5 characteristics of online fraud, and what they tell us about a good prevention strategy

In the previous post I described the various factors that determine how much fraud you, the online merchant, see at your front door, and how sophisticated it is. In this post I’d like to characterize fraud’s “behavior” and infer from it the fundamentals of a good fraud prevention strategy. To recap, the factors I described were: Visibility: If and how visible your business is to fraudsters Your competition: How good is your competitors’ fraud prevention Evolution of fraud: How professional fraud has become Fraud ROI: How profitable is your business to fraudsters As a sophisticated activity perpetrated by many intelligent humans in a variety of contexts, online payment fraud doesn’t have one

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