The online gift card market is thriving. Ecommerce sales of gift cards are increasing by 29% YOY, and by 2018, the US gift card market is expected to be worth $160 billion, driven primarily by surging digital gift card sales.
Riskified’s work with Fortune 500 retailers who sell gift cards, as well as leading gift card-only merchants and P2P secondary gift card marketplaces, has afforded us enormous insight into the CNP fraud challenges facing gift card sellers. We have drawn on this experience to compile a report sharing data about fraud patterns in online gift card sales, and outlining best practices for anyone selling gift cards online. In this post, I share a few of the key findings that appear in the full report:Read More
Last year, to mark International Women’s Day, we researched the role of gender in CNP fraud patterns, and found that males committed fraud at a significantly higher rate than females. This year we decided to revisit the topic, analyzing hundreds of thousands of eCommerce transactions from global digital retailers to reveal some interesting findings about gender in the online market.
In the rapidly growing eCommerce market, high-friction and time-consuming identity verification processes can have a significant impact on customer acquisition and retention rates. Airlines and online travel agencies (OTAs) face the precarious balancing act of protecting revenue from CNP fraud, while providing a smooth shopping experience. When competing travel sites offer interchangeable products, brand loyalty is vital, as customers tend to be even less forgiving if merchants fail to meet their expectations.
In this article I share five actionable tips for driving online revenue while providing a good shopping experience without incurring fraud-related losses.Read More
The global jewelry and watch market is projected to be worth $407.5 billion by the end of 2019. With jewelry and watch retailers increasingly turning to eCommerce to reach new customers, growth will largely be fueled by digital sales. In fact, by 2020, online sales are expected to account for 25% of the global jewelry market.
But as eCommerce becomes more prominent, retailers need to adjust their fraud management processes to protect revenues while maximizing online sales.
Riskified has extensive experience protecting online jewellers and watch retailers from CNP fraud. We analyzed our data and compiled a report on trends and best practices for effectively distinguishing between legitimate orders and fraud in this industry. In this post, I offer a small taste of the insights that appear in the full report.Read More
We are excited to announce the addition of a new resource to our Buyer’s Kit: The CNP Fraud Lexicon. The Lexicon is a collection of the most pertinent concepts and expressions used within the fraud-prevention industry, all clearly explained. Our goal was to demystify many of the technical terms used by fraud analysts to describe fraudster behavior, benchmarking metrics, fraud prevention tools, and more.Read More
Chinese consumers purchased $589.6 billion worth of goods online in 2015, around 70% more than their US counterparts. In 2019, it’s anticipated that this figure will rise to an annual expenditure of $2 trillion – almost 4 times more than what Americans are expected to spend.
Unfortunately, international eCommerce merchants continue to miss out on some serious revenue from this burgeoning customer segment due to a fear of Card-Not-Present (CNP) fraud. As China celebrates the beginning of a new lunar year, I thought I’d take the opportunity to discuss some of the ways online retailers can increase their chances of successfully tapping into the most lucrative eCommerce market in the world.Read More
2016 was another stellar year for eCommerce. US online year-end sales matched forecasts and surpassed $110 billion, a 13% increase over the previous year. In China, Singles’ Day sales totaled $17.8 billion, breaking the record for single-day online revenue.
Global retail eCommerce sales are expected to reach $2.3 trillion in 2017, and by 2020 the market will be worth a whopping $4 trillion! In this post, I cover key trends eCommerce merchants should look out for in 2017, along with relevant fraud management advice.Read More
2016 was a huge year for eCommerce merchants, and forecasts indicate that 2017 won’t be slowing down. With global retail online sales set to reach a whopping $2.3 trillion, the eCommerce community – from online sellers, through to shopping platforms, payment processors, and fraud prevention solution providers – will need to collaborate more than ever to be on top of their game.
Industry events provide an opportunity to connect with peers, learn about changing trends, and stay informed of the latest best practice, and cutting edge technologies. We’ve put together a list of the best eCommerce & fraud conferences for industry and professionals to attend this year.Read More
Sneakers are a hot commodity, and an increasing preference for shopping online is fueling overall growth across this vertical. Industry leaders like Nike and Under Armour announced big gains in online sales last year, a big reason why the global athletic footwear market is projected to balloon to $220 billion by 2020. But this rapid growth presents new challenges to sneaker retailers, among them preventing Card Not Present (CNP) fraud.
When it comes to coping with the high rate of CNP fraud in sneakers, there’s no substitute for experience. Riskified provides fraud management services to several sneaker retailers, including Fortune 500 companies, and is familiar with the intricacies of safe and fraudulent online shopping patterns within the industry. We analyzed our data to compile a report for sneaker retailers, providing insights and best practices for detecting fraud while maximizing online revenue. In this post, I share some of the findings that appear in the full report.Read More
Airlines and online travel agencies (OTAs) invest considerable funds and go to great lengths in an effort to prevent online fraud. But while trying to avoid chargebacks, many travel merchants impose strict rules and filters that block not only fraud attempts, but also good customers. In the highly competitive online travel market, wrongly declining a good order and failing to provide a great online experience can mean losing not only the deal, but also all of the customer’s future business.
International backpackers are a key consumer segment that airlines and OTAs falsely decline on a regular basis. In this article, I explain why online purchases by global travelers between the ages of 18-25 tend to set off red flags in fraud detection systems, and share stats showing how safe these customers actually are.Read More