ClearSale
Protecting retail businesses against fraud schemes is essential in an increasingly digital and fraud-prone market. In this context, ClearSale, a benchmark company in data intelligence, has distinguished itself as a specialist in fraud prevention solutions, helping companies around the world maintain secure and reliable operations. See how ClearSale helps retailers combat fraud schemes.
Common Retail Fraud Schemes
In retail business, fraud schemes can take on many forms. Here are some of the scams confronting retailers:
Credit card fraud. In general, fraud involving credit cards is related to the use of stolen cards to make purchases. Scammers can also use techniques such as skimming to steal credit card information from payment terminals.
Identity fraud. Scammers can use stolen personal information to open accounts or make purchases in the name of another person, including online and offline identity theft.
Coupon fraud. This scam occurs when customers use fake, duplicate or expired coupons to illicitly obtain discounts.
Money laundering. In some cases, retail businesses can be used as part of a money-laundering plan in which illicit funds are “cleaned” through seemingly legitimate transactions.
Internal theft. This can happen when retail employees are involved in fraudulent activities such as inventory embezzlement, the direct robbery of cash or merchandise, and the manipulation of accounting records.
Guarantee fraud. This scam includes falsification of documents or information to obtain inappropriate guarantees or reimbursements for products that are, in fact, not defective.
These are just some of the fraud-related examples and schemes that can develop over time and cause financial losses and brand impact for companies of any size. It is thus essential to put into practice fraud prevention systems to stay alert to suspicious activities to protect companies and customers.
Intelligence on Threats Against Fraudulent Reimbursement Requests
A recent case involving a leading global retailer had a significant impact upon the market, and it serves as a warning for ecommerce companies. Scammers who ordered high-ticket articles subsequently requested reimbursement, generating significant losses through the sale of the lost articles and the funds paid out in reimbursement.
When the company began working with ClearSale, our Cyber Threat Intelligence solution was crucial in both conducting the research to identify the nature and origin of the fraud as well as combating the scammers, thus avoiding significant losses. Using Cyber Threat Intelligence, our experts investigated the modus operandi and identified the primary risk events and vulnerabilities the scammers were exploiting.
In this way, ClearSale supported this client by strengthening fraud rules, identifying and banning over 100 fraudulent accounts, and generating over $17,000 in direct cost savings related to ecommerce fraud. Without a doubt, these results emphasize the efficacy of the ClearSale solutions in combating fraud and protecting retailers.
The Role of Threat Intelligence in the Battle Against Fraud
The ClearSale Threat Intelligence tool plays a key role in identifying and preventing retail fraud. Using the sophisticated analysis of suspicious behaviors and patterns, the tool proactively detects fraud schemes, protecting retailers from possible fraud.
Learn more about ClearSale tools and services and ensure greater security of online commercial transactions that will strengthen your reputation and the confidence of your customers.
