In a highly competitive business landscape, it’s important for eCommerce merchants to identify and capitalize on new growth engines. In the past year, Russia and many of its neighboring countries exhibited the highest eCommerce growth in Europe, and Eastern Europe became the fourth largest eCommerce market in the world. Estonia showed a 35% hike in online sales in 2016, while Ukraine saw an incline of 31%. As the number of internet users continues to increase, countries that were members of the former Soviet Union present an enormous opportunity for online merchants.Read More
Email is an extremely valuable tool for marketers. It not only enables brands to reach the right people with the right messages at the right times, it also delivers the best ROI of any marketing channel. In a 2017 Email Benchmarking Report produced by Digital Doughnut for dotmailer, respondents cited a return on investment of £39/$39 for every £1/$1 spent; that’s huge.
Email has been a common marketing vehicle since the 90s and as such, it’s sometimes viewed as a task that marketers can do with their eyes shut. However, without the proper care and attention, dropping the ball can lead to all sorts of problems – and we mean big problems, like fraud.Read More
In the past, credit card fraud was commonly determined by checking whether a shopper’s credit card matched their ID. With the advent of online retail, however, catching fraudsters became a more complex task and many merchants resorted to automatically declining orders containing data mismatches.
Initially this approach seemed practical, as the majority of eCommerce stores catered to a domestic market, which meant fewer legitimate reasons for discrepancies between a credit card BIN country and shipping destination (for example). Today, with a rapidly expanding global customer base, there are many situations where mismatches are explainable – or even to be expected – in good orders.Read More
It’s the 2nd largest eCommerce market in Latin America, with nearly 60 million internet users. More than half of online shoppers frequent international websites, and online purchases are expected to hit $65 billion by 2020. So why are so many eCommerce merchants so cautious with Mexican orders, to the extent of blocking Mexican IPs altogether?
Mexico has a bad reputation when it comes to online fraud. In 2015, the Ingenico global online fraud report found that the Mexican chargeback rates was 3 times higher than the global average, so it’s hardly surprising that fear of fraud leads many eCommerce merchants to shut their virtual doors to Mexican consumers. In this post, I’ll demonstrate how businesses who block Mexican orders are making a costly mistake – turning away many good customers and a lot of revenue. I’ll also provide tips for managing fraud from this market.Read More
The holidays are only a few weeks away, and fraud teams are gearing up for yet another record-breaking season; sales forecasts call for a 10% to 16.6% volume increase over last year. To help fraud teams prepare for the order surge, we took a close look at last year’s holiday shopping and fraud patterns. Here’s what we found.Read More
Most of you have heard of Tinder: the highly addictive (or so I’ve been told) dating application. Since launching in 2012, the original swiping app has generated over 20 billion matches which, yes, is far more than the number of humans on the planet.
A lot of Tinder’s success can be attributed to very advanced algorithms which ensure that people with high probabilities of mutual interest are shown to each other. That’s right: the profiles displayed to Tinder users are not shown in random order, they are placed very deliberately.
The specifics of the algorithms are kept secret to prevent users from gaming the system and competitors from stealing it. But we do know a big part of their technology is built on a platform called elastic – and Tinder generates 280 million queries on this system every day.Read More
Fraudsters employ all sorts of tricks to deceive online retailers and get away with eCommerce fraud. In previous Halloween posts we shared best practices for deciphering between good and bad orders, as well as tips for unmasking fraudsters (while keeping false declines to a minimum).
This Halloween, we’ve decided to put our readers to the test! Take our quiz, based on data from real orders we’ve reviewed, to find out if you’re easily tricked, or could cut it as a fraud analyst!
Good luck…Read More
No merchant is immune to the risk of attack from sophisticated fraud rings. And even if you think your eCommerce store is handling that risk well, complacency is a dangerous choice. Threats from fraud rings often arise unexpectedly and the strategies and schemes they use are continuously evolving.
On average, fraud costs merchants 8% of their annual revenue, and fraud rings account for much of the large-scale fraud that merchants encounter. In this post, I examine the dangers posed by fraud rings and provide actionable tips to help businesses detect and foil these attacks.Read More
Riskified is pleased to share our ‘Visualizing eCommerce’ series, a new interactive medium our readers can use to review data they don’t usually have access to, mainly around eCommerce fraud. Our first installation is a world map, organized according to approval rate categories.
Geographic data is based on IP address. Hovering over each country will reveal which industry encounters the highest and lowest rates of fraud, as well as the highest and lowest cart values.Read More
Everyone has heard about it by now. Equifax, a provider of credit scores, was hacked between May and July of this year. PII (Personally Identifying Information) for about 140 million Americans was potentially compromised, as well as the details of over two-hundred thousand credit cards.
We’ve been hearing a lot of concerns from merchants that the Equifax breach could result in more fraud attacks and chargebacks for their eCommerce stores–and wondering if they need to be more cautious in approving orders now. But despite some recent scary headlines, we’d like to urge eCommerce retailers to stay calm. Overreacting to this breach is likely to cause more problems than it solves.Read More