Online frauds have gone up significantly and the losses are on the tune of millions of dollars. Small time merchants and businesses can beef up their vigilance but it is necessary to get some guidance on how to tackle such scams. If they are in contact with other merchants they can get to know about the latest scams going around, what websites are fraudulent, what type of credit card frauds are going on, etc.
419Legal is a fake online fraud forum where you can visit and post the complaints. It was started in 2004 by Jelsoft Enterprises. On this forum members can post queries, ask for advice, leave posts and so on. It covers all kinds of scams such as phishing alerts, fraudulent websites alert, scam alerts, lottery scams, employment scams, credit card scams, debt collection scams, identity theft, mail order and retail scams, work at home scams, investment frauds and so on.
Members who have fallen prey to scams post what emails to avoid. There are many emails which claim that you are a winner in some lottery and ask you to furnish personal and financial details. Certain emails ask you to help the poor by donating and ask for your credit card number. In the event of some natural calamity you get emails to donate to some fake charitable organization. You are asked to transfer funds to help the needy. The website looks very convincing but has false domain registration.
Another online fraud forum maintained by Jelsoft Enterprises is FraudWatchers. It is available in eight languages. Their aim is to give support, guidance and assistance to victims of fraud. They want to educate people about the various online frauds and how they work. Information is the biggest weapon. They keep people informed about lottery scams, employment scams, advanced fee fraud, fake auctions, money laundering schemes, bogus employment scheme, and internet dating schemes and so on.
FrauAid is another online fraud forum whose motto is ‘word of mouth on online fraud’. It was started by Annie McGuire who believed that we can beat fraud if we talk about it and share our experiences with others. Most people prefer to keep silent if they fall prey to scams. But each scam is a theft, a violation of your rights and it should be reported. New members are given a backstage tour of how the scams work and how they gain your confidence and trick you. They provide fraud recognition and prevention education.
These forums are a good platform on what questions to ask and what steps to take to avoid being scammed. With sharing and vigilance it is possible to beat the scammers at their own game.
state-of-the-art “fingerprinting” technology built into the Fraud Shield Online anti-fraud software system provides merchants with powerful new tools to identify fraudulent orders before they can produce any losses.
The Problem
Every online merchant big enough to be targeted knows and fears online fraud. By some reports, cybercrimes rose about 650 percent between 2001 and 2009, costing online businesses approximately $560 million in 2009, while fraudulent credit card transactions in 2010 are occurring at least 30 percent more often than last year, and growing in sophistication. International fraudsters’ “take” from online merchants this year could easily total more than $2 billion.
To accomplish these massive swindles, many online fraudsters pose as honest affiliates of the legitimate marketing networks that supply millions of merchants with increased website traffic. These networks generally require merchants to pay for their traffic within a week or so, far too quickly for them to be protected by conventional warning signs of fraud, such as chargebacks, non-deliverable merchandise, and complaints from customers about stolen credit card information or merchandise orders they never placed.
By the time the phony orders flooding in are recognized, the victimized merchant has already paid the fraudulent affiliates, and may also have shipped the merchandise, incurred the chargebacks, jeopardized its merchant account, and expended resources on the administrative tasks associated with all these activities. Meanwhile, the fraudster has banked the money and disappeared, and is already gearing up to repeat the same crime spree again under other names.
The Solution
Now a remarkable, new defense is available to online merchants. Fraud Shield Online, developed by an online merchant to protect itself against this and other forms of online fraud, uses a variety of technologies and databases to perform a sophisticated analysis of every incoming transaction – before it ever reaches the merchant’s order-processing system.
One of several innovative technologies that allow Fraud Shield Online to provide such a powerful defense against online fraud is its ability to “fingerprint” the computer that sends each order. By piercing the apparent – and easily spoofed – identity of any computer sending transactions, Fraud Shield Online discovers the computer’s actual Internet Protocol address, its IP service provider, its geographical location, and even its Media Access Control number or MAC address (an identifier – incorporating the manufacturer’s name and the item’s serial number – that’s unique for every piece of hardware connected to the Internet).
Taken together, this “fingerprint” information furnishes online merchants with several important opportunities to spot a fraudulent merchandise order and reject it.
For example, a computer that has previously sent fraudulent orders deserves extra scrutiny on any subsequent orders it originates. In addition, orders are inherently suspicious when sent by a computer located thousands of miles from the credit card owner’s home address, or by a computer that is trying to disguise its geographical location.
In all, Fraud Shield Online performs about 50 different tests for signs of online fraud, enabling it to instantly and automatically sort all incoming orders into “safe” and “fraudulent” transaction streams for merchant processing and rejection, respectively. A merchant can also choose to define gray areas between those two categories, and manually verify each of those suspicious transactions before filling it.
Merchants using Fraud Shield Online can easily dial in the level of risk they’re willing to accept, and dial out the ability of fraudulent affiliates – and other fraudsters – to pick their pockets online.
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