Weeks before Women’s day, a poll was conducted on the experience of women in the society and the gap between males and females across the planet. But the CNP Expo 2019 somehow managed to research on the experience of women in fraud and chargeback cases.
The quiz was to determine whether women are involved in carrying out fraudulent activities or not while discovering how it affects gender.
Here are significant findings that were derived from the research:
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Women are less fraudulent or are good at it
Due to the nature of transactions conducted by phone or on online platforms, the researchers couldn’t determine the gender of the prospect. The researchers, therefore, used data derived from the names of customer accounts to determine their gender.
According to the research, the rate of fraud linked to checkouts by men was 30% higher than in women. Male checkouts were 1.3 times likely to be tied to fraud. We could therefore say the female gender is less likely to participate in fraud or is more sophisticated in their techniques. It is also important to consider that fraudsters often use female names to earn more trust from a merchant.
Rate of Fraud Per Industry
Different industries experience varying fraud rates from different genders. Here is a look at the rate per sector:
- Sectors prone to female-fraud – it is likely for female related fraud to occur in beauty and smoking product industries.
- Sectors prone to male-fraud – men are likely to carry out fraud in sectors that sell jewelry and beauty related products.
- Other industries have an equal rate of fraud from both the male and the female gender. These industries include traveling, show business, and coupons.
The Gap in Gender Fraud
The analysis of fraud data in different industries revealed that in an industry high risk merchant account that trades in male products, there was a high likelihood of female related fraud and the vice versa was true.
Moreover, in industries that registered similar gender-based sales, both male and female fraud-related cases were prevalent. The varying changes in sales patterns are due to the evolving changes in both males and females in society.
Admittedly, women have been left in the fight against CNP scam and minimizing the gap between male and female gender. Women must participate in campaigns that are struggling to prevent CNP related fraud.
As a relatively new industry, CNP fraud mitigation is yet to start implementing gender-based equality, but improvements are being made to include women in the struggle to fight fraud.
The rate of fraud cases by both males and female is proof that both genders should be included in the campaign against fraud.
Conclusion
Women should be included in the fight against CNP Fraud. Mitigating these problems is important in protecting merchants from these scams that threaten to shake their bottom line.
