Current Trends in Online Fraud Copyright First Atlantic Commerce Ltd 2009
- 23. Copyright First Atlantic Commerce Ltd 2009 22,169 Downloads
- 24. Current Trends in Online Fraud Copyright First Atlantic Commerce Ltd 2009
- 26. Card Fraud Worldwide 2007 ISSUER Total Volume ($billions) Fraud Losses ($billions) VISA $5,636.26 $3.21 PIN Debit $2,347.40 $0.16 MasterCard $2,276.10 $1.50 AMEX $647.30 $0.22 Discover $118.91 $0.07 JCB $60.94 $0.04 Diners Club $30.11 $0.01 Magstripe credit/debit other $691.00 $0.15 TOTALS $11,808.02 $5.55 Source: 2008 Nilson Report Issue 915
- 36. Current Fraud Detection Tools – USA/Canada Current Fraud Detection Tools 2006 2007 2008 >$25mm/yr Address Verification AVS 79% 80% 78% 87% Card Verification CVV2/CVC2 69% 74% 74% 80% Fraud Screening (internal) 38% 39% 27% 42% IP Geolocation (Address Point Verify) 35% 37% 35% 48% Negative Lists (in house) 34% 36% 38% 67% Order Velocity Monitoring 33% 35% 28% 54% Automated Decision Scoring 32% 34% 34% 50% Manual Review 25% 22% 22% 33% Chargeback Management 22% 20% 20% 33% Customer behaviour analysis 29% 20% 22% Customer order history 47% 54% 3-D Secure (VBV and SecureCode) 29% 25% 27% 39% Positive Lists 17% 17% 32% Device fingerprinting 6% 7% Consumer challenge questions 5% 6% 5% 7%
- 38. Current Fraud Detection Tools – Comparison Fraud Detection Tools >$25mm/yr North America 2008 UK Europe 2008 Card Verification CVV2/CVC2 80% 79% Address Verification AVS 87% 78% Manual Review 22% 67% 3-D Secure (VBV and SecureCode) 38% 59% 3rd Party ID checks 39% 49% Automated Decision Scoring 54% 30% Fraud screening (industry) 18% 36% Fraud screening internal 42% 38% Negative lists 18% 29% Chargeback Management 20% 37% Industry Hot Card information 18% 21% Customer Device Fingerprinting 7% 8% IP Geolocation 48% 26%
- 39. Top Fraud Detection Tools – to be implemented Fraud Detection Tools to be Implemented in 2009 North America UK Europe Customer Device Fingerprinting 47% 17% IP Geolocation 27% 11% Fraud services (internal) 20% 12% Customer Order History 17% 6% Card Verification CVV2/CVC2 16% 8% Customer Behaviour Screening 13% 13% 3-D Secure (VBV and SecureCode) 11% 19% Negative lists/Shared Services 10% 13% Telephone Verification 10% 19% Multi- Merchant Fraud Models 9% 15% 3rd Party ID checks 9% 20% Automated Decision Scoring 7% 18% Chargeback Management 7% 23% Address Verification AVS 6% 16%
- 45. An Example
- 46. The numbers in ( ) represent your own data ‘ Hits’ = Suspicious Activity
- 53. Chargebacks Vs Refunds Source: Cybersource 2009 Online Fraud Report
- 59. This is a phishing site
- 60. This link redirects to the phish site
- 61. What are the Problems with 3-D Secure? Copyright First Atlantic Commerce Ltd 2009
- 64. Copyright First Atlantic Commerce Ltd 2009
- 65. Copyright First Atlantic Commerce Ltd 2009
- 66. Copyright First Atlantic Commerce Ltd 2009
- 67. Copyright First Atlantic Commerce Ltd 2009 This is legit VBV registration site
- 68. Copyright First Atlantic Commerce Ltd 2009 This is a phishing site