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Introduction to Online Payments Risk Management
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Losses and fraud are as old as human society. Scams and acts of fraud were not started nor invented by the digital generation. The most widely known scam, the “Nigerian Prince” or “Advance Fee” scam, luring victims to pay large sums in exchange for a big and never- arriving payout, is not a digital invention. It is a modern variant of the “Spanish Prisoner” scam, which originated in the 19th century. In any situation involving the opportunity for gain, be it a game for chips or an actual money transfer, some people are going to try to bend the rules. They do so even when there is no way to cash out, in order to get ahead and maintain status if nothing else. Almost everyone cheats; some of us are professionals.
As more and more financial activity goes online, the potential payout becomes larger. It was once only possible to steal a credit card. Now you can lend money, refinance your loan, or start a new business on‐ line. Increasingly, consumers go shopping online. 2012’s Cyber Mon‐ day saw sales of almost $1.5 billion, the biggest in history. Consumers have their lives online on Facebook and Twitter. Identities are easy to steal, replicate, and invent; Facebook reports that about 9% of its pro‐ files are fake. On top of all that, consumer activity creates enormous amounts of data that require novel techniques for simple searches, let alone understanding who’s real and who isn’t, who’s a fraudster and who’s telling the truth. When operating a financial services business you are faced not only with fraud, but with other causes for losses driven by multiple factors: credit default, misunderstandings, bad op‐ erational procedures, and more
Ohad Samet - Personal Name
1st Edtion
978-1-449-36540-0
NONE
Introduction to Online Payments Risk Management
Management
English
O’Reilly Media, Inc. 1005 Gravenstein Highway North, Sebastopol CA 95472
2013
1-83
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