If there are persons in executive positions out there — particularly in the world of payments — who feel that we are escalating toward a golden age where fraud will all but be eliminated and all of our sophisticated tools and controls can be abandoned, they are not going to want to hear what Dr. Patrick Dixon, author of The Future of Almost Anything and founder and chairman of the forecasting company Global Change, had to say about then certainty of future fraud in his keynote speech at MRC Dublin.
“We’re dealing with an epidemic, a pandemic, a plague,” he said. “We of all people are relatively sophisticated. We should know how to guard our stuff, and our stuff should be safer than most people’s. But we are being fleeced, filched and brutally attacked every single day.”
The numbers in ecommerce are exceptionally bad. In the United States alone, there is projected to be $19 billion in fraud losses in 2018. Up to 43 percent of U.S. ecommerce orders are fake in peak months. And 8 percent of all online merchant revenues are fraud in the U.S. “Ecommerce fraud is out of control in many nations, despite huge amounts of effort,” he said. “We’re only in the first hour of the first day of the ecommerce age, and quite frankly, it sucks. We have got to sort this out.”
For anyone in the payments field who feels that they can “low ball” their anti-fraud investments, this is sobering news. Believe it or not, there are organizations that think they can wait out the “fraud fad” and proceed into a future free of hackers and data pirates. For them, we offer our best wishes and a rousing “good luck!”
For those who deal with paper checks, this is not an option. As recently as 2016, it is estimated that 75% of organizations experienced check fraud, according to the AFP 2017 Payment Fraud and Control Survey. The OrboAnywhere suite of solutions provides the detection and prevention capabilities to identify fraudulent, duplicate and altered checks to ensure you and your customers are not taking losses.