Dodging Cyber-Fraud Bullets: How Pets4Homes Outfoxed Scammers with a Double-Barreled Approach

When UK households began mass pet shopping during the pandemic, cybercriminals saw an opportunity. Pets4Homes, a leading pet-classifieds platform, was besieged by scams. CEO Axel Lagercrantz instituted a 24/7 team to ward off these threats, proving that “Combating Pet Classifieds Fraud” requires a blend of cybersecurity and fraud detection. Better together, just like cats and laser pointers!

Hot Take:

Is it a bird? Is it a plane? No, it’s super…fraudsters? When UK households started pet shopping in droves during the pandemic, cybercriminals sniffed out the opportunity quicker than a bloodhound. Pets4Homes, a popular pet-classifieds platform, was in the doghouse, dealing with an array of scams and cyberattacks. But the CEO, Axel Lagercrantz, wasn’t about to roll over. A 24/7 reactive team was formed, combining fraud and cybersecurity efforts. The result? A drastic drop in fraud attempts. The lesson? Cybersecurity and fraud detection – better together than cats and laser pointers.

Key Points:

  • The COVID pandemic saw an increase in pet purchases in the UK, leading to a surge in fraud attempts on Pets4Homes.
  • CEO Axel Lagercrantz set up a 24/7 reactive team to tackle fraud and cybersecurity threats, resulting in a significant decrease in fraudulent activity.
  • Combining fraud and cybersecurity teams can enhance business security as seen in Pets4Homes case.
  • Transparent communication and shared resources between these teams can improve threat identification, monitoring, and response.
  • While collaboration is beneficial, maintaining some separation between fraud and cybersecurity is crucial due to different focus and required skill sets.

Need to know more?

Double Trouble, Double Solution

During the pandemic, pet demand spiked, and so did the interest of fraudsters. Pets4Homes was like a dog with a bone, creating a 24/7 team to sniff out fraud and cybersecurity threats. The result? A sizeable decrease in fraud attempts, proving that when it comes to tackling cybercrime, two heads are indeed better than one.

Breaking Silos, Catching Criminals

When it comes to tackling digital threats, Marit Rodevand, CEO and co-founder of Strise, believes in breaking down silos. By sharing findings, workflows, and resources, anti-fraud and cybersecurity teams can effectively identify, monitor, and respond to threats. But remember, this isn't a game of 'Chinese Whispers' - clear and transparent communication is key.

Harmonizing the Cat & the Dog

Eliza-May Austin, the co-founder and CEO of cybersecurity consultancy, advises against blindly merging cyber and anti-fraud teams. Instead, establishing a 'cyber-fraud' function, such as regular meetings among team members, can help in sharing threat information effectively. But watch out for jargon – a shared vocabulary is crucial for successful collaboration.

Keep Some Fences, Please!

While removing barriers between fraud detection and cybersecurity can be beneficial, each function requires its unique skill set. So, no need to force your cybersecurity analyst into becoming a fraud detective or vice versa. After all, a cybersecurity checklist is different from a Know Your Business (KYB) checklist. So, let's keep some fences intact while enjoying the neighbourly chat.
Tags: Cyber-Fraud Function, Cybercrime in UK, data theft, E-commerce Fraud, fraud prevention, Know Your Customer checks, Online Pet Scams