Intro

Fraud is big business. We're talking well over $10 billion annually in the United States alone.

And the role that online fraud is playing is growing rapidly.

According to the Federal Bureau of Investigation's (FBI) Internet Crime Complaint Center, Americans have lost $1.6 billion from January to May of 2024. That's nearly $300 million more than from this same period of time in 2023.

For businesses to excel in the digital space, they must implement robust fraud prevention measures that build consumer trust.

And given the prevalence of high-profile data breaches these days, consumer trust is a difficult thing to earn. In fact, according to CFO Magazine, half of all companies not only don’t know how many times they’ve been targeted by payment fraud attempts, but they also don’t know how much money that fraud has cost them.

But the good news is, companies understand how imperative it is to address fraud. In a recent survey of 2,000 small-to-medium size businesses conducted by KeyBank, payment fraud was the top concern.

In this episode of Privacy Files, we talk to Dorota Wróbel, the Chief R&D Officer at G2A, the world’s largest digital entertainment marketplace. It's a marketplace where consumers can buy and sell games, and virtually any type of digital product.

Dorota talks about how G2A is leading the way in preventing payment fraud, with revenue lost coming in at ten times lower than the industry average.

Overall, Dorota attributes G2A's success to making trust and security top priorities.

This episode is also a reminder that even though companies are improving their fraud prevention programs, fighting scammers is not just the purview of businesses. Consumers must be proactive as well to mitigate their fraud exposure risk.

Defeating bad actors is s team effort.

To learn more about G2A:

https://www.g2a.com/

Links Referenced:

https://www.cfo.com/news/many-companies-clueless-about-payment-fraud-report-claims-AI-deepfakes-tech/723625/

https://apnews.com/article/small-business-fraud-payments-transactions-transfers-ff4f397e4be076216a28f1a75affab7a

https://www.govtech.com/blogs/lohrmann-on-cybersecurity/fbi-says-stopping-online-fraud-and-scams-requires-new-focus

OUR SPONSORS:

Anonyome Labs - Makers of MySudo and Sudo Platform. Take back control of your personal data. www.anonyome.com

MySudo - The world's only all-in-one privacy app. Communicate and transact securely and privately. Talk, text, email, browse, shop and pay, all from one app. Stay private. www.mysudo.com

MySudo VPN - No personal information required to sign up. You don't even need a username and password. Finally, a VPN that is actually private. https://mysudo.com/mysudo-vpn/

Sudo Platform - The cloud-based platform companies turn to for seamlessly integrating privacy solutions into their software. Easy-to-use SDKs and APIs for building out your own branded customer apps like password managers, virtual cards, private browsing, identity wallets (decentralized identity), and secure, encrypted communications (e.g., encrypted voice, video, email and messaging). www.sudoplatform.com

Reclaim - Whether you're just beginning your privacy journey, or have been working at it for some time, Reclaim is the perfect tool for assessing the size of your digital footprint and then taking action to reduce it. It's an also an excellent way to see if your personal information was exposed in a data breach. https://mysudo.com/reclaim/