SYS-CON MEDIA Authors: Liz McMillan, Elizabeth White, Yeshim Deniz, Roger Strukhoff, Jason Bloomberg

Blog Feed Post

De-Frauding Fraudsters Over The Phone

Confident fraudsters welcome such calls because they know most merchants can be fooled over the phone with just a few simple confirmations or a short conversation.

Despite their confidence most fraudsters don’t place orders by phone unless they’re convinced it’s a surefire method for getting orders accepted easily or they have no other option. Order verification by phone can be a time-consuming activity and while it allows merchants to better understand their customers and deliver personalized customer service, interactions over the phone are an excellent way to recognize fraudsters. Here are a few tricks of the trade that work well for this purpose:

Ask the buyer to confirm the wrong information
One sure way of knowing you’re dealing with a fraudster is to have them confirm a glaring mistake in the order’s details or to confirm a lie.For example, if the billing address for your suspected order is ‘123 Palm Drive” ask the buyer if they can confirm the address “for 123 Tree Drive or 126 Palm Drive”. A genuine buyer would be quick to correct you as they know their address and have likely had to repeat it hundreds of times. However, fraudsters don’t have time to remember the billing addresses for every order and credit card they’re using at any given time. Thus, they’re inclined to agree with the information you’re providing as they know they entered it correctly on your site.

Refer to the wrong landmark
Another effective tactic is something we call “landmarking”. Assuming your buyer has confirmed the correct address (correcting your mistake) feel free to ask them if that address is near the wrong landmark. For example, a quick Google Maps search will tell you what major landmarks or geographic features are near the address you’re confirming. Anyone familiar with the address should be able to correct you when you ask them to confirm if the house or apartment is next to a landmark on the other side of town, or if you get the name of the lake nearby wrong.

Confirm incorrect information about the order
Fraudsters aren’t typically buying things for themselves, they’re targeting high value merchandise they can resell quickly on eBay or other marketplaces at a discount to generate cash. So while real buyers have likely spent a fair amount of time researching and selecting a product fraudsters aren’t nearly as familiar with what they’re attempting to buy. Ask the buyer to confirm they’ve ordered the purple sweater when you know they’ve ordered the red one, or describe the product that is like the one they’ve ordered, but not the exact item they ordered. Real customers will have no problem correcting your erroneous order details and you can assure them it was a mistake on your part and the order was entered correctly and will ship as ordered.

Challenge the person on the phone vs the buyer on your order
Fraudsters largely operate from scripts but can also be excellent liars. So they’re willing to improvise but not for long. Fraudsters have a lot of data available to them but what they don’t have in abundance is time. So as you press for details about the order placed by “Michael Smith” in Miami for a $3,500 luxury watch listen carefully for accents/pronunciation that doesn’t sound like a “Michael” from Miami. Fraudsters who are not native English speakers will slip on certain words when they’re being pushed and the longer you stay on the call the more they’ll want it to end. You can extend your call with polite small talk to break up your questions, just in case you’re speaking with a real customer that you don’t want to offend with an interrogation. Questions and comments about recent sports or news events are generally safe ways to determine if the buyer you’re speaking to actually lives near where they’ve indicated in their order.

A few extra seconds or even a few minutes can often make the difference when dealing with fraudsters over the phone. Take the time to do your research and when in doubt, call. Don’t hesitate to call your buyer as almost every bona fide person would understand why you’re calling and fraudsters may give you what you need to decline the order. Just do your best to make the call worthwhile and conclusive. Don’t waste your time calling buyers to confirm details that require no prior or additional knowledge as you’ll simply be repeating information they already have.

The post De-Frauding Fraudsters Over The Phone appeared first on B2B Labs.

Read the original blog entry...

More Stories By Ben Bradley

Known for wearing plaid and sweater vests before they were popular, Ben Bradley is managing director of Macon Raine, Inc. (www.maconraine.com) - a management consulting, marketing and demand generation firm for technology organizations. He is a graduate of the University of Iowa and was a member of the undergraduate Iowa Writer’s Workshop. His interests include the intersection of technology and marketing. Because he was never very good at sports and doesn’t have many hobbies, his primary interests include the role of marketing on internal technology adoption, micro-finance, military uses of technology and media, self-organizing networks, network and physical security, collaboration and groupware. He frequently lectures his children on a variety of topics. Bradley was raised in Wheaton, Illinois and currently resides in Glen Ellyn, Illinois with his wife, two children and a purebred Latvian Goathound named Stella.

Latest Stories
CloudEXPO has been the M&A capital for Cloud companies for more than a decade with memorable acquisition news stories which came out of CloudEXPO expo floor. DevOpsSUMMIT New York faculty member Greg Bledsoe shared his views on IBM's Red Hat acquisition live from NASDAQ floor. Acquisition news was announced during CloudEXPO New York which took place November 12-13, 2019 in New York City. Our Silicon Valley 2019 schedule will showcase 200 keynotes, sessions, general sessions, power panels, and...
Growing a digital business is essential for virtually every enterprise across every industry. Large enterprises and small businesses alike are digitizing their internal and customer-facing processes and services to increase efficiency, scale their businesses, and collect meaningful data. Yet, while many companies have launched digital services to collect data, we haven’t fully tapped into the potential of data analytics—even though studies suggest that digital will be a top differentiator in yea...
Darktrace is the world's leading AI company for cyber security. Created by mathematicians from the University of Cambridge, Darktrace's Enterprise Immune System is the first non-consumer application of machine learning to work at scale, across all network types, from physical, virtualized, and cloud, through to IoT and industrial control systems. Installed as a self-configuring cyber defense platform, Darktrace continuously learns what is ‘normal' for all devices and users, updating its understa...
ShieldX's CEO and Founder, Ratinder Ahuja, believes that traditional security solutions are not designed to be effective in the cloud. The role of Data Loss Prevention must evolve in order to combat the challenges of changing infrastructure associated with modernized cloud environments. Ratinder will call out the notion that security processes and controls must be equally dynamic and able to adapt for the cloud. Utilizing four key factors of automation, enterprises can remediate issues and impro...
As you know, enterprise IT conversation over the past year have often centered upon the open-source Kubernetes container orchestration system. In fact, Kubernetes has emerged as the key technology -- and even primary platform -- of cloud migrations for a wide variety of organizations. Kubernetes is critical to forward-looking enterprises that continue to push their IT infrastructures toward maximum functionality, scalability, and flexibility. As they do so, IT professionals are also embr...
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
CloudEXPO has been the M&A capital for Cloud companies for more than a decade with memorable acquisition news stories which came out of CloudEXPO expo floor. DevOpsSUMMIT New York faculty member Greg Bledsoe shared his views on IBM's Red Hat acquisition live from NASDAQ floor. Acquisition news was announced during CloudEXPO New York which took place November 12-13, 2019 in New York City.
OpsRamp is an enterprise IT operation platform provided by US-based OpsRamp, Inc. It provides SaaS services through support for increasingly complex cloud and hybrid computing environments from system operation to service management. The OpsRamp platform is a SaaS-based, multi-tenant solution that enables enterprise IT organizations and cloud service providers like JBS the flexibility and control they need to manage and monitor today's hybrid, multi-cloud infrastructure, applications, and wor...
The Master of Science in Artificial Intelligence (MSAI) provides a comprehensive framework of theory and practice in the emerging field of AI. The program delivers the foundational knowledge needed to explore both key contextual areas and complex technical applications of AI systems. Curriculum incorporates elements of data science, robotics, and machine learning-enabling you to pursue a holistic and interdisciplinary course of study while preparing for a position in AI research, operations, ...
Codete accelerates their clients growth through technological expertise and experience. Codite team works with organizations to meet the challenges that digitalization presents. Their clients include digital start-ups as well as established enterprises in the IT industry. To stay competitive in a highly innovative IT industry, strong R&D departments and bold spin-off initiatives is a must. Codete Data Science and Software Architects teams help corporate clients to stay up to date with the mod...
Tapping into blockchain revolution early enough translates into a substantial business competitiveness advantage. Codete comprehensively develops custom, blockchain-based business solutions, founded on the most advanced cryptographic innovations, and striking a balance point between complexity of the technologies used in quickly-changing stack building, business impact, and cost-effectiveness. Codete researches and provides business consultancy in the field of single most thrilling innovative te...
Atmosera delivers modern cloud services that maximize the advantages of cloud-based infrastructures. Offering private, hybrid, and public cloud solutions, Atmosera works closely with customers to engineer, deploy, and operate cloud architectures with advanced services that deliver strategic business outcomes. Atmosera's expertise simplifies the process of cloud transformation and our 20+ years of experience managing complex IT environments provides our customers with the confidence and trust tha...
Industry after industry is under siege as companies embrace digital transformation (DX) to disrupt existing business models and disintermediate their competitor’s customer relationships. But what do we mean by “Digital Transformation”? The coupling of granular, real-time data (e.g., smartphones, connected devices, smart appliances, wearables, mobile commerce, video surveillance) with modern technologies (e.g., cloud native apps, big data architectures, hyper-converged technologies, artificial in...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, discussed some of the security challenges of the IoT infrastructure and related how these aspects impact Smart Living. The material was delivered interac...
Intel is an American multinational corporation and technology company headquartered in Santa Clara, California, in the Silicon Valley. It is the world's second largest and second highest valued semiconductor chip maker based on revenue after being overtaken by Samsung, and is the inventor of the x86 series of microprocessors, the processors found in most personal computers (PCs). Intel supplies processors for computer system manufacturers such as Apple, Lenovo, HP, and Dell. Intel also manufactu...