Kirna Zabête is a luxury fashion boutique located in New York City’s SoHo neighborhood. Sarah Easley (nicknamed Kirna) and Beth Buccini (aka Zabête), cofounded the store 15 years ago and still select every item sold today. Their goal continues to be providing their customers with carefully curated collections of the best edit of established and emerging designers in the world.
We sat down with Eileen Shulock, VP of eCommerce at Kirna Zabête, to talk about how luxury brands can mimic the in-store customer experience online, the difficulties faced by in-house fraud management teams, and why Kirna Zabête ultimately decided to outsource its fraud operations.Read More
Now’s a great time to be a US-based online retailer. Not only is the eCommerce market constantly growing, but also a larger portion of holiday shopping is moving online. In fact, US consumers estimate that online purchases will account for 46% of their 2015 holiday shopping.
Purchases by customers located outside the US, also known as cross-border sales, hold an even greater potential for US retailers. The global B2C cross-border eCommerce market was worth $230b last year, and 82% of global consumers reported making an online purchase from a merchant based outside of their home country. Especially during Black Friday and Cyber Monday, international consumers will most likely be looking to take advantage of US sales.Read More
November is time to kick-off the holiday shopping season – with online sales volume expected to soar thanks to Black Friday and Cyber Monday. We put together a short fraud management checklist for merchants with five steps to help ensure fraud operations don’t get in the way of a great shopping experience for your customers and significant revenue for your business:
Define your holiday season goals and KPIs
During the holidays, many more good customers are looking to take advantage of the steep discounts and complete their gift shopping. Our data from last holiday season shows that despite the dramatic spike in the amount of incoming orders, online merchants did not experience an increase in fraud rates relatively to the overall sales volume. So one of the main challenges for fraud prevention and management teams is to avoid chargebacks while making sure you don’t reject good customers or negatively impact sales revenue.Read More
In the world of CNP fraud, every day is Halloween. Excluding exposed fraud, which is fairly uncommon, perpetrators of online fraud go to lengths to conceal their identity and location in an attempt to fool eCommerce merchants. In this post, we provide an overview of the various techniques and methods employed by fraudsters to disguise themselves and give some pointers on how to identify these tricks for what they are.
The most basic of ‘disguises’ used by fraudsters to to avoid getting caught are fake names. To make a fraudulent transaction appear legitimate, fraudsters employ the following methods:Read More
( This article first appeared as a guest post on the I Love Fashion Retail blog )
Fashion retailers, especially those selling luxury and high-end goods, are often targeted by fraudsters. While the rollout of pin-and-chip credit cards is expected to reduce fraud rates in brick-and-mortar stores across the US, this technology is not effective in online transactions. As they are liable for fraud, eCommerce merchants naturally strive to avoid accepting fraudulent transactions and incurring the related chargebacks. Regrettably, this leads to risk-averse policies that result in good customers being rejected along with fraudsters. We have seen many cases of retailers missing out on expansion opportunities due to fear of fraud.
Riskified has the pleasure of partnering with some great fashion brands and retailers, including Ssense, Far Fetch, Vestiaire Collective, Burton, Portero Luxury, and Ghurka, to name a few. In this post, we share best practices for online fashion retailers looking to avoid fraud without turning away good customers.
Last month, our team attended two outstanding industry events – the Merchant Risk Council (MRC) US Platinum Meeting in New Orleans, and the eCommerce Paris event in Paris, France. We really enjoyed connecting with merchants and discussing the fraud related challenges they face, such as the implementation of EMV in the United States.
Riskified also presented as a speaker at each event, and we used the opportunity to highlight our collaboration with other outstanding eCommerce organizations and brands. At the MRC Platinum Meeting, we presented the interactive Cost of Fraud Calculator, built in collaboration with the MRC. In Paris, Michael Benisti, Director of Payments at French luxury retailer Vestiaire Collective, co-presented with us about how Riskified helps merchants eliminate chargebacks without increasing customer friction.Read More
Portero Luxury launched in 2004 as an online marketplace for consumers looking for pre-owned or rare luxury items. Based in New York City, Portero’s inventory includes the world’s most recognizable fashion designers such as Chanel, Hermes, and Bulgari. In an industry where consumers expect quality, the company sources every article from vetted suppliers and has live chat representatives available on their website to provide quick and accessible customer support.
We interviewed Alexis Clarbour, Director of Portero, who shared her tips for building a strong brand, optimizing customer experience, and combatting fraud. Clarbour also spoke about the substantial positive impact the company’s partnership with Riskified has had on its acceptance rate of international transactions.Read More
We recently published a report on fraud in the ticketing industry, based on data we compiled in the process of our work with leading ticketing merchants. Now, we’ve taken some of the key data sets from it and presented them in an informative infographic. Use it to get a visual window into the patterns fraudsters exhibit when targeting event ticket sales. After you’ve finished looking it over, you can download the report itself to gain even more insights into the data presented here.Read More
Despite growing awareness about the issue of false declines among eCommerce merchants, it is inherently an “invisible” problem. How can retailers measure or know how many of the orders they declined due to fear of fraud were actually valid and should have been approved? Only a small percent of customers’ whose orders are declined will reach out to the merchant, and in many cases fraudsters will also file a complaint over having their order “wrongly” declined. In short, it’s difficult to know which declined transactions should have been approved.
To better understand the true scale of the false declines problem, Riskified commissioned a white paper from strategy & research company Javelin. Javelin surveyed 3,200 consumers about their experiences with credit card declines in 2014. In this post, we share some key findings from this research into the impact false declines have on consumers in the US.Read More
It’s an exciting time to be in the event ticket industry. In the US alone, online retail sales are expected to reach $334 billion this year, and will continue growing. Online event ticket sales, meanwhile, are projected to grow at an average annual rate of 3.1% between now and 2019.
Riskified has been fortunate to work with some great ticketing merchants, including viagogo and Ticket Evolution, and has been helping them drive ticket sales while avoiding CNP fraud. Today, we published a report about fraud in the ticketing industry, based on data we compiled in the process of our work.
The following post includes a small taste of the insights and data included in our report about CNP fraud in the ticketing industry.Read More