"Many businesses actually lose a meaningful percentage of their advertizing budgets to eCommerce fraud"
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Stop Letting Psychological Bias Influence Your Fraud Operations

For better and worse, we humans are not driven strictly by logic and self-serving interests. While decisions based on empathy, social norms and love allow us to have a functioning society, they often fail us when it comes to managing a business. In business, it’s important that we try to overcome psychological biases and instead strive to make the best decisions based on data and facts.

The work of behavioral economists is devoted, among other things, to identifying and explaining the psychological biases that lead us to make suboptimal decisions. In this post, I’ll introduce a couple of well known behavioral economics terms and will illustrate their application in the field of eCommerce fraud management.

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What IsChargeback Insurance?

As the global eCommerce market continues to grow, eCommerce fraud will follow the same trend. Unfortunately, almost all eCommerce merchants have experienced the pain of fraudulent chargebacks. While it is possible to minimize chargebacks by rejecting all “risky” transactions, such a strategy is bad for business, as many good customers will be turned away along with the bad ones. In fact, our data suggests that 66% of orders typically declined by eCommerce merchants are actually placed by legitimate customers and should have been approved.

To help merchants accept more orders without the risk of costly chargebacks, we offer full chargeback insurance on all Riskified-approved orders. In this article, I explain how our chargeback insurance works, what it covers, and why Riskified offers this service.

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May 2015Events Recap

This month, our team attended three major industry events – the CNP expo in Orlando, the IRCE conference in Chicago, and the MRC Summit in Brussels, Belgium.

It was a pleasure to meet with both merchants and vendors, and to hear about their goals and challenges. Riskified was also honored to participate in several sessions during the MRC European Congress, including the Ignite session and the Future of Fraud Panel.

The Riskified team with colleagues at the MRC European Congress in Brussels (May 2015)
The Riskified team with colleagues at the MRC European Congress in Brussels (May 2015)
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Come Meet Us at IRCE (June 2-5, Chicago, US)

The Internet Retailer Conference and Exhibition (IRCE) is one of the world’s premier eCommerce events.  This year, the event is taking place at McCormick Place West in Chicago between June 2nd and June 5th. Riskified is proud to announce that we will be exhibiting throughout the conference and showcasing our eCommerce fraud prevention solution and chargeback insurance offering to attendees.

Interested in learning more about how Riskified’s solution can meet your eCommerce fraud needs?  Come visit us at booth #667 or click here to schedule a meeting.

We ValueYour Feedback

At Riskified we are constantly striving to provide our customers with the highest level of service and critical fraud prevention functionality.  We want to hear from you so we can better address your fraud prevention needs.  If you can spare 5 minutes of your time and complete our short survey we would greatly appreciate it.  Let’s put an end to eCommerce fraud together.

Click here to take our survey.

The Riskified Team.

How Fraudsters Are Wasting Your eCommerce Advertizing Budget

Customer acquisition is tough work. Whether your online store does a few thousand or many million of dollars in monthly revenue, driving traffic to your site and converting visitors into loyal customers is no easy task. Many eCommerce merchants spend significant funds and resources on marketing to ensure the right people find their store and buy their merchandise. But did you know that many of those businesses are actually losing a meaningful percentage of their advertizing budgets to eCommerce fraud?

You might think, ‘well, how does eCommerce fraud affect marketing budgets?’. Let’s look more closely at eCommerce fraud. According to the latest estimates, US-based eCommerce merchants lost over $3.4 billion in revenues due to fraud last year. That figure is set to double by 2018. While there are many eCommerce fraud prevention solutions available today, most still require human oversight and manual review of orders.

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Riskified Time Filter and DataExport Features Explained

As a risk management service that specializes in fraud prevention and data analysis, we understand the power of reporting tools and performance tracking. Our customers value information that helps analyze exactly what is going on in their sales pipeline – order review included. That is why we continue enhancing the features and analytics presented via the Riskified dashboard.

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Senior Manager? Fraud Prevention Is Your Responsibility

For online retailers, CNP fraud is a serious problem that will only get larger as the eCommerce market continues to grow. According to a recent report, fraudulent eCommerce transactions are projected to increase by 55% over the next 3 years, reaching approximately $18.5 billion by 2018 in the US market alone.

Despite this harsh reality, senior management isn’t giving this issue the attention that it deserves, as executives fail to recognize the correlation between fraud management and the company’s overall growth and success. It is common practice for fraud prevention to be assigned as a secondary task to the customer service or payments teams, and the resources allocated to handle fraud are insufficient. On top of that, fraud managers’ success is measured in very narrow terms. The wrong incentives and performance metrics are being put on the people managing fraud – more focused on lowering chargebacks than on protecting revenue.

In this post, we set-out the value of fraud management operations as a whole, and why it is imperative that senior management play a larger role and assume responsibility for this issue.

 

Why eCommerce CEOs Should Care About Risk Management

C-suite managers in eCommerce companies need to pay greater attention to online fraud management operations, because failing to appreciate the importance of risk management can negatively affect the entire organization’s success in a number of ways:

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April 2015 IndustryEvents Recap

 

Riskified had the opportunity to attend and exhibit at two great industry events in April –
Magento’s Imagine Commerce summit and Demandware’s XChange show. We met fascinating people and heard many insightful panel discussions, and wanted to share our impressions.

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How to Use Localization to Build a Global eCommerce Brand?

In the days when there was no Internet, nearly every business was local. There was no way small retailers could reach customers outside their geographical territory. But things changed dramatically with the emergence of the Internet and the advent of eCommerce. Nowadays when you decide to sell something online, you can have customers from any corner of the planet. Many retailers have an overwhelming urge to become global eCommerce brands; and why not? Every business needs more and more customers to grow, right?

But selling in the international market can be altogether different to what you may expect if you don’t have experience in cross-border eCommerce. You can not just make an international website for your US or UK business and expect to sell the same way in every country across the world. Having a multi-currency drop down menu on the website and accepting payments via credit card doesn’t make you a global seller. A lot more planning and execution work is required to develop an international market for your brand and it can be a long but rewarding journey for your eCommerce business. In this article, we want to provide advice about some critical steps involved in building a successful, global eCommerce brand.

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