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Spinzo's Follow-the-Fraudster Technology Puts Sports Teams at Ease, and Keeps Fraudsters at Bay
Saturday, September 28, 2024
SAINT JOHN, NB, Sept. 20, 2024 /PRNewswire/ - Spinzo, a leading provider of customized ticket sales solutions for sports teams, venues, and events, continues its leadership role in ticket sales fraud prevention. Trusted by some of the world's most notable sports teams and venues, the technology keeps fraudsters out and legitimate buyers in, making for a more sustainable marketplace.
Unique Forms of Credit Card Fraud
Spinzo is keenly focused on preventing a new type of credit card fraud, one in which fraudsters get an account with a digital bank and issue dozens of credit cards under fake aliases. The purpose of this scheme is to evade ticket limits and scoop up all the ticket sales inventory. Sophisticated bad actors will also use VPNs and continuous cookie-clearing technology to evade most systems.
Spinzo addresses this by analyzing purchase trends and clustering transactions by the issuing bank of credit cards. When a digital bank's cards are being used in high frequency, it is noted as a potential fraudster. Spinzo's follow-the-fraudster technology can then capture all the cards used by the bad actor, in addition to other identifying factors. Spinzo also contacts digital banks directly to report these fraudsters and selectively blocks digital card types of high fraud prevalence.
Cottage Industry Brokers
Some people buy and re-sell tickets as a main gig or side hustle, but these can sometimes be classified as "fraud" in cases where they break impersonation laws while blatantly ignoring terms and conditions of ticket sales buy-flows. Spinzo has captured the identities of numerous brokers who often use dozens of aliases to purchase tickets across North America with the purpose of reselling at a higher price.
Spinzo's follow-the-broker technology compares various elements of broker behavior, including the use of the same credit card for tickets at many different sports teams within the same day. Once discovered, Spinzo continues to allow the broker to browse and attempt purchases, all while collecting more information about the broker and their payment methods.
When banning brokers, Spinzo goes beyond email address and phone number. It leverages other identifying and clustering techniques to put an end to this behavior.
Stolen Cards
Spinzo handles stolen cards with ease, given its heavy use of 3D Secure technology, requiring cardholders to be present on a device that they would normally use. In the absence of that, two-factor authentication is used, run by the issuing bank. Interestingly, some credit card thieves evade these systems, which is why Spinzo selectively performs additional address verifications in suspicious circumstances.
$0 Invoiced for Chargebacks
Spinzo does not invoice sports teams or venues for chargebacks, whether tagged as "fraudulent", "product not received", or "product unacceptable". This puts Spinzo in a whole new league when it comes to sanctity of ticket fund flows.
Spinzo remains committed to driving innovation in the ticketing industry, particularly in the area of fraud prevention.
About Spinzo
Spinzo provides creative ticket sales solutions that are trusted by the world's most prominent sports teams, venues, and events. The promotional sales platform powers group ticketing, theme nights, community engagements, ticket distribution, fundraisers, and flex plans. It is heavily relied upon by sales, marketing, and operations departments in the live events industry. Spinzo also provides strategic growth consulting, assists in revenue-driving activities, and manages the industry-popular Ticket Playbook community with regular learning sessions. For more information, visit spinzo.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/spinzos-follow-the-fraudster-technology-puts-sports-teams-at-ease-and-keeps-fraudsters-at-bay-302253977.html
SOURCE Spinzo Corporation
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