Big Boom in Online Payment Fraud Detection Industry

Big Boom in Online Payment Fraud Detection Industry

Internet fraud prevention will stop various types of internet fraud. Because of the many different ways that fraud can be committed over the Internet, such as stolen credit cards, identity theft, phishing, and chargebacks, it is imperative that Internet users, including online merchants, financial institutions, and consumers who make online purchases, avoid or minimize the risk of to fall prey to such scams.

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Some of the key players of Online Payment Fraud Detection Industry:

ACI Worldwide, NICE Actimize, BAE Systems, DXC Technology Company, Experian Information Solutions, Dell, Fiserv, FICO, IBM, FIS, Software AG, SAS Institute

The speed and sophistication of fraudulent online actors continues to grow. According to a 2017 study by LexisNexis, fraudulent companies (merchants, credit card companies, and other institutions) cost $ 1.00 between $ 2.48 and $ 2.82 - "This means that fraud can cost you more than the 2 1⁄2- times the actual loss itself. "

Three constituencies have a direct interest in preventing internet fraud. First, there is the consumer who may be prone to divulging personal information in a phishing scam, or having it accessed by fraudulent security software or a keylogger. In a 2012 study, McAfee found that one in six computers lacks antivirus protection, making them very easy targets for such scams. Business owners and website hosts also struggle to ensure that the users of their services are legitimate. File hosting websites need to work to check uploaded files for viruses and spyware, while some modern browsers perform virus scans before saving files (the system must have a virus scanner installed beforehand). However, most files are not unclean until a user falls victim to one. Financial institutions such as credit card companies that reimburse scammed online customers and merchants also have a strong interest in reducing the risk of internet fraud.

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