Riskified research shows everybody loves gift cards — including fraudsters
Riskified » Fraud Prevention
by Laura Dobbins
6d ago
It's easy to understand why everybody loves gift cards, especially the digital kind.  For gift givers, an online gift card is an instant and virtually effortless win.  For the recipient, gift cards are easy to spend, can be used to purchase a wide variety of products, and last for a while.  For merchants, gift cards provide a powerful marketing tool and help build customer loyalty.  So you won’t find it surprising that the number of card purchases and payments Riskified processed from merchants in 2023 was almost double the number processed in 2021.  Unfortunately ..read more
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Cutting through chargeback chaos: Top tips to streamline chargeback management 
Riskified » Fraud Prevention
by Laura Dobbins
3w ago
Let’s face it: Chargebacks can be an operational nightmare for ecommerce, stemming from the increasing complexity of customer shopping habits and the pandemic-related surge in online sales. Not only do you face the challenge of processing high volume, but you also deal with compiling compelling evidence from widely disparate systems — it’s an impossible situation at times, leading to chargeback chaos and lost revenue.   The conditions for chargeback management’s perfect storm    Recent years have seen ecommerce sales and subsequent chargebacks skyrocket. In the last year a ..read more
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Three surprising costs of chargebacks and their impact on ecommerce
Riskified » Fraud Prevention
by Alon Livneh
1M ago
No online merchant will be surprised to hear chargebacks are rising. In the last year alone, more than three out of four customers in the United Kingdom and United States filed a chargeback — an all-time high. The global volume of chargebacks is expected to reach $165B in 2024. During the COVID pandemic, chargebacks became popular for their convenience and safety. Customers shopped online in their droves while physical stores were closed, but people were also less inclined to go through the returns process, which usually still involved an in-store visit or a trip to the post office. However ..read more
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Unlock revenue by optimizing payment authorization rates and reducing issuer declines
Riskified » Fraud Prevention
by Ann Tsunakawa
2M ago
Here’s a story about Chris, an honest consumer buying his partner a gift on your ecommerce site. Chris fills his cart and clicks to complete the purchase.  Then, the unexpected happens. Chris’s card issuer refuses to authorize the transaction. Maybe Chris was shopping while on an overseas trip, the gift he chose was unusually pricy, or the issuer has low thresholds for merchants like you. Regardless, Chris gets annoyed because he’s been unjustly denied, and he blames you. So he abandons his cart and decides to shop elsewhere. You’ve lost the sale, lost a good customer, and likely paid th ..read more
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Human + machine: Winning chargeback management in 2024
Riskified » Fraud Prevention
by Alon Livneh
4M ago
Fraud managers and analysts know how much work it can take to win a chargeback dispute. In addition to curating evidence, analysts spend their time manually consolidating and organizing data, divvying up work, formatting and submitting evidence, and tracking status. And when you want to track overall program performance, there’s more manual work ahead of you. Make no mistake, analysts can contribute significantly to winning disputes, which makes tedious tasks a waste of their expertise and insight. If menial work takes up too much of the analyst’s time, win rates suffer because they are focus ..read more
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Three remedies for fraud teams facing a big holiday hangover
Riskified » Fraud Prevention
by Karl Weiss
5M ago
Across the ecommerce organization, from marketers to webmasters, the post-holiday period brings high-fives and sweet relief. Everyone gets to recover a bit after the insanity of the Q4 shopping season.  Everyone except for fraud managers, that is. In the fraud prevention world, insanity season is just beginning. There’s a deluge of returns and the potential of returns abuse that follows gift-giving season — and there’s a mind-boggling volume of chargebacks to review, dispute, and track.  These factors combine to create the notorious “holiday hangover” familiar to fraud teams in the ..read more
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Fraud in the forecast? How CFOs take unpredictability off the table
Riskified » Fraud Prevention
by Ephraim Rinsky
6M ago
This content was paid for and produced by Riskified in partnership with the Commercial Department of the Financial Times. Minimizing risk exposure is a core responsibility for CFOs in any organization. In ecommerce, the danger of a major fraud attack is always lurking, creating not only a constant threat of catastrophic losses, but also an ongoing forecasting nightmare – a concern especially acute for public companies. Chargebacks, in particular, are a forecasting wildcard. With legacy anti-fraud strategies, chargebacks represent a huge unknown: will a company lose nothing next quarter to cha ..read more
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Fraud Is Unpredictable, Profitability Shouldn’t Be: Why the C-Suite Needs an Accountable Fraud Management Partner
Riskified » Fraud Prevention
by Jeff Otto
9M ago
Accountability is the glue that holds our operations together. It's about taking responsibility for maintaining the integrity of our business environment. Just as we're responsible for the well-being of our families and communities, as executive leaders, we're accountable for our teams' success and the outcomes they achieve. However, confusion often arises between accountability and consequences. Consider hiring someone to park your car – if they damage it and you decide not to hire them again, that's a consequence. But you're still left with a damaged car that requires costly repairs. On the ..read more
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 AusPayNet: 6 Surprising Things Every Merchant Needs to Know About Its CNP Fraud Mitigation Framework
Riskified » Fraud Prevention
by Basil Salah
10M ago
Ever heard of the Australia Payments Network (AusPayNet) CNP Fraud Mitigation Framework? If not, you’re not alone. And you’re fortunate. Merchants taking card-not-present (CNP) payments in Australia often learn the hard way about this fraud-reduction program when they get dinged for excessive chargebacks by the Australian Payments Network (AusPayNet). How do we know? Because they frequently then call us for help: “What do I do now?” Riskified can help address the issue (see below) or can even help you avoid the situation altogether with a little understanding of how the Framework operates. He ..read more
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How Fraudsters Make Money From Ecommerce Fraud: A Guide to Squashing Their Profitability
Riskified » Fraud Prevention
by Eyal Elazar
11M ago
Crime pays (a lot), according to Riskified data. Our recent analysis on how fraudsters make money shows it takes just 90 minutes of work per week for them to reap returns from malicious activity — and with a $30k weekly investment, fraudsters can generate more than $50k in weekly revenue. Despite this easy payday, there’s plenty that merchants can do to put fraudsters out of business. Breaking Down the Ecommerce Fraudster Business Model From obtaining stolen credit card details to buying and deploying a shopping bot and checking and tweaking strategy, the daily tasks of an online fraudster ar ..read more
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