MEXICO CITY, Dec. 13, 2021 /PRNewswire/ — JuicyScore, a global leader in anti-fraud and risk management solutions, today unveiled tips for online businesses to protect their systems from digital frauds this holiday season.
With the onset of festivities, a spike in e-commerce shopping and digital transactions is expected but with a rampant increase in fraudulent activities that have the potential to adversely affect an online business. As per industry statistics*, this holiday season, online fraud could exceed last year’s $53m figure. Thus, JuicyScore advises online businesses to take the following measures to combat online fraud:
- Seasonally scheduled scammers do not have sophisticated technical skills and many companies manage to stop them during the standard initial online verification of the application. Companies should apply a more conservative approach connected with new applications, evaluation policies, and rules, which turn out to be useful and will save one’s business from possible financial losses during this period.
- Online companies should pay attention to the applications with high-risk markers – attempts of device or internet connection manipulation, as well as user’s behavior. Such measures will allow filtering out of applications coming from devices with emulators, randomizers and will be able to determine the network infrastructure of professional fraudsters. In the case of digital lending, it will help to reduce the share of excessively active borrowers who usually keep trying to apply for a large number of loans, often manipulating application data.
- Online companies should approach the valuation of frequency characteristics in a more conservative way.
- Many companies may fear the risk of profit decline filtering “good” customers along with scammers. In this case, a more precise adjustment of the financial product for the end-user will be of great use. By giving special offers and taking into account the needs of regular customers, companies can mitigate the situation and reduce losses caused by online fraud.
“As we head into the holiday season, we expect consumer spending power to be at its peak,” said Mikhail Marchenko, Co-Founder, JuicyScore. “Thus, it is imperative for online businesses, more than ever, to safeguard their processes from online frauds. By leveraging the power of modern technologies, which can identify anomalies in online customer behavior, business owners can stay a step ahead of fraudsters this holiday season.”
For more information, https://juicyscore.com/en/