Welcome!

News Feed Item

UPDATE: Fraudsters Target the Beautiful Game for Bountiful Gain

Fraud at the Football World Cup Is a Permanent Fixture -- and the Stakes Are High

PALO ALTO, CA and LONDON, UNITED KINGDOM -- (Marketwired) -- 07/04/14 -- Jumio, Inc., the fast growing mobile credentials management company, today released a white paper Don't Fall Foul of Fraud at the World Cup educating and advising businesses on fraud. Fraud at major sporting events is always a large problem and the FIFA World Cup in Brazil is no exception.

In 2010 when South Africa hosted the World Cup, fraud levels in the country rose by 53%(1) during the tournament. What's more, the three provinces that hosted the games accounted for 92.5%(2) of total credit card fraud losses in South Africa for the entire year. Jumio's new whitepaper -- Don't Fall Foul of Fraud at the World Cup -- illuminates the massive scale of fraud potential in Brazil while informing businesses how to both mitigate and combat the threat.

Although the World Cup lasts just four weeks, fraudsters, much like football teams, begin their preparation and build-up to the event years in advance -- indeed over 33%(3) of the Brazilian population has experienced card fraud over the past 5 years amounting to losses of over $150 million(4). The consequences for business can be severe and if managed incorrectly an apparent boom in business can actually result in companies going bust.

Here is a breakdown of the countries represented at the World Cup whose citizens are most susceptible to fraud during the World Cup 2014(5).

1. Mexico
2. USA
3. UK
4. Brazil
5. Australia

Fans are targeted by fraudsters in a variety of ways, including:

  • Luring fans into paying for non-existent or unavailable accommodation for the World Cup through fake adverts and websites.
  • Emailing people with bogus offers to submit tenders for fake World Cup contracts or claim fake World Cup related competition prizes.
  • Fake FIFA websites and selling counterfeit tickets. [Note: These sites typically have numerous sub-domains to target different countries and are difficult to trace.]

Marc Barach, Chief Marketing Officer at Jumio comments, "In my experience of fraud, the gathering of large groups of people into one place makes for a target-rich environment for a fraudster, especially during high profile events like the World Cup. Businesses shouldn't sit back and take it, but instead take measures to protect themselves and their customers."

The Whitepaper from Jumio offers advice on How to show fraudsters the red card. Here are the 7 key insights businesses should heed when tackling fraud:

1. Know your starting line-up - Ensure you can tell fraudsters from legitimate customers.
2. Look at your previous performances - Learn from previous fraud attacks, including during past major sporting events.
3. Expect a high turnout - Fraudsters will take advantage of increased traffic during the world cup. There will be more of them as well as more customers.
4. Adopt a flexible formation - Be prepared to adapt your fraud strategy to cope with the World Cup period.
5. Look after your supporters - Fast track repeat customers to free up resources and catch fraudsters.
6. Study your opponents - Take note of trends in fraud attacks and act on them.
7. Avoid misconduct fines - Chargebacks cost business in both profit and reputation, avoid them!

Barach concludes, "An event as fantastic as the World Cup should be a positive experience, highlighting a brilliant sport and offering a superb opportunity for businesses to prosper. Unfortunately to succeed businesses must protect themselves against fraud. This is why we at Jumio believe in not only providing cutting edge technological solutions for payment authentication and ID verification but also offering expert advice and insight."

About Jumio:
Jumio is a next-generation payments and ID software-as-a-service company that utilizes proprietary computer vision technology to reduce mobile/online payment and ID friction and fraud, while increasing revenue and customer satisfaction.

The company's mission is to provide its clients with intuitive, consumer-facing technologies that make it possible to conduct a wide range of mobile transactions without a single keystroke.

Half of the top 10 consumer internet companies, along with hundreds of other retailers, financial institutions, marketplaces, gaming companies and more have adopted Jumio products to enable their customers to efficiently speed through sign-up and checkout processes yielding not only higher completion rates but an improved customer experience.

Jumio has received numerous innovation awards from leading industry associations and is listed on The Sharepost 100 as one of the world's most innovative and compelling private companies.

Jumio was founded in 2010 by CEO Daniel Mattes and is backed by top tier investors including Andreessen Horowitz, Citi Ventures and Facebook Co-Founder, Eduardo Saverin. Headquartered in Palo Alto, Jumio operates globally with offices in the US and Europe and processes credentials issued by over 100 countries. For more information, visit http://www.jumio.com/

(1) https://www.sabric.co.za/Downloads/PDF-Documents/SABRIC-CARD-FRAUD-SA-2010-2011.aspx

(2) https://www.sabric.co.za/Downloads/PDF-Documents/SABRIC-CARD-FRAUD-SA-2010-2011.aspx

(3) http://www.aciworldwide.com/~/media/files/collateral/aci_aite_global_consumers_react_to_rising_fraud_1012

(4) http://www.aciworldwide.com/~/media/files/collateral/aci_aite_global_consumers_react_to_rising_fraud_1012

(5) http://www.forbes.com/sites/halahtouryalai/2012/10/22/countries-with-the-most-card-fraud-u-s-and-mexico/

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
Some people worry that OpenStack is more flash then substance; however, for many customers this could not be farther from the truth. No other technology equalizes the playing field between vendors while giving your internal teams better access than ever to infrastructure when they need it. In his session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will talk through some real-world OpenStack deployments and look into the ways this can benefit customers of all sizes....