Fraud Trends: How Accounts become takeover in the Digital World. Part 1.

19/11/2020
by Admin Admin


2020 was an unexpected year, when a year ago they wrote business forecasts for 2020, no one could have guessed that this year would become so unpredictable.

Salespeople around the world have adapted to new shopper behaviors, quickly adapting and implementing new technologies to maintain business continuity. Many of them are going to have an active online policy. However, as e-commerce grows, so does fraud.

This year has been unexpected to say the least. As 2019 ended and business forecasts were written, no one would have ever guessed what was to come in 2020.

As consumer behaviors have shifted in uncertain times, merchants worldwide have quickly adapted and implemented new technologies, tools, and strategies to maintain business continuity and increase their online presence. Unfortunately, as online activity and e-commerce continues to rise, so does potential for exposure to fraud.

This article will highlight some of the fraud issues affecting both individuals and legal entities. Many companies seek to educate their users about security strategies. This is how Microsoft Dynamics 365 Fraud Protection helps protect businesses from fraudulent attacks and stay one step ahead.

Let's start with the impact of an account hijacking (ATO) scam, a type of identity fraud that can lead to unexpected and huge monetary losses for individuals, and for businesses, loss of revenue and loss of reputation.

The impact of account takeover

The world, which is full of technological innovations, data, the problem of protecting this data from fraud is becoming more urgent than ever. Fraud is on the rise, as is information security and attack prevention software. Most people do not think about the importance of protecting their personal data until they are affected by this issue.

Let's take a look at what an account hijacking is. ATO is a fraudster getting access to an account and then changing the account data, making unauthorized transactions.

This type of fraud affects small or large businesses. ATO suffers tens of billions of dollars in fraud losses every year.

However, due to ATO, fraud is growing rapidly every year. Juniper Research predicts losses of $ 25.6 billion in 2020, while it was $ 5.1 billion in 2017

ATO also comes in the form of scammers hijacking an account and making fraudulent purchases or even opening new accounts using the victim's information. These issues can affect both individual organizations and entire enterprises. For example, in 2019 in the United States, they are estimated to have lost $ 7 billion. In addition, scammers hijack mobile phone accounts when arming. 680,000 people were killed in 2019, up 78 percent from a year earlier. Thus, ATO is a problem to which it is necessary to find a solution to protect both individuals and entire companies.

Ways Dynamics 365 Fraud Protection can help prevent fraud

Microsoft offers solutions to protect businesses from fraud. One such solution is Dynamics 365 Fraud Protection. It gives users access to purchase protection and two new features, account protection and loss prevention. In addition, integration with Microsoft Dynamics 365 Commerce is available

  • Account protection: The Dynamics 365 Account Fraud Solution provides ATO protection using adaptive artificial intelligence technology. With the help of such technologies, companies can be harassed better and not be afraid for the confidentiality of information.
  • Anti-fraud and account protection tools are becoming more available. Dynamics 365 Fraud Protection uses artificial intelligence technologies to improve protection efficiency.
  • Loss prevention: when potential fraudulent returns and discounts are identified, store managers can quickly respond to such cases and take action to reduce losses. Thanks to adaptive AI technology, the fraud pattern base is constantly updated.
  • Purchase protection helps merchants protect online revenue by increasing the speed of commercial transactions, while simplifying checkout tools that balance revenue opportunities and customer service against fraudulent losses. The Acceptance Accelerator enables merchants to share their knowledge of transaction trust with issuing banks to increase authorization and reduce false positives, helping to protect revenue streams.

Article publication source:

https://cloudblogs.microsoft.com/

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