Zelle & ApplePay Make Moves to Shift Fraud Liability; Binance Exposed for Enabling Terrorism

Fraudology is presented by Sardine.In this episode of Fraudology, host Karisse Hendrick delves into the pivotal shifts in liability rules for ApplePay on Card-Not-Present transactions, and on the Zelle network. For Zelle, the news about a potential liability shift is designed to protect consumers from scam-induced losses. As financial institutions prepare for an overhaul that positions them to absorb losses from deceptively induced transactions, Karisse examines the potential impacts on fraud prevention and customer safety. Furthermore, Karisse takes a critical look at the fallout from Binance's regulatory violations; exploring the heavy $4 billion penalty levied against the cryptocurrency exchange for its failure to implement necessary Know Your Customer (KYC) checks and to report suspicious activities. Karisse discusses how Binance's actions facilitated illegal activity including terrorism, ransomware, and child exploitation materials. Highlighting the broader consequences of neglecting robust fraud prevention measures and the essential need for companies to prioritize compliance to safeguard against financial crimes.Articles mentioned in this episode:Zelle News:https://www.nytimes.com/2022/11/28/business/zelle-scams-banks-reimburse.htmlBinance News:https://www.justice.gov/opa/pr/binance-and-ceo-plead-guilty-federal-charges-4b-resolutionhttps://frankonfraud.com/fraud-trends/greed-and-avarice-binance-never-filed-a-single-sar-ever/Visa/ApplePay ECI 05 Messaging Confirmation:E-Commerce Transactions Using Credential-On-File Tokens Provisioned From a Device-Based Token May Be Classified as ECI 05Regions: US, Canada15 Dec 2022Effective 15 April 2023, cardholder-initiated transactions using a credential-on-file token provisioned from a device-based token will be reclassified as electronic commerce indicator (ECI) 05, subject to meeting specified requirements.Halfway Down This Page:https://usa.visa.com/support/merchant/library/visa-merchant-business-news-digest.html#:~:text=Effective%2015%20April%202023%2C%20cardholder,subject%20to%20meeting%20specified%20requirements.Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast semi weekly, on Tuesdays and Thursdays.Mentioned in this episode:2023-q4-postroll sardine 1

Om Podcasten

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". Just like sociology is the study of social behavior, and psychology is the study of human behavior, Fraudology is the science and study of fraud. On the Fraudology podcast, long-time online fraud expert, Karisse Hendrick will dive into all areas of Fraudology from the perspective of a fraud-fighter. With guests ranging from former cybercriminals to fraud-fighters at Fortune 500 companies to law enforcement and others, you will no doubt be entertained, while learning a lot about fraud & other forms of abuse prevention! Subscribe to be alerted when a new episode is out and please rate & review where you can, to help others find this new & unique podcast!