Refunding Fraud. 2016, I started talking about it. It had been going on in the criminal world a couple years. I published the article below on Linkedin that year. I keynoted the Card Not Present® Conference shortly after. Karisse Hendrick and the group at CNP were kind enough to bring me in to speak. I warned all the merchants Refund Fraud had not only redefined cybercrime for criminals, but also was coming for everyone there.
The response was Crickets. From almost everyone except law enforcement. Well, not at Amazon; they had been instituting a boat load of changes to mitigate the Fraud. But Crickets most everywhere else.
Why? Good Rhetorical Question. Let’s just say that most companies adopt an approach of waiting until they are attacked before they implement proper security. Then they spend a lot of money while they run around screaming like Richard Pryor with his head on fire.
Around 2020 that began to change. The Tipping Point had been reached a couple years prior. The Good Guys finally realized it. Everyone was suddenly Richard Pryor.
December, 2023. 10 years since Organized Refund Fraud emerged as one of the defining trends of Cybercrime.
Today, Companies and Consultants offer roundtables to discuss Refunding, along with products and services to try to mitigate it. Amazon has started filing lawsuits against Refund Fraudsters. Law Enforcement–with a small amount of assistance from Yours Truly–has arrested over 300 upper level Refunders in the past few months.
Times have changed. Well…maybe.
The Truth? The Truth is the Good Guys still Don’t Get It. Well, law enforcement and a few others “Get it.”
And that sounds like an excellent point to discuss on an episode of Criminal Thoughts I’m recording today, airing in a couple weeks. Working title?
“Identifying Cybercrime Trends and Disrupting Their Environments.” #cybercrime #cybersecurity #crime #fraud #refunds #criminalthoughtspodcast #Telegram #darkweb
Amazon Refunding: Meat and Potatoes for the Cybercrime World linkedin.com/pulse/amazon-r
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