Fraud is an ever-growing problem, continuing to threaten businesses as the attacks develop and become more sophisticated. A recent study found that the total cost of ecommerce fraud to merchants will exceed $48 billion USD globally in 2023* and Visa has recently seen an increase in fraudulent activity in the form of enumeration (BIN) attacks. In response to this, Visa has recommended adopting a layered approach to tackle fraud, using as many fraud protection methods as you can.
Along with passing on Visa’s advice, Checkout.com would also like to remind you of best practices to help prevent these attacks and other types of fraud across all card schemes.
An enumeration attack, also known as a BIN attack or brute force attack, is when a fraudster systematically submits Card Not Present (CNP) purchases through an ecommerce website targeting a specific account range or issuer Bank Identification Number (BIN). Software is used to run a script of BIN numbers, usually at high velocity and often with a low value. These transactions are often in large bursts within a short period of time, gathering information on which accounts are real.
The fraudster uses the authentication response to identify legitimate and active account numbers, leading to other higher value fraudulent purchase attempts using the payment account information they have gathered.
Our Fraud Detection tool lets you control the type of payments you accept and reduce the risk of fraud. This includes pre-configured setup and block list, pre-set fraud rules, and Machine Learning (ML) with fixed thresholds to decline, approve, or send transactions for 3D Secure authentication.
The tool lets you make minor edits to some pre-set rules and add further rules from a pre-set list. You can test these changes before implementation using our shadow-mode testing feature and access a full suite of analytics and reports within the tool.
We are regularly releasing new Fraud Detection features and making improvements to suit the developing fraud landscape.
If you would like any further information or have any questions, please contact your Checkout.com support team who will be happy to help.