It's Fraud Prevention Month, and in this episode of The Voice of Retail, host Michael LeBlanc chats with Moneris, Vice President of Customer Experience, Yale Holder, about the latest fraud prevention trends. They reveal how overall reported fraud has dropped, thanks to enhanced security tools and growing retailer awareness. However, in-person refund fraud and terminal theft are rising, illustrating how criminals shift tactics. Yale explains practical, low-cost strategies—like password protection and secure payment gateways—that every retailer can adopt to protect revenue and brand reputation.
In the latest episode of The Voice of Retail, host Michael LeBlanc speaks with Yale Holder, Vice President of Customer Experience at Moneris, about emerging retail fraud prevention trends and strategies for payment security. Drawing on Moneris’ extensive transaction data—covering billions of annual payments—Yale explains how fraud cases in 2024 dropped by 15% overall, primarily due to increased awareness and more widespread adoption of secure payment technologies. Despite this good news, he notes that the real challenge lies in underreported incidents, signalling that fraud may still be more prevalent than official numbers suggest.
Moneris Fraud Resources
https://www.moneris.com/en/solutions/fraud-prevention/resources
A key issue is mail order and telephone order (MOTO) fraud, which accounts for 62% of reported cases. According to Yale, criminals gravitate toward the easiest targets, and card-not-present transactions remain especially vulnerable. He recommends that retailers of all sizes adopt secure online gateways for phone or email orders rather than manually keying in credit card numbers. Yale also highlights how modern point-of-sale systems, such as Moneris’ new generation of devices, have built-in tools—like secure payment links—that help small businesses reduce fraud exposure.
While online fraud decreases thanks to built-in multi-factor authentication and centralized security measures, in-person fraud rises through “crimes of opportunity.” One growing concern is refund fraud involving stolen terminals, representing nearly a third of reported cases. Yale urges retailers to implement strong password protection on every terminal and to store portable devices securely. He underscores that these simple, often-overlooked steps can dramatically reduce refund fraud and terminal theft.
Regional insights reveal that Ontario leads with around 40% of reported fraud due to higher transaction volumes, followed by Quebec at 30%. Saskatchewan stands out for its high incidence of employee refund fraud, emphasizing the need for tighter controls and individual employee logins. Meanwhile, Alberta shows an uptick in account takeover, underscoring the importance of guarding personal and business information against phishing attacks.
Throughout the conversation, Yale returns to a central theme: proactive fraud prevention is far less costly than remedial action. He stresses immediate reporting of suspicious activity and diligent monitoring of transactions, enabling acquirers like Moneris to reverse or block fraudulent payments. From robust password protocols to leveraging secure e-commerce gateways, Yale’s guidance provides retailers with clear, actionable strategies to safeguard revenue and maintain consumer trust. Ultimately, the episode serves as both a wake-up call and a resource for merchants seeking to stay ahead in the evolving world of retail fraud.