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October 2010

Ezzie Schaff: Fighting online fraud requires delicate balance

I've been battling online fraud for a decade and the job doesn't get any easier. The fraudsters are continually looking for new ways to deceive and steal, requiring constant vigilance. In the past, fraudsters were easier to spot, such as someone in another country ordering an international shipment. Today, sophisticated fraudsters are using tactics likes spoofing their IP addresses and using U.S.-based shippers. Every day, we're up against new schemes. What may have worked to fight fraud even just a year or two ago can quickly become ineffective. At Ice.com, where we sell high-ticket jewelry items that cost anywhere from $50 to $50,000, we have to be especially on guard. In retail, jewelry usually commands a higher street value, making it particularly attractive to criminals. While you can't completely eliminate fraud, you can minimize it. One countermeasure we've found to be highly successful in beating back fraud is knowledge-based authentication (KBA). We use the technology to verify the identities of customers calling into ...

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