Really? No. No. No way. Hi, guys. I’m CJ Zhuo and I’m an anti-fraud expert. Today in Tech in Asia, we’ll be debunking online fraud myths from the internet. The first myth, ecommerce fraud only happens when your credit card details are stolen. This is not true. Ecommerce fraud like loyalty program fraud, e-wallet fraud, and account takeovers does not require credit card details. Examples of loyalty fraud is frequent flyer programs where your miles are being compromised. E-wallets could be funded by bank accounts. So again, credit card details are not required. Account takeovers, you have a customer account with any ecommerce merchant. You would probably have your card saved in it. All the fraudsters need to do is to hack into your account and make purchases without having to steal credit cards. Next myth. After taking over an account, fraudsters wait for the right moment to use it. This is again not true. They will definitely not wait. When they buy compromised credit cards from the dark web, they would have put a certain amount of investment in it. It’s in their best interest to max out whatever is on that card before it is being blocked. It’s not about the right moment, but it is about the right or weak merchants that have zero to no fraud protection at all. The next myth. Fraudsters make small purchases to fly below the radar. This is not entirely false. What they like to do is to put through small amounts to test whether the card is valid or not. If the card is valid, they will decide to go in to make big purchases like smartphones, electronics. Their angle is to be able to buy products with high resale value in the market. The next myth. The only way to detect cyber fraud is to check your monthly credit statement. No! Consumers are definitely encouraged to sign up for SMS or email alerts that’s provided by your banks. And just one friendly tip is that do not share your credit card details, even with your friends or family members. Machines prevent fraud better than humans. This is not entirely true. Machine learning can provide a starting point for fraud prevention. It saves humans a lot of time to just dump a huge amount of data set for the machine to analyze and be able to give an outcome to whether that is a good or bad transaction. Machine learning is not always 100% in their prediction, which is why we need to work hand in hand with human expertise in order to create a more robust fraud prevention strategy. The next myth. International transactions are inherent fraud risks. No way. Regardless of international or domestic transactions, what the fraudsters want to be able to do is to get the most out of it within the fastest and easiest way. The next myth. Machine learning is something you just switch on and immediately benefit from. This is not true. Machine learning needs time to learn from the new data and be able to pick up patterns from it. As fraud evolves, it needs to constantly be fed with new data in order to make predictions more accurate. The last one. Machine learning is for big players only because it’s expensive, difficult to implement, and is used to solve problems faced by big companies. This is not true. It doesn’t matter whether it is a big or small company. They all face the same problems when it comes to fraud prevention. Machine learning can be expensive if you are looking at building in-house. As compared to if you prefer to outsource it to a vendor who provides that level of expertise. It’s actually not that expensive. I hope this video helped you to better understand ecommerce fraud. I’m CJ Zhuo. Thank you for watching.