For online fraudsters who spend all year hiding behind masks, Halloween is just business as usual. Fraudsters who obtain stolen credit card details and hide behind makeshift email accounts are especially fond of digital goods, because of their high resale value and instantaneous over-the-web delivery. These goods, mainly digital gift cards, airline and event tickets tend to attract the most sophisticated and devious fraudsters.
Over the course of several years, Riskified reviewed millions of orders, including many instances of obvious and subtle fraud. Below, we lay out some of the most common ‘‘tricks” we’ve identified which fraudsters use to swindle retailers. These includes tips on shady order elements to look for, as well as methods used by fraud rings that our in-house tools were able to identify, and which we think merchants should be aware of as they track and review orders.Read More
The stress of the holiday season is intense, and all the more so for eCommerce fraud teams. Soaring order volume means there is less time to thoroughly review orders, and teams that hire seasonal help to keep up with the load have to rely on analysts that are less experienced at the tedious task of uncovering Card Not Present (CNP) fraud. Among the influx of orders are many new customers who present a huge opportunity for merchants, but they can also appear threatening–especially if they’re from new and unfamiliar markets. It’s crucial for merchants to be prepared for the fraud patterns that are likely to emerge between Black Friday and New Years.
Riskified helps hundreds of eCommerce merchants manage their fraud during the busy holiday season. We’ve drawn on our experience to present some tips on analyzing and organizing your data, so that your fraud team is situated to optimally handle the surge in orders, drive revenue, minimize false-positive declines, and maintain a smooth shopping experience for your customers.
Consumers are increasingly going online for their holiday shopping, with this season expected to generate the highest eCommerce order volume ever. Holiday shoppers present an enormous revenue opportunity to eCommerce retailers. However, this season is also a source of challenges for fraud teams: much of the order spike will come from hard-to-verify international cards, and since order amounts are greater, the stakes are higher on every approve/decline decision.
Riskified’s design team created the following infographic, which presents our fraud predictions for the upcoming holiday season. We hope this gives merchants and fraud teams valuable insights as they prepare to deal efficiently with what is expected to be the busiest and most successful holiday season to date.Read More
The global eCommerce market is booming, and consumer electronics are leading the way. By 2018, online consumer electronics sales are expected to reach $108.4 billion in the US alone. But a surge in online sales present not only opportunity, but new challenges as well, including preventing Card Not Present (CNP) fraud.
Effectively preventing CNP fraud requires familiarity with both safe and fraudulent online shopping patterns within the industry. Riskified provides fraud management services to dozens of consumer electronics retailers across the world, including Abt, ePrice, Digital River, Alcatel, and Skullcandy. We analyzed our data and put together a report specifically for consumer electronics retailers, providing insights and best practices for detecting fraud while maximizing online revenues. In this post, I share some of the findings that appear in the full report.Read More
Today’s college students are increasingly going online to spend their money, and retailers go to great lengths to attract this consumer segment. In fact, US college students have an estimated buying power of $545 billion, making them a very lucrative segment for online retailers to target. Many retailers offer deep student discounts and run high-profile ‘back to school’ campaigns in an attempt to capture some of the market.
However, many retailers fail to realize that fraud prevention measures are holding them back from maximizing online revenue from students. In this post we share key stats about the fraud patterns and online shopping behavior of US students, which we hope will allow merchants to capture more revenue from this consumer segment.Read More
There’s never been a better time to be an online travel merchant. It’s estimated that there were over 1.2 billion international tourist arrivals in 2015, and many of these travellers used digital channels to book their flights. In fact, digital travel sales topped $200 billion last year in the US alone. By 2020, the global online travel market is expected to be worth $817 billion.
Preventing card-not-present (CNP) fraud in the online travel vertical, however, presents unique challenges. Airlines and online travel agents (OTA) often respond to fraud attacks by implementing overly risk-averse measures that result in the rejection of good customers along with the bad. To help provide insights into consumer behavior and fraud patterns in online travel sales, Riskified analyzed its data and compiled the findings into a report on CNP fraud in the online travel vertical.
The report reveals whether fraudsters are more likely to target domestic or international flights, and shows how online purchases can be approved despite mismatches. We share some of the insights included in the report in the article below.Read More
At this year’s summer Olympics in Brazil, eCommerce retailers and elite athletes will have one important thing in common: opportunity. That’s because athletes and online retailers alike will also be hunting for gold and silver. For merchants, it will come in the form of the payments consumers will be handing out from their pockets via Brazilian digital sales channels. The stakes could not be higher; Brazil’s 2016 retail eCommerce market is estimated to be worth over $20 billion.
However, the Rio Olympics also offer more sinister parallels as well. Many online retailers are wary of Brazilian fraudsters, resulting in hesitation to take full advantage of the country’s market. The result is that – like Russian track & field athletes who saw their opportunity stripped via a blanket competition ban brought on due to a fear of doping – retailers face the prospect of their own chances to make the most out of the 10th largest eCommerce market being taken away over fear of fraud.Read More
Managing the data associated with eCommerce fraud prevention poses a unique set of challenges for enterprise retailers. Riskified is pleased to offer a Master Account integration, providing holding companies with a single platform to manage fraud operations across multiple brands. Below, I explain how Riskified allows every brand within a group to maintain control and visibility into fraud operations, while saving on IT resources.
Multiple Brands, One Integration
Riskified’s Master Account allows multi-brand holding companies to perform a single integration with Riskified, and then have their brands use that integration to submit orders for fraud review. An enterprise retailer responsible for five different brands, for example, would only need to integrate its systems with Riskified once, instead of carrying out an individual integration for every one of its brands.Read More
Providing an exceptional customer experience is important for eCommerce merchants. In fact, research firm Gartner estimates that in 2016, “89% of companies expect to compete mostly on the basis of customer experience“. To gain more insight into this topic, Riskified sat down with eCommerce expert Heather Nigro to discuss how retailers can optimize the digital shopping experience.
Heather told us about common mistakes brands make when it comes to the online shopping experience. We also discussed the KPIs retailers should track to improve customer experience, best practices for personalizing the online shopping journey, and how retailers can strike a balance between customization and intrusiveness.Read More
Riskified builds cutting edge technology and employs the world’s best fraud team so eCommerce merchants will be able to stay focused on growing their business. However, while we assume liability for every order we review and approve, it’s very important for us to provide merchants with full visibility into our performance. Today, Riskified is happy to announce an update to the data export feature that will greatly increase the transparency of the fraud review process for merchants.
Riskified customers can now export order level data for any given timeframe directly from the in-app dashboard. The exported CSV file will include key data points for every order, such as when the order was submitted for review, the review turnaround time, the reason an order was declined, and more. Our goal is to provide every merchants will all of the information necessary to analyze and assess Riskified’s fraud review performance.Read More