Last week, the Ekata team attended Merchant Risk Council (MRC) Vegas. This is the largest event we attend annually and this year our presence was bigger than ever! Our team met with many of our customers, partners and made some new friends throughout the week. We were also honored and humbled to walk away away winning the MRC Technology Industry award.
We had hundreds of conversations while there and noticed some key trends and challenges that were on several merchant’s minds. The three we spent much of our time discussing were:
As machine learning continues to become an integral part of fighting fraud and mitigating risk, companies are leveraging 3rd party data providers in both proprietary and rules-based models to give their fraud strategy a competitive edge. We were encouraged to see how mainstream machine learning has become, not just for the large juggernauts of eCommerce but all merchants looking to improve fighting fraud while continue to streamline good customers. Learn more about leveraging machine learning here.
Account takeover fraud is on the rise, increasing by 80% in 2018 according to Signifyd. This method of fraud occurs when a fraudster logs into a consumer’s account and uses the consumer’s information to take an action, such as purchasing an item with their credit card and shipping it to themselves. It’s a more sophisticated fraud attack that requires merchants to look beyond key digital attributes and really focus on a comprehensive view of the identity data, utilizing the linkages between the digital and traditional data on a transaction. Learn more about account takeover, including new forms that are being seen, in our Five emerging eCommerce fraud threats eBook.
Merchants are seeing an uptick in friendly fraud, when a customer purchases something online and then contacts their credit card issuer to dispute the charge. One of the examples that was mentioned several times what the increase in chargeback associated with flash sales. A person will order a heavily discounted item, potentially several of them across multiple stores, and then claim they never received it. They are then issued a refund, and then turn around and sell the items at regular price online. Hear how one of our customers, GoPro handles friendly fraud in this 30 minute webinar.
We look forward to attending other events this year, including MRC Dublin in May, and continuing to share with merchants how our real-time global data, machine learning, and network insights can help them #FightFraudlikeaPro. To learn more contact us here.