Concerns of Fraud For Virtual Goods
Concerns of Fraud For Virtual Goods
Concerns of Fraud For Virtual Goods
With the massive increase in the online purchase of virtual goods comes an increased fear of fraud. According to a recent article published by the WSJ, merchants selling digital or virtual goods online lost 1.9% to fraud in 2009 as opposed to 1.1% for physical goods.
One would be forgiven for thinking that criminals would have little interest in virtual goods which generally have a low price point and involve a complicated process for later monetising them. But it turns out that with no need for a physical address, unlike with physical goods; it's easier for fraudsters to establish successful yet illegal enterprises. This is a rapidly growing industry for fraudsters and in turn is becoming a significant issue which vendor's like Facebook and social gaming groups need to quickly address.
With the industry being so new it means there are methods criminals can use that are equally as new to detection systems. If fraud on virtual goods continues to rise at the current rate it will reach 2.3 % in 2010 as criminals become more sophisticated in their approach, and as the number of vendors of virtual goods continues to grow at unprecedented levels.
Fraud detection services traditionally charge for their services on a per transaction basis and generally focus on credit card related transactions with a mid-size transaction spend. They generally don't focus on the micro-transactions. What similar detection services focus on micro transactions, usually for virtual goods, that are ultimately billed back to a consumer's mobile phone bill? Also, with consumers wanting their virtual goods instantly, the delay a detection process causes poses a 'drop off' concern for vendors which then needs to be measured against their exposure to fraud.
However, companies like Facebook, who have a part in the selling process of these goods, are well aware of these risks and are taking steps to mitigate them.
Fraud is a real and sophisticated issue that these companies need to stay on top of. There seem to be many ways these fraudsters are taking advantage of consumers, and it's up to them to keep consumers protected from such threats.
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