Ravelin

15/11/2023

We’ve just released the findings of the first definitive consumer fraud survey across Europe. And they might surprise you.

Call it first-party fraud, friendly fraud or consumer fraud but 40% of respondents admit to committing abuse or fraud against online businesses in the past year.

Who are they? What are their motivations? How do they go about it?

Read it all in Ravelin’s new survey.

https://bit.ly/49Dyn7S

Ravelin has completed the first definitive survey into consumer fraud across Europe.

31/10/2023

Will your online fraud product strategy stand the test of time? Read the 2023 Gartner report to find out which emerging online fraud technologies have long-term value…https://bit.ly/496ZSXc

Get your complimentary copy to discover the top eleven emerging technologies in online fraud detection and more.

28/09/2023

Why is account takeover (ATO) keeping fraud managers up at night? We surveyed 1,900 global fraud professionals and this is what we found:

Up to 35% identify lost revenue as the #1 risk of ATO.
Another 35% were most concerned with fines resulting from personal data theft.

This isn’t a surprise. The direct costs of ATO can be hefty, but the price tab attached to a data breach is eye-watering. Worst case scenario: the Information Commissioner’s Office (ICO) slaps your business with a fine of £18m or 4% of your global annual turnover.

When added to the other costs of ATO, it’s obvious how years of hard work and brand building can be wiped out in an instant.

So how can you protect your business from these threats?

In our upcoming webinar, ‘How to quantify your ATO problem: measuring the scale and cost of account takeover’, we’ll provide you with a framework to identify and quantify ATO.

Chris Boynton, Fraud Lead at Utility Warehouse will be joined by Ravelin Product Manager, Clayton Black to explore the operational and reputational costs of ATO and how merchants can calculate the total cost of this highly damaging fraud.

Are you looking to assess the true cost ATO to your business? Then join us by signing up here: https://bit.ly/3PpNdFJ

Webinar on how you can more accurately quantify the fallout of an ATO attack.

26/09/2023

"Friendly fraud" is on the rise ⚠️ A worrying 1.2% of online grocery orders are subject to friendly fraud. But the actual number is probably a lot higher than that.

Here are some ways your customers may be committing friendly fraud:

- Claiming their grocery order wasn’t delivered
- Claiming their refunds haven’t come through
- Disputing purchases that were made by someone they willingly shared their account with

Chargeback fees can cost anywhere from $20 and $100 - but this doesn't even take into account the hidden and indirect expenses.

Worse still, about 40% of customers who commit friendly fraud will try again within just two months.

How much is your business losing to customers abusing the chargeback process?

Let us know in the comments.

https://bit.ly/3t0GECc

Setting fraud thresholds is a complicated calculation, and how you measure the cost of chargebacks is a critical input. In this blog, we explore different approaches to counting the cost of chargebacks and their implications for your risk settings and profitability…

21/09/2023

How should merchants calculate the true cost of account takeover (ATO)?

Our survey of 1,900 fraud professionals from across 10 countries revealed the devastating cost of ATO.

Up to 40% of respondents report that losses were at least $5 million. And this is coming from online merchants with over $50 million in annual revenue: meaning they’re potentially losing 10% of revenue to ATO in a single year.

Factor in other fraud such as CNP, voucher, refund abuse - and that ATO is set to grow in the future.

Plus, lost goods and chargebacks are simply the tip of the iceberg. This is because ATO often involves a breach of personally identifiable information (PII).

In our upcoming webinar, ‘How to quantify your ATO problem: measuring the scale and cost of account takeover’, we’ll provide you with a framework to identify and quantify ATO.

Chris Boynton, Fraud Lead at Utility Warehouse will be joined by Ravelin Product Manager, Clayton Black to explore the operational and reputational costs of ATO and how merchants can calculate the total cost of this highly damaging fraud.

💡Are you looking to reduce spiralling ATO costs? Then join us by signing up here: https://bit.ly/3POEM8E

Webinar on how you can more accurately quantify the fallout of an ATO attack.

14/09/2023

To measure the success of your fraud prevention strategy, you need to ask yourself – are we effectively stopping fraud without damaging customer experiences? Check out our latest blog to learn about the critical metrics to help you figure out just that! https://tinyurl.com/3z7mpzh9

Fraud prevention is a delicate balance between stopping fraud and maintaining good customer experiences. But what is the most effective way to measure this outcome?

12/09/2023

🔒Online grocery payment fraud is on the rise for grocery merchants as fraudsters exploit the cost of living crisis - how can your business fight back? Get the latest insights on online payment fraud in grocery… https://tinyurl.com/mr39yzs2

06/09/2023

Online grocery buyers have higher expectations than ever. https://tinyurl.com/23cvydjp

⏰️ 38% want faster deliveries
🛒 39% are less likely to buy from stores with long, confusing checkouts
💸 60% look up online discounts before deciding where to shop

In response, many merchants now offer:

* Simple logins and card-on-file
* Online promotions
* Buy Online, Pickup In-Store

The problem is…

Bad actors are using these as vehicles to commit fraud against your business.

This doesn’t mean you should abandon these tactics.

After all, striving for a smoother, faster, and simpler customer experience is key.

Providing all of the above AND preventing fraud requires the right tool.

To find out what you can do to detect and prevent fraud (without hurting customer experience) — check out our updated report and infographic.

Grocery merchants, what are your top challenges? Find out how wider factors like the online sales boom, reduced footfall & order fulfilment strains impact your fraud risks...

31/08/2023

Criminal customers present a very real threat to your bottom line - but how do you protect your business, reform them as customers AND deter others from behaving badly? 💡https://bit.ly/3PgTCEy

There’s a new fraud threat on the rise – and it’s your customers. First-party fraud is infamously tricky to catch and a huge revenue risk. How can you detect and deter criminal behavior in your customer base?

29/08/2023

Over 50% of merchants report losing up to $5 million a year to account takeover! We're joined by Chris Boynton, Fraud Lead at Utility Warehouse, to explore why this could be pennies compared to what you’re actually losing…

Webinar on how you can more accurately quantify the fallout of an ATO attack.

17/08/2023

Ecommerce fraud is costing businesses like yours an average of $4.5 million dollars a year and fraudsters are only getting savvier - how can you catch fraud before it happens? Our latest blog dives into key fraud indicators merchants are using to stay ahead of bad actors… https://bit.ly/3s8jFEF

There are several factors you can use to identify fraud ahead of time. We cover why there’s no single best indicator and how you should use data to better prevent growing fraud...

15/08/2023

Customers behaving badly is one of the fastest growing threats to your online business and bottom line. And, according to our findings, over a third of ecommerce finance leaders agree.

Tactics include:

- Friendly fraud
- Refund/returns abuse
- Promotions abuse

And these activities can range from opportunistic behavior to straight up crime.

The million dollar question is – how can you safeguard profit, discourage abuse and prevent fraud without losing genuine customers?

A good place to start is analyzing your data to find what's normal behavior among your customers. Your machine learning models need to know what genuine, opportunistic and fraudulent behavior looks like for YOUR business to act accordingly. But you need good data!

Our latest survey into global fraud trends covers all of the above and more... https://bit.ly/45nfG5m

How does your business deal with criminal customers?

How have global approaches to fraud & payments changed over the past year? Read the 2023 survey to find out the top priorities for 1900 ecommerce professionals…