All posts with the tag Cyber Monday
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.
November is time to kick-off the holiday shopping season – with online sales volume expected to soar thanks to Black Friday and Cyber Monday. We put together a short fraud management checklist for merchants with five steps to help ensure fraud operations don’t get in the way of a great shopping experience for your customers and significant revenue for your business:
Define your holiday season goals and KPIs
During the holidays, many more good customers are looking to take advantage of the steep discounts and complete their gift shopping. Our data from last holiday season shows that despite the dramatic spike in the amount of incoming orders, online merchants did not experience an increase in fraud rates relatively to the overall sales volume. So one of the main challenges for fraud prevention and management teams is to avoid chargebacks while making sure you don’t reject good customers or negatively impact sales revenue.Read More
The holidays are an intense season for anyone in e-commerce, but those in charge of reviewing incoming orders for fraud really have their work cut out. Not only is there a dramatic increase in the overall orders, but Riskified’s data from previous holiday seasons shows that fraud on entry increases significantly as well. Whether this increase in fraud is driven by fraudsters taking advantage of dramatically increased sales or by consumers committing “friendly fraud” due to stringent returns policies, handling these orders correctly is a challenge.
A properly prepped fraud team, armed with the right tools, can help merchants recapture revenue from transactions they might ordinarily decline.
Following are four steps merchants can take to ensure optimal performance during the holidays:
1. Prepare your team for the spike in order volume
The biggest challenge risk management teams face during the holidays is the sudden, dramatic spike of incoming orders. It is imperative that orders be processed expeditiously, otherwise the back-log could have customers waiting several days for order confirmation.