Kount Blog
Blog Against Fraud

Life As A Fraudster: Fraud University

Posted on Tuesday, August 23, 2016

“Fraudsters are always probing to find the next better deal." 

Don Bush, VP of Marketing, Kount

Welcome to Fraud University! Come spend the day with a young fraudster starting his college career. Only he’s not majoring in engineering. Or physical therapy. He’s majoring in fraud.   

Wannabe cybercriminals like our “freshman” can easily find online resources they need on dark nets and cryptonets to progress from an amateur hacker to become an integral part of a cybercriminal organization. They can learn how to establish synthetic identities, which proxies to use to hide their true locations, where to get one of the 113 million stolen Social Security Numbers available, and much more. Oh, the bell is ringing. Better hurry or you’ll be late to class…

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Topics: data breaches, fraudster

The UK Leads The Way In Fraud

Posted on Tuesday, August 16, 2016

Figures released recently have shown that fraud in the United Kingdom continues to rise at a very worrying rate.

  • UK card fraud rose by 18%, the sharpest increase in Europe
  • UK contributed 43% of total monies lost on card fraud across Europe
  • 75% of this came from card-not-present fraud and the bulk of this was from e-commerce

There has been no let-up in fraud, no respite from the continual growth. But now, more than ever, there has to be action.

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Topics: eCommerce, fraud

Kount: The World Anti-Doping Agency of the Online Gaming World

Posted on Thursday, August 11, 2016

It only seems like last week when Queen Elizabeth and 007 parachuted over London to mark the start of the 2012 Summer Olympics. But, here we are again for the 2016 games, this time from Rio de Janeiro.

Her Majesty didn’t parachute into Rio, apparently she is getting a bit too old for that sort of thing. But she wasn’t the only one who was missing in action; the entire Russian track and field team, along with athletes from many other disciplines, are staying at home.

For those of us with long enough memories, the Olympics wasn’t the Olympics without a boycott. The US team missed the 1980 Moscow games in protest of the Soviet invasion of Afghanistan and the Soviet team boycotted the 1984 Los Angeles games in counter-protest.

The Russian absence this time isn’t due to reheated Cold War politics; it’s due to cheating. Or, more specifically, what appears to be state sponsored doping of athletes by Russian authorities.

At Kount, we take as dim a view of cheating as does the World Anti-Doping Agency.

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Topics: olympics, online gaming

Kount: Going for Gold at the Payments Olympics

Posted on Tuesday, August 9, 2016

As the 2016 Olympic Games begins with a bang this week, over 11,000 athletes from 206 nations across the globe have descended on Rio de Janeiro, competing over 16 days to propel their country to the top of the medals chart in a spectacle of sporting prowess.

But the world’s greatest sportsmen and sportswomen aren’t the only ones competing for the top step on their respective podiums in 2016. As the world of ecommerce enters awards season, we flexed our competitive muscle this week with the announcement of four separate Payment, Retail Systems and Retail Fraud award nominations.

The shortlists are in recognition of some of Kount’s outstanding performances in the last 12 months, and, in highly topical style, we’ve re-imagined the conventional Olympics as a Payments and Anti-Fraud tournament to compare three of our nominations with two sporting events that we’d be sprinting to gold in.

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Topics: payments, olympics

Fixing “Chargeback Lag” with the Kount Integration of Ethoca

Posted on Friday, August 5, 2016

By, Scott McLean, Product Manager, Kount

Chargeback Lag” – the typical 45 days between the time a chargeback is actually incurred and the date the merchant is notified – wastes time and money, masks fraud attacks, and messes up financial reporting. But the surprising and maddening part is that card issuers often know within hours about a chargeback! It’s the lengthy reporting process that introduces Chargeback Lag, when revenue and profits suddenly turn into losses months after they’re booked. 

That’s where Ethoca comes in. Ethoca is a global, collaborative network of card issuers and merchants that works to eliminate Chargeback Lag. When an issuer confirms a bad transaction, an alert goes out to the Ethoca network. Instead of waiting weeks for this vital information, merchants know at almost the same moment the issuer knows. 

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Topics: fraudulent transactions, reporting, chargeback lag

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