Training On Fraud Prevention For An Online Payment Provider

Training on fraud prevention for an online payment provider in USA jurisdiction Delegate ID number : 3733017 November 2014 AGENDA: †¢ Importance of fraud prevention †¢ Statistics †¢ Buyer fraud overview †¢ Seller fraud overview †¢ Stolen financials/account takeover overview †¢ Detection and prevention Importance of fraud prevention: Fraud prevention is the key element of conducting business, as when not controlled, fraud exposes the business to potential law suit, business loss, or its’ extinction all together. An online payment organisation, such as ours, needs to make maximum effort to reduce the risk of fraud, as its’ very existence depends on the level of trust that customers put in it. The assessment and detection of fraud is†¦show more content†¦Ã‚ §Ã‚ § 1601-1667f as implemented by Regulation Z, 12 C.F.R. 226, (TILA/Z). The Act limits cardholder liability for unauthorized charges. It requires that we have in place procedures to handle disputes resolution and unauthorised operations. Electronic Funds Transfer Act (EFTA) 15 U.S.C.  §Ã‚ § 1693-1693r, as implemented by Regulation E, 12 C.F.R. 205, will hold the company liable for cases when an unauthorized third party obtains access to our user’s account and performs a credit/debit card transaction. According to Gramm-Leach-Bliley Act (GLB) our organisation cannot disclose its account holders non-public personal information to third parties. Statistics: Statistics provided by CyberSource, a unit of Visa Inc. show that one in six online consumers experience credit card fraud. Online merchants are victim of fraud 17 times more often than traditional brick and mortar stores. The research involved 312 online retail companies. Graph 1. The estimated revenue lost due to online fraud in US. Potential dangers for an online payment provider such us our company: In our organisation we can distinguish three key areas of concentration in terms of potential fraud threats: †¢ Buyer fraud †¢ Seller fraud †¢ Account takeover and stolen financials 1. Buyer fraud: †¢ Excessive use of claim policy, where legitimate account owners will take advantage of the protection policy to gain goods while obtaining a refund from the company, claiming non