Hiring Challenges for Online Fraud Prevention Jobs

online fraud prevention

With the almost daily coverage of the latest cyber attack or data breach, it’s not surprising to know that companies are spending more to make their data more secure. In fact, the amount of funding in fraud prevention will increase by 30 percent over the next four years, making spending on online fraud prevention more than 9 billion dollars by the end of the decade, according to Online Payment Fraud: Key Vertical Strategies and Management by Juniper Research.

The mobile phone that helps you navigate your life, stay connected to your family and friends, and manage your online banking has become the next big target in online fraud. Mobile devices originate around 40 percent of all consumer transactions. Companies have rolled out apps for mobile devices faster than they have rolled out protections to secure transactions sourced from mobile devices, differing from the way that they manage transactions on desktop machines.

Sectors of higher risk

A surprise addition to the top of the eRetail fraud list was airline ticketing. At around six percent of total likely fraud, airline ticketing security will need addressed due to the many ramifications associated with breaches of ticketing systems.

Online banking didn’t surprise anyone by being on the list. Since long before the days of highwaymen and outlaws, the banking sector is a logical target for the less than scrupulous. Around 27 percent of fraud focused on online banking.

The largest percentage of fraud attempts (65 percent) were identified in eRetail, specifically buy online, pay in store, and eGift Cards.

Concerning numbers

Fraud grew at a rate of over seven percent in 2015 compared to 2014. More to the point one per every 67 transactions are estimated to have been a fraud attempt. During the same 12 months, mobile device fraud skyrocketed almost 150 percent, compared to web-based fraud which only rose three percent.

Who is leading the fight

Juniper Research also gathered data about who is leading the fight against all of this rise in cybercrime. Of the 12 vendors they rated who were offering solutions, three rose to the top. CyberSource, Experian, and FICO proved the most well-versed in criteria that included innovation, partnerships, performance, and product offerings.

With the speed of change as we jump from desktop to mobile, security professionals are an essential component in any conversation. Contact the recruiters at Artemis to see how we can help you find your diligent risk and fraud specialist.

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