14 Feb 2022 • 10 min read
14 Feb 2022 • 10 min read
Many people have been looking forward to Valentine’s Day since January, and so are the scammers. FBI's Houston Division is warning people to be on the alert for a variety of versions of "romance scams" as 14th Feb approaches. The fact is that FBI Houston spokesperson Christina Garza said Americans reported nearly $1,000,000,000 in losses due to the Valentine's Day Scam in 2021.
According to the National Retail Federation projections, this Valentine’s Day is shaping up to be a substantial spending holiday with estimates totaling $24 billion.
As a consequence, Identifying and don't fall for any scams is now a major concern. And Minimizing fraud is the top priority.
Image from Unsplash
From fake NFT sellers to online dating sites, website owners and consumers should always be on the alert for fake websites. Scammers can easily take over your account lifting official photos, sale promotions, and logos directly from the website. With professional graphics and unbeatable prices, scammers build an attractive website that looks eerily similar to the real thing.
Similar methods for fraudsters may be used to build fake online dating platforms, often used to take over the account of personal data and credit card information.
For businesses, the most common scam to be on guard for is counterfeiting. Scammers are out to make money and if they are eager to copy your success. This means they will often make fake versions of your products to trick consumers into purchasing them. Meanwhile, scammers use easily available tools, fraudsters plant malware to steal payment and account details of loyal consumers. This series of attacks and scams will undoubtedly cause huge losses and irreversible negative effects on your business and economy.
When it comes to avoiding scammers and Mitigate Fraud, businesses are advised to work with fraud management that can carry out monitoring to blocks fraudulent bot traffic in real-time, as well as malicious attack patterns. The enterprises now confront smart fraudsters.The financial losses, erosion of brand value and consumers churn are some of the biggest threats facing e-commerce platforms during Valentine's Day.
Being aware of changes in fraudster technology and upgrading defense accordingly is the best defense. With Environment Detection Analytic Model of GeeTest , through advanced machine learning models, GeeTest Adaptive CAPTCHA , the 4th generation of GeeTest CAPTCHA , accurately detects and blocks fraudulent bot traffic in real-time. These ML models are fed with our risk database which stores our anti-bot experience in the past 7 years and is shared with all GeeTest customers.
Image from GeeTest CAPTCHA v4 – Adaptive CAPTCHA
As a pioneer in bot management, GeeTest is passionate about solving bot problems more smartly. GeeTest Adaptive CAPTCHA always changes adaptive security strategies before attackers do. Meanwhile, it ensures both ease of use and security in every interaction.
Book a Demo here and Let's talk about your needs!
Marketing Manager @GeeTest
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