“I would say Riskified changed our lives.”
Eileen Shulock, VP eCommerce at Kirna Zabête
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Fighting Fraud in Fashion: An Infographic for Merchants

We recently released a special report about CNP fraud in the fashion vertical, sharing data-based insights about fraud patterns in the world of online fashion sales as well as actionable tips based on our experience in managing fraud for both retail and high-end fashion merchants.

Riskified’s wonderful designers created the following infographic with some of the interesting data from the report:

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An Intro to Fraud in Online Fashion

The worldwide explosion of eCommerce presents huge domestic and cross-border opportunities for merchants in the fashion vertical. It’s estimated that global eCommerce sales of clothing and accessories hit an all time high of $85 billion in 2015. As increasing numbers of shoppers in emerging markets like China come online, both consumer fashion and luxury fashion retailers can take advantage of the increase in demand. By 2020, the value of cross-border eCommerce sales is projected to reach $1 trillion.

Riskified’s work with leading merchants in the fashion vertical – such as FarFetch, Ssense and Vestiaire Collective – provides us with a wealth of information about the eCommerce fraud challenges they face. We recently analyzed our data and compiled the findings into a report on card-not-present (CNP) fraud in the fashion vertical. In this post, we give you a taste of this report by sharing some of the insights included in it.

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Seek and You Shall Find:Improved Search Capabilities

Whether you are interested in checking the status of an order, submitting a chargeback for reimbursement or cancelling an approved order when you’ve run out of stock, the ability to find orders within the Riskified webapp is important for both fraud team members and executives.

Riskified is happy to announce that we have implemented a new and enhanced search feature to help you find orders within your Riskified account quickly and easily.

Using the new and improved search, you can find an order by searching for:

  • The order ID number
  • The first or last name of the customer who placed the order
  • The email address used in the order
  • You can also run a search query for part of the customer name, email address or order ID number
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The Holidays Are Over. Now What?

Ecommerce dominated the holiday shopping season this year, with steady year-over-year growth in both desktop and mobile sales. Cross-border eCommerce also increased in this holiday season, as consumers around the world took advantage of discounts and promotions on Single’s Day, Black Friday, Boxing Day, and Cyber Monday. But while there are a multitude of available stats about the volume of online sales, there is very little information about the rate of fraud during the 2015 holiday season.

In this post, we share Riskified’s observations about card not present (CNP) fraud during the 2015 holiday season. We explain how eCommerce merchants can learn from their holiday season challenges and mistakes, and share best practices for improving fraud management performance going forward.

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The Best eCommerce Conferences to Attend in 2016

It’s been a banner year for eCommerce revenues around the globe, and yet 2016 promises to bring even more explosive growth. A rising tide lifts all boats, and the trend towards deepening collaboration between everyone in the ecosystem – merchants, platforms, fraud prevention solution providers, and payment processors alike – will only become more prominent as eCommerce expands and matures.

Riskified makes sure to keep a finger on the pulse of the industry by participating in eCommerce conferences and events throughout the year. Attending these events allows us to gain insight into the issues facing merchants, to grow our connections and partnerships, and to stay up-to-date with the latest in eCommerce challenges, trends, and best practices.

We’re looking forward to attending some great events in 2016 and have compiled a list of recommended conferences for eCommerce executives this year (events Riskified will be attending are marked ***). We will be updating this list continuously throughout the year.

If you know of recommended industry events that aren’t on this list, please let us know in the comments section. If you’d like to meet up with Riskified at industry events this year, send us an email.

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Global eCommerce and Fraud Trends for 2016

With record breaking holiday sales, 2015 ended on a high note for eCommerce merchants. As more people come online around the world, global online purchases are projected to more than double to $3.551 trillion by 2019. In the following post, we cover the key trends eCommerce merchants should look out for in 2016, along with relevant fraud management advice.

 

Mobile Commerce (mCommerce) Continues To Rise

Mobile commerce, also known as mCommerce, is on the rise, and will only continue growing in importance in 2016.  In the US alone, mCommerce sales last year were estimated to total more than $100 billion, and accounted for 22% of all retail eCommerce sales. According to eMarketer, US consumers bought an estimated $48 billion worth of goods and services using mobile devices in 2015, a 32% increase over the previous year. In other markets, mCommerce is even more popular. In 2015, mobile sales accounted for 46% of all retail eCommerce sales in South Korea and for over 50% of all retail eCommerce sales in China.

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Merchant Spotlight - Q&A with Kirna Zabête

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.

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How US Online Retailers Can Easily Boost Revenue By Up To 12%

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.

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Are You Ready for Black Friday?  A Fraud Management Checklist

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:

 

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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.

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For Fraudsters, Every Day is Halloween

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.

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Fake Names

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: 

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