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News![]() ![]() < Back Compliance : PCI Security : Data Security Standard PCI DSS : Fraud Index Report To Monitor Global Online Payment Scams Inaugural Fraud Index Report Finds You Can Trust Scandinavians and Book Buyers; Be Wary of Indonesian and Cable TV Buyers
2Checkout, a leading global online payments provider, has released their inaugural quarterly Fraud Index report. The study of online payments fraud is based on a worldwide sample of approximately one million payment transactions tracked each quarter. Among the report findings:
“As merchants seek sales growth by expanding internationally and selling into emerging growth markets, they will encounter fraud. I won’t hazard a guess as to why pay TV and Indonesian purchases are so rife with fraud, but fortunately there are ways to detect it before damage is done,” said Daniel Greenberg, acting chief marketing officer for 2Checkout. “While most payments vendors simply check CVV codes, we have 300-plus heuristics and some clever network intelligence to actively monitor and stop fraudulent transactions before they occur. This has provided us with some unique insights into the market. We wanted to share these with the public so that others may benefit.” As part of its Fraud Index monitoring activity, 2Checkout uses a sophisticated tiered defense system that automatically flags fraudulent purchase activity at the point of sale. 2Checkout sits between the buyer and seller and is able to intercept fraudulent transactions before they cause financial harm to the seller. Methodology The 2Checkout Fraud Index scores are calculated by first determining a ‘fraud rate’ – as derived by dividing the number of fraud incidents by the total number of transactions. The average fraud rate worldwide is set equal to 100, and all other fraud rates are normalized to this index. Therefore, a country with a Fraud Index of 200 is considered to be twice as risky as the average. The Fraud Index data is then cross-tabulated against buyer characteristics such as credit card type, billing address, IP address, email domain and transactional characteristics such as currency, purchase type, and transaction value. About 2Checkout ![]() ![]() ![]() |
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