What are the top 10 ways criminals commit friendly fraud in the USA?
Top 10 ways criminals commit friendly fraud in the USA:
- Returns with no receipt
- Returns with a manipulated receipt
- Stolen credit/debit cards
- Account takeover
- Chargeback fraud
- Phishing scams
- Identity theft
- Credential stuffing
- Counterfeit cashier's checks
- Return fraud using gift cards
Returns with no receipt:
Criminals purchase items with the intent of returning them for a refund without providing a receipt, often claiming that the item was a gift.
Returns with a manipulated receipt:
Criminals alter or forge receipts to make it appear that the item was purchased at a lower price or on a different date, in order to receive a larger refund.
Stolen credit/debit cards:
Criminals use stolen credit or debit cards to make fraudulent purchases, often using the information to make multiple purchases before the card is reported stolen.
Account takeover:
Criminals gain access to a person's online account and make unauthorized purchases, or they use the account information to make purchases on other websites.
Chargeback fraud:
Criminals make a purchase and then contact the credit card company or bank to dispute the charge, claiming that the purchase was unauthorized.
Phishing scams:
Criminals use phishing scams to trick people into providing personal and financial information, which they use to make fraudulent purchases.
Identity theft:
Criminals use stolen personal information to open new credit card accounts and make fraudulent purchases.
Credential stuffing:
Criminals use automated software to repeatedly try using stolen login credentials on different websites, in order to gain access to the accounts and make unauthorized purchases.
Counterfeit cashier's checks:
Criminals use fake or counterfeit cashier's checks to make purchases or pay bills, knowing that the check will eventually bounce.
Return fraud using gift cards:
Criminals buy gift cards with stolen credit cards and then return the items for cash or store credit, effectively turning the stolen credit into cash.
How does GoVets Monitor, Stop and Report Friendly Fraud?
GoVets does NOT tolerate Fraudsters of any kind!
GoVets has joined forces with one of the leading organizations in fraud detection to provide a comprehensive fraud prevention solution that utilizes real-time intelligence for smarter decision-making. Our integrated service offers real-time risk scoring, contextual and reputational data, and post-event monitoring to support fraud analysis and automated workflows, as well as powering risk modeling. If you are planning on committing Fraud on GoVets, we will detect you and find you! You are more than likely already part of a vast data co-op that shares reputational data on IP addresses, email addresses, shipping addresses, phone numbers, devices, and more. The network represents over 2 billion transactions and events annually generated by thousands of businesses, ranging from independent online stores to Fortune 100 companies. Fraudsters.... Beware!
We Report Fraudsters - ZERO TOLERANCE.
In the event of suspicious activities or chargebacks related to suspicious purchases, we report these incidents to the Federal Bureau of Investigation's Internet Crime Complaint Center, as well as the local authorities closest to the location associated with the fraudulent activity. We work closely with these agencies to track down and prevent these criminals from harming our nation's heroes - our veteran community. GoVets does not tolerate fraud and takes a zero-tolerance approach to those who engage in such activities.