Fraudology Podcast with Karisse Hendrick

Fraud-fighters often have a saying, that they have to "think like a fraudster" to anticipate their methods and tactics currently, and with future business models or offerings. But, in today's episode, Karisse gets to talk to a fraud-fighter that really can think like a fraudster. Because he once was one.   Alexander Hall is the owner & Principal at Dispute Defense, helping online companies identify and deter all fraud methods where there is a "transfer of value". Alexander talks about the danger in only seeing fraud as the use of a stolen payment method, various scams & fraud tactics he's witnessed and he describes the different levels within what he calls the "school of fraud". He also shares how he fell into fraud & being known as the "King" of fraud in his city, and why he much prefers fighting fraud to committing fraud.    To learn more or reach out to today's guest:   www.linkedin.com/company/dispute-defense-consulting   www.linkedin.com/in/alexander-hall-3724307a   Subscribe to Fraudology on your favorite podcast app to be alerted when new episodes are out! And if you enjoyed this episode, please rate & review this podcast, to help others discover it.

Over the last 2 weeks, the fraud prevention industry has been rocked by news that a fraud technology company (a vendor providing anti-fraud technology as a SaaS product) was being investigated by the SEC......for fraud. In this episode, Karisse breaks down the various perspectives and behind-the-scenes accounts of what happened and what some of the warning signs may have been, in hindsight. The intent of this episode is to point out to "red flags", to help others recognize the signs, should something similar happen in this industry again.      All opinions are my own, or were provided under condition of anonymity. For more information about this case, see the below:   https://www.forbes.com/sites/davidjeans/2020/09/11/fraud-prevention-startup-ns8-fraud-investigation-sec/amp/   https://www.forbes.com/sites/davidjeans/2020/09/17/ceo-of-cyber-fraud-startup-ns8-arrested-by-fbi-facing-fraud-charges/#7da3ad3162ed   https://www.justice.gov/usao-sdny/pr/founder-and-ceo-cyberfraud-prevention-company-arrested-and-charged-securities-fraud   This episode is sponsored by Sift. Check out www.Sift.com/Fraudology to learn more

In order to fight fraud effectively, and know what to expect as a fraud fighter, it's important to have some level of understanding of how the "bad guys" work. For almost 20 years, the economy and value chain of these fraudsters has remained the same, with little changes. However, thanks to several factors including the impacts of a global pandemic, new business models, and resources, the fraud economy & value chain are being flipped on its' head.    In this episode, Karisse talks to Chase Park, Founder of Whisper Defense, a consulting firm that provides intelligence & insight to online retailers based on his unprecedented access to the highest levels of online fraud communities. Karisse & Chase have teamed up to work with enterprise retailers recently on refund fraud education and prevention. They also discuss how the fraud economy has changed over the last several months and how they are moving towards providing Fraud-As-A-Service.    In addition to refunding fraud, Chase describes a new phenomenon called "Buy4U" that is targetting the same customers online that most e-commerce companies are targetting with marketing and social media blitzes. -But offering a retailer's products or services for deep discounts, sometimes up to 85% off, at the retailer's expense. If you are not aware of the proliferation of Buy4U offerings for your company, this is an important episode to listen to. And if you are a consumer, it is important to know how "Buy4U really works, despite the advertisers not wanting to share their "secrets". That bargain you saw online, may actually be stolen goods that enable cybercriminals to fund other crimes and activity.    For more in-depth information and examples of how refunding fraud works, check out the webinar Chase & Karisse presented to CNP subscribers recently: https://www.youtube.com/embed/S4hOiTbtywg     And to download a PDF with even more information about the 5 different types of refunding, as well as an FAQ, go to: www.ChargelyticsConsulting.com/contact   You can also request to book an assessment call with Chase & Karisse for more information specific to your company.    Thanks again to the episode sponsor, Sift!  Visit www.sift.com/Fraudology to learn more about how Sift enables Digital Trust & Safety

Chances are, your elder family members have said something similar to "If it sounds too good to be true, it probably is.". These are wise words that often help consumers trust their guts when looking at unfamiliar websites or marketplace postings. However, too many consumers ignore that quiet voice in their heads when there is a financial crisis, and they really want or need an item, but don't want to, or can't afford the retail price.   Online scammers are counting on these consumers to want a discount on stolen goods online, in order for them to turn a profit, while the online company essentially lost the item, with no compensation.    In this episode of Fraudology, Karisse talks about the most pervasive ways that online criminals are targetting consumers while manipulating online platforms and/or online companies. Some of these scams are "tried & true", but a few are brand new. Whether you work for an online company or shop online often, this is an important episode to listen to. Because, as other family members may say, "Buyer beware!"

Covid-19 has impacted almost every area of our lives. From our kids doing distance learning, to working from home, to canceled travel or concert plans, to how we do our shopping. In April 2020, online retailers experienced a 52% growth in sales volume compared to April 2019. However, that increase was only felt by some online companies, while other sectors watched sales plumet. In this episode, Karisse will share just a few of her observations in how fraud has been impacted by the abrupt changes in consumer and fraudster behavior over the last 6 months. This topic is just too big for one episode, so it will be revisited in future episodes.    To start the episode, Karisse shares her "What The Fraud" segment of the week, which showcases one of the many ways fraudsters have gotten creative in scamming consumers in new ways because of the changes in consumer behavior due to Covid-19.   Make sure you subscribe to this podcast to be alerted when new episodes are out! Please also rate & review this podcast wherever you can, to ensure others can learn about this show, too.   To reach out to the host of Fraudology with questions or topics for future episodes, or to discuss working together, e-mail: info@chargelyticsconsulting.com.

If you work in online fraud prevention, chances are you've caught the "bug". The bug that makes you passionate about identifying & preventing cybercriminals from getting away with stealing from your company, or your client's companies. Most people who have made cyber-fraud their career have the perfect balance of analytical and social skills, a strong sense of justice, and the curiosity that will drive you to go down every path of information until you "crack the case.   This episode is your chance to learn a little bit about the host of Fraudology, Karisse Hendrick, and to learn what to expect in future episodes of this podcast. Class is now in session!    Make sure you subscribe to this podcast to be alerted when new episodes are out!    To reach out to the host of Fraudology with questions or topics for future episodes, or to discuss working together, e-mail: info@chargelyticsconsulting.com.