Fraudology Podcast with Karisse Hendrick

Impersonation scams are on the rise, with fraudsters posing as major retailers like Amazon and Microsoft. Innovative strategies are being employed by retailers to combat these threats, including shutting down scam numbers and monitoring gift card activities. The podcast highlights the significance of training employees to recognize potential victims and showcases the collaboration with law enforcement. Insights gained from an insider expert reveal vital tactics for both companies and consumers to counteract these deceptive schemes.

In a riveting discussion, fraud expert Frank McKenna dives into the alarming rise of application fraud in digital banking. With over a decade of experience, he shares insights from a Visa report revealing a staggering 244% surge in digital lending fraud. Frank highlights the normalization of fraud, sophisticated techniques like synthetic identity fraud, and alarming trends such as credit washing. He emphasizes the need for enhanced fraud detection technologies and multifaceted verification systems to combat these evolving threats effectively.

The podcast dives into alarming statistics revealing that 96% of Americans face scam attempts weekly. It discusses the surge in application fraud, driven by digital document forgery, and urges financial institutions to adopt better detection methods. Social media scams are on the rise, affecting 60% of adults, showcasing increasingly sophisticated tactics including AI. A tech company faces sanctions for enabling cryptocurrency fraud, highlighting the risks for businesses associated with scams. The conversation emphasizes the need for stronger fraud prevention measures across the board.

Dive into the latest transformations of Visa's Acquiring Monitoring Program (VAMP) that are shaking up the payments landscape. Explore the complexities of new fraud and dispute monitoring structures along with critical changes to chargeback management. Discover expert insights on the controversial Order Insight program and why some remain skeptical about its effectiveness. Learn how merchants can strategize to tackle these changes, optimize their dispute management, and prepare for enforcement in 2025.

Fraudology is presented by Sardine. Get your tickets to Sardine[Con] and end the scamedmicIn this insightful episode of the Fraudology Podcast, host Karisse Hendrick welcomes back Matt Vega, now Chief of Staff at Sardine, to discuss the latest trends in marketplace fraud and seller risk. Matt shares his unique perspective from both the customer and vendor sides, explaining how Sardine's customizable fraud tech stacks are revolutionizing fraud prevention across industries. The conversation dives deep into the importance of feedback mechanisms in fraud detection, with Matt emphasizing how crucial it is for companies to provide outcome data to their fraud prevention vendors. He argues that this feedback loop is essential for fine-tuning fraud detection models and improving overall performance. The episode also tackles the misconception that friction always leads to customer churn, with Matt presenting compelling evidence that strategic, risk-based friction can actually increase customer trust and engagement. Listeners will gain valuable insights into cutting-edge fraud prevention strategies, including the power of device intelligence and behavioral biometrics in identifying seller fraud. Tune in to learn how to build a more robust fraud prevention strategy for your business.Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.

Allison Miller, a seasoned expert in fraud prevention and cybersecurity with over 20 years at giants like Visa and PayPal, shares her unique journey. She discusses her consultancy, Cartomancy Labs, and innovative strategies for tackling fraud with a focus on collaboration across departments. The conversation highlights the fusion of cybersecurity and fraud prevention, the impact of machine learning in fraud detection, and the vital role of context in digital transactions. Listeners will gain insights into the evolving landscape of financial security.

Fraudology is presented by Sardine. Get your tickets to Sardine[Con] and end the scamedmicIn this episode of Fraudology Karisse Hendrick provides important updates on Visa's Acquirer Monitoring Program (VAMP) and explores how recent tariffs are impacting e-commerce fraud. Hendrick explains that VAMP implementation has been delayed until October 1st, with fines not taking effect until January 2024. She clarifies that acquirers will likely pass VAMP fees onto merchants exceeding certain fraud ratios. Notably, Visa is expected to announce that alerts from Ethoca, CDRN, and RDR will now count towards reducing merchants' fraud ratios - a significant change from previous announcements. Hendrick also discusses how post-authorization systems may be negatively impacted by VAMP and Visa's new enumeration program.The episode then delves into the fascinating ripple effects of recent tariffs on e-commerce fraud patterns. Karisse shares insights from conversations with retail executives, revealing how tariffs are leading to customs delays, increased chargebacks, electronic stockpiling that triggers fraud systems, and the creation of "straw merchants" to avoid fees. She explains how fraudsters are exploiting Canadian accounts for cross-border schemes and how freight forwarding services are surging. Throughout, Hendrick emphasizes how these trends are straining fraud departments and forcing them to re-evaluate what constitutes suspicious behavior.Don't miss the eye-opening insights - tune in now to stay ahead of the latest fraud trends and regulatory changes!Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.

Steve Lenderman, a fraud prevention expert with over 26 years of experience, shares fascinating insights into combating fraud across banking and insurance. He reveals surprising similarities between the two industries, especially regarding identity theft and evolving tactics. Steve discusses his daring experiment with synthetic identities and offers practical career advice for aspiring fraud fighters, emphasizing the importance of cross-industry collaboration and data analytics in tackling sophisticated fraud networks.

Angela Diaz, a fraud and risk management veteran with nearly two decades in both merchant and banking sectors, shares her unique insights on combating financial crime. She discusses the balance between protecting customers and preventing losses, while highlighting the complexities of first-party fraud. Angela emphasizes the necessity of better data analytics and collaboration between banks and merchants. The conversation also touches on the emotional toll of scams and the importance of risk management, urging stronger protections for vulnerable populations.

Fraudology is presented by Sardine. Get your tickets to Sardine[Con] and end the scamedmicIn this episode of the Fraudology Podcast, host Karisse Hendrick sits down with Patrick Finnigan, a veteran fraud fighter with over 20 years of experience in the restaurant and digital gift card industry. Patrick shares his journey from Medicare fraud investigator to director of fraud and loss prevention at Inspire Brands, offering valuable insights into the world of e-commerce fraud.The conversation delves into the challenges of preventing fraud in the digital realm, particularly in mobile ordering and gift card transactions. Patrick emphasizes the importance of cross-functional collaboration, data analysis, and building strong relationships within organizations to effectively combat fraud. He discusses the creation of digital fraud task forces and how they can proactively address potential vulnerabilities before they're exploited. To Connect with Patrick:www.linkedin.com/in/patrick-finnigan-1a306a4b/Tune in to gain invaluable knowledge from one of the industry's most respected professionals and learn how to stay ahead in the ever-evolving world of digital fraud.Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.