Does your fraud strategy pass the Taylor Swift test? Don’t lose good bookings to bad technology
Riskified Blog » Fraud Prevention
by Cristina Dinozo
2M ago
Air travel and events ticketing are both lucrative segments for fraudsters and can be risky for merchants. Flight bookings in 2024 were +14% riskier compared to the previous year, and the events ticket industry showed a 22% yearly increase in fraud attempts. But with flights and live-event venues filling up in the post-pandemic economy, merchants can’t afford to mistake good customers for bad actors or vice versa. And with the wrong fraud technology, that’s exactly what can happen. (Cue I Did Something Bad) Here’s an example: A European adventure, Swiftie-style A Canadian couple has a fantas ..read more
Visit website
Holiday sales surge or fraud frenzy? Navigating the risks of peak shopping season
Riskified Blog » Fraud Prevention
by Cristina Dinozo
2M ago
For seasoned retailers, it might feel that the all-important holiday shopping season comes around sooner every year. As merchants worldwide gear up for the surge in sales that Black Friday and the holiday season brings, the urgency to maximize sales needs to be coupled with an urgency to mitigate losses.  Sadly, booming sales also signal booming periods of fraud and abuse. As this critical three-month period commences, new strategies are emerging to help merchants achieve the ultimate balancing act: maximize profits and minimize fraud without compromising customer experience. Black Frida ..read more
Visit website
Why refund fraud and policy abuse heats up in summer
Riskified Blog » Fraud Prevention
by Joe Gelman
8M ago
For every type of fraud, there is a season. Gift card fraud, for example, rises around Mother’s Day, Valentine’s Day, and Christmas. Ecommerce fraud teams face a holiday hangover of chargebacks after the end-of-year gift-giving season. And policy abuse — including refund and returns, reseller, as well as promo and coupon fraud — tends to surge in summer. Until now, the reason for that summer uptick has remained a mystery. Merchants reported the summertime rise in fraudulent returns, misuse of promotion codes and discounts, and other types of policy abuse in recent research, Policy abuse and i ..read more
Visit website
Riskified research shows everybody loves gift cards — including fraudsters
Riskified Blog » Fraud Prevention
by Laura Dobbins
9M 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
Visit website
Cutting through chargeback chaos: Top tips to streamline chargeback management 
Riskified Blog » Fraud Prevention
by Laura Dobbins
9M 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
Visit website
Three surprising costs of chargebacks and their impact on ecommerce
Riskified Blog » Fraud Prevention
by Alon Livneh
10M 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
Visit website
Unlock revenue by optimizing payment authorization rates and reducing issuer declines
Riskified Blog » Fraud Prevention
by Ann Tsunakawa
11M 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
Visit website
Human + machine: Winning chargeback management in 2024
Riskified Blog » Fraud Prevention
by Alon Livneh
1y 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
Visit website
Three remedies for fraud teams facing a big holiday hangover
Riskified Blog » Fraud Prevention
by Karl Weiss
1y 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
Visit website
Fraud in the forecast? How CFOs take unpredictability off the table
Riskified Blog » Fraud Prevention
by Ephraim Rinsky
1y 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
Visit website

Follow Riskified Blog » Fraud Prevention on FeedSpot

Continue with Google
Continue with Apple
OR