“With commerce comes fraud,” wrote Airbnb cofounder Nathan Blecharczyk back in 2010, and it’s safe to say that the maxim has proven itself over and over in the years since then.1 Global online sales reached nearly $4.29 trillion in 2020, with more than $1 out of every $5 spent online. Fraudsters follow the money, making online fraud bigger, smarter, and bolder than ever (Figure P-1).
Figure P-1. Twenty years of internet crime complaints from the IC32
Fraud fighters, with their heads down in the data, excel at identifying new suspicious patterns and tracking down perpetrators. The constant pressure of fraud prevention means that often, day-to-day activities prevent fraud fighters from taking a breath, putting their head above the parapet, and looking around to see what’s happening outside their company or their industry. The purpose of this book is to provide a wider and more strategic perspective as well as hands-on tips and advice.
During our time in fraud prevention, we have been privileged to have the chance to talk to and see data and trends from a wide range of merchants and organizations. It’s that breadth that we want to share in this book.
Introduction to Practical Fraud Prevention
Online fraud has been around almost as long as online banking and online commerce: fraudsters go where the money is and wherever they can spot an opportunity. It’s worth noting right ...
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