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
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organi...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
It is ironic, but perhaps not unexpected, that many organizations who want the benefits of using an Agile approach to deliver software use a waterfall approach to adopting Agile practices: they form plans, they set milestones, and they measure progress by how many teams they have engaged. Old habits die hard, but like most waterfall software projects, most waterfall-style Agile adoption efforts fail to produce the results desired. The problem is that to get the results they want, they have to ch...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
"We focus on composable infrastructure. Composable infrastructure has been named by companies like Gartner as the evolution of the IT infrastructure where everything is now driven by software," explained Bruno Andrade, CEO and Founder of HTBase, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, discussed some of the security challenges of the IoT infrastructure and related how these aspects impact Smart Living. The material was delivered interac...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, Doug Vanderweide, an instructor at Linux Academy, discussed why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers wit...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
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...
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...