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HOW TO IDENTIFY ONLINE FRAUD; TOP 10 COUNTRIES WITH FRAUD CASE

TOP 10 MAJOR ONLINE FRAUD COUNTRIES

Fraud online has become a major problem facing the internet users these days, its not facing only one country, its obtainable every where. It mostly affect those that are doing genuine business online. A research conducted by sift science confirmed that it is obtainable in every country, these are top 10 countries with highest online fraud rates

  1. Latvia
  2. Egypt
  3. United states
  4. Mexico
  5. Ukraine
  6. Hungary
  7. Malaysia
  8. Colombia
  9. Romania
  10. Philippines

All regions and market differs, this means that some are considered as high fraud level caused by poor security and inability to access information easily and lack of awareness about the effect of internet scam. Tagging this countries can help minimize fraud because what ever transaction that is about to take place will be well monitored to check if its legal or scam.

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Companies like PAYPAL has gone a long way to control internet fraud by introducing a service known as “fraud protection services” . this program enables high payment filter to arrest fake buying , a list that that suspicious clients are been put for Investigation and also making effort to identify untrusted international payments. PAYPAL in order to protect their operation do freeze account and funds in it whenever they notice accumulation of high charge back rate.

Some people some times do ask how does online scam take place? The truth is that it is said to have taken place whenever any illegal online transaction takes place. Example; making fake payment and fake alert or presenting false asset online or presenting fake check. There are so many online fraud know , they are;

Phishing—this takes effect when fraudsters seek information from people using disguise. They pretend to be legitimate business organizations like bank or government websites with the main purpose of obtaining your private information such as bank details, credit card details, personal passwords that they can use to perform their fraud activities.

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Ransomware— this is more like black mailing , it work like kidnapping also. It is when they [fraudsters] get access to your personal account or company portal and then demand a ransom before releasing it to the owner, they might not be able to use the information but will keep it in their possession until the ransom is being paid in full.

Email compromising — fraudsters can make use of email to make request of payment to fraudulent locations from financial institutions like bank, insurance etc or business owners and civil servants . once they achieve their mission they receive payment through new accounts they created purposely for illegal reasons or using some ones else bank to receive the payment or using stolen credit or debit card information to make payments.

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                                           ways to stop online fraud

getting to know their simple tricks can help in saving both time and money while running you business.

Billing and shipping address- when you notice that the billing and shipping are not the same then you need to know that there is something wrong some where especially when it involves large scale of goods being order for. Using telephone to confirm is just like a bonus to them because it will just ease their work for them, you need to find more intelligent way to deal with it, you may need to test with a smaller quantity .

cvv—this means card verification value, this is the 3 digits written in the back of credit card according to practical commerce .business owners should raise alarm anytime this is inputted correctly. This may be that customer may have electronic credit card details and may not access to a physical card that contains cvv.

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IP address—ensuring that the IP address is the same with the credit card used to make the transaction. Take for instance the credit card may have Nigeria address and the IP address shows Egypt . you can use any IP checking software to confirm any suspicious card being used for the transaction especially if its been used frequently.

Tracing and signatures—this is just putting signatures to costly goods and making sure it has a tracking package enabled for the shipment. This can be mostly useful when online fraud goes to court.

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Ikenna valentine Administrator
C.E.O , Myfreshgists

Frenzy valentine ikenna is a passionate blogger and student of university of calabar. He is the founder and editor of myfreshgists.com  connect on Facebook  and Instagram @frenzy_valentine

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