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
July is a big month in North America. Canadians usher in the month with Canada Day festivities, and as their celebrations settle down, Americans light up the barbecues and start celebrating the 4th of July. For many of us, telling Canadians and Americans apart is no easy task (unless they happen to utter a keyword like “about”).
Canadians are often perceived as more polite, and Americans as more animated, or extroverted. But when it comes to online shopping, there are more noticeable differences. To honor these two great nations on their holidays, Riskified provides insights into some lesser known differences between the US and Canada.Read More
With over 1.2 billion international tourist arrivals registered worldwide in 2015, the online travel industry is experiencing an explosion in demand. Online travel merchants can take advantage of the growing number of travelers who use digital channels to book their flights. Digital travel sales in the United States alone were valued at over $200 billion in 2015, and globally, it is projected that online travel revenues will reach $762 billion by 2019.
Riskified’s work with leading travel merchants, as well as Fortune 500 companies across verticals, has given us great insight into helping merchants overcome the CNP fraud challenges they face. We are currently in the process of compiling a report sharing data about fraud patterns in online travel, and best practices for travel merchants looking to safely increase approval rates. Following is a sneak peek at the report, which will be published in the coming weeks.Read More
As the global eCommerce market grows and fraudster methodology evolves, new fraud management approaches and tools are being introduced at a fast pace. Trying to stay on top of developments in the eCommerce fraud prevention landscape can be overwhelming and time consuming.
Riskified is proud to present the eCommerce Fraud Solution Buyer’s Kit, a comprehensive series of resources designed to guide executives, decision makers, and procurement professionals through the process of assessing current fraud management performance and understanding which available approaches and solutions can best meet their needs.Read More
The global eCommerce market is booming with shoppers of every age and background buying online. In brick-and-mortar stores, recognizing and addressing customers’ needs is relatively straight forward, but for eCommerce merchants, learning to gauge the shopping experience can be challenging. It is not always easy to understand what brings customers back to a site or shopping app and what may be turning them away.
Riskified joined forces with user-generated content platform Yotpo to create the following infographic, which provides eCommerce businesses with stats demonstrating the importance of the online shopping experience and offers advice for enhancing the eCommerce customer experience.Read More
For retailers, omni-channel sales is the new business imperative. Brands are now required to be anywhere and everywhere just to keep up with the competition and the line between digital and physical shopping is becoming increasingly blurred. From leading global luxury retailers such as Burberry and FarFetch, to large American retail chains such as Macy’s and Kohl’s – everyone is turning to new business flows to meet the demands of consumers.
One of the most popular omni-channel flow is allowing shoppers to buy online and pick up items in the store, commonly known as “Buy Online, Pick Up In-Store,” or “Click and Collect”. This flow holds a lot of potential for brick & mortar retailers. For starters, it’s in high demand. A recent study showed that nearly half of US consumers (44%) want the option to collect their purchase at a physical store immediately after purchasing online. But this shopping flow is also advantageous for retailers; it gets customers into physical store locations where they are likely to make additional purchases.
However, making customers happy requires not only offering the shopping flows they expect, but also great execution, and there are a couple of major challenges retailers need to overcome in order to successfully pull off in-store pickup. The first challenge is risk – this shopping flow exposes retailers to a myriad of fraud-related vulnerabilities. The second challenge is operational – retailers need to make sure the merchandise is ready to be picked up when the customer arrives in the store.
In this post, we will discuss the fraud-related challenges associated with in-store pickup, and explain how retailers can overcome them.Read More