Hybrid Customers and Hybrid Attacks: What’s Going On?

What we’ve seen emerge from the pandemic are two types of consumers – experienced online shoppers and new online shoppers. Merchants need to personalize their ecommerce stores to meet the needs of both groups. 

In this presentation, ClearSale’s EVP and Partner Rafael Lourenco will share important insights from ClearSale's State of Consumer Attitudes on Ecommerce, Fraud & CX annual study, which measures and tracks ongoing shifts in consumer behavior as ecommerce evolves. 

Get in-depth knowledge on what keeps customers coming back to your online store. It is no surprise that price and shipping are at the top of the list, but the customer experience is emerging as a deciding factor for success. Additionally, Rafael will share how payment barriers impact consumers and why payment options, such as digital wallets, BOPIS, BNPL are gaining massive popularity, especially among younger consumers.

This session will educate businesses either currently operating or expanding into LATAM on the most pressing issues in the region. Panelists will cover the regulatory landscape; top attack trends including scams and ATO; fraud scams with PIX and alternative payment methods; and how authentication and EMV 3DS is evolving in the region.

Balancing fraud mitigation with false declines with a positive customer experience is one of the greatest challenges for e-commerce fraud fighters. There’s no magic formula, and few believe they have achieved the optimal state.  

Unfortunately, consumers and their authentication habits (or lack thereof) are part of the problem. Join this session to see hot-of-the-presses research from Aite-Novarica Group that explores U.S., U.K., and Singapore consumers’ authentication perceptions and preferences, how those have changed over the past 5 years, and the impact of fraud and false declines on consumers’ interactions with e-commerce merchants and issuers.

The fraud prevention industry is peppered with hundreds of vendors who mainly solve for third-party identity theft fraud. Some vendors branch out into synthetic fraud, including manipulated or fabricated identities, yet very few vendors tackle first-party fraud. First-party fraud is defined as the use of one’s own identity to open an account and use it to commit a dishonest act for personal or financial gain. It remains an elusive problem because there are no consumer victims in chargebacks, disputes, or overdraft fraud. Moreover, when it comes to the granular semantics of first-party fraud, different opinions start to clout the agreed-upon definition, making it difficult to classify, pinpoint, and ultimately combat these dishonest acts. 

Join this session to hear from industry experts about: Where do manipulated identity or rewards gaming abuse fall on the spectrum between first-party and synthetic fraud?  How do these categorizations differ by industry? In what ways do our assumptions around these semantics turn into ineffective proxies for first-party fraud?  How can we differentiate between a consumer’s intent to commit a dishonest act, versus a consumer who was manipulated into a dishonest act, versus a consumer making an honest mistake? 

The key is context. We need to understand a consumer’s act in context of other financial decisions they’ve made across various life stages, across different financial institutions, and across various economic environments. Behavioral anomalies across time and space will serve as better proxies in determining whether a consumer is a true first-party fraudster or whether new socio-economic conditions or happenstance interactions with malicious actors have resulted in a first-party-like occurrence. 

In order to achieve this level of context, a multi-industry data consortium is required. Consumer transactional behavior can then be analyzed across the financial ecosystem, over time, to correlate actions with true first-party fraud and to promote an ecosystem of trust.

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The Merchant Risk Council (MRC), Cybersource, and Verifi present the results of the 2022 Global Fraud and Payments Survey in an educational report that conveys transparent and unbiased research. This report is based on a survey of MRC and non-MRC merchants from around the globe, who were asked about their eCommerce fraud and payments practices. The survey sample included a diverse mix of small businesses (SMBs), mid-market, and enterprise merchants, representing organizations based throughout the North American, European, Asia-Pacific (APAC), and Latin American (LATAM) regions. The research was conducted in November and December of 2021.

The survey results provide the MRC merchant community with the latest industry fraud data and fraud management methods used by their peers, along with a robust set of performance benchmarks that members can use to help optimize their fraud management and prevention practices. In addition, the survey delves into today’s rapidly changing payments landscape to examine the range of different payment acceptance, management, and partnership practices merchants are deploying, globally and across key subsegments, as well as the reasons why they are adopting these payment strategies and tactics in the current commercial environment.

It’s a difficult balancing act to deliver an exceptional, low-friction customer experience while combating fraud. How can merchants wow their online customers while protecting themselves from risk?

Join Ekata and MRC to learn actionable insights on implementing holistic fraud prevention strategies, such as multi-layered risk assessments from sign-up through transaction, to achieve this balance and send your good customers down a low-friction path while stopping fraudsters at the door.

 During this webinar, we’ll discuss:

•  Which stages of the customer journey are targets for fraudsters
•  Why a holistic approach to fraud prevention is key
•  How to leverage data to create more confident risk decisions at all stages of the customer journey
•  How automation enables low-friction, personalised customer experiences

Africa and Latin America are pushing payments innovation and shaping the global digital economy's future. APMs (Alternative Payment Methods) are in the spotlight, essential measures for global companies to thrive in those hyper-growth markets. The future of payments is alternative and instant, ranging from digital wallets and mobile money to instant payments.

Learn the essential payments and e-commerce trends in rising economies through in-depth analysis and up-to-date data from influential industry experts:

• An overview of payments in digital commerce in Latin America
• The vast advance of cross-border in Latin America
• Africa: a hyper-growing, mobile-driven digital market
• Alternative payments in rising economies
• Leading verticals growing double-digits

The email address still reigns in our increasingly digital-first transactional society. From opening bank accounts and credit cards to establishing app and ecommerce profiles, the email address remains a central proxy for identity.

Since the pandemic, digital transactions have increased exponentially, along with malicious activity throughout the customer journey. Companies are challenged to identify and address potential fraud with each account origination, app download, transaction, or account change. With email intelligence data and the right workflows companies can combat these threats.

AtData, along with Spec, will show you how to easily and quickly use email data to seamlessly manage risk throughout the customer journey.

Key Takeaways:

• Making your first-party digital data work for you
• Preventing fraud from initial engagement to loyal customer transactions
• Improving speed to implementation of fraud prevention strategies
• Best practices for a frictionless customer journey

In this webinar, we’ll explore the preliminary findings from the 2023 Chargeback Field Report, which offers retailers, FIs, consumers and other stakeholders a look at the current state of chargebacks.

A cooperative effort by Chargebacks911® and Digital Commerce 360®, this study provides a snapshot of current fraud trends. The report highlights key pain points for merchants, and gathers qualitative data from consumers to gain perspective on how customers address transaction disputes. Finally, the report will help identify misconceptions and misunderstandings between merchants and consumers when it comes to chargebacks.
 

Attendees will get a sneak peek into the results before the report’s release, and will learn:

• What fraud threats are top of mind for merchants in 2023
• The current state of chargebacks and fraud in card-not-present transactions
• What new approaches  merchants are taking to fight and prevent illegitimate chargebacks 
• Consumer perspectives on chargebacks and what leads buyers to dispute purchases

It’s Time for a New Approach: Digital trust and safety is shaping up to become a critical, revolutionary issue for online organizations, communities and everyday users. The online world depends on being able to move forward with trusted interactions, which are only possible when you know who is real and who isn’t. The value of trust far outweighs the cost of fraud. Organizations that can successfully identify trust in online interactions will improve the customer experience and strengthen brand loyalty while extending customer lifetime value.

At the core of trust in online engagements is digital identity verification. And at the core of identity verification is identity trust. If a user’s identity can’t be verified, how can that user be trusted? Even with verified identities, it’s even more important to establish that the individual behind the identity can be trusted. This guide provides best practices any organization can follow to develop effective trust and safety initiatives to protect their platform and their users.

Putting digital trust and safety into operation is a daunting job. It affects everything from the development of online products to setting standards, deploying internal teams and enforcing policies. It’s also too big of a job to do alone. Implementing an effective digital trust and safety culture requires partnering with social, government, law enforcement and technology organizations. These third parties can share useful information and meaningful insight around risk and best practices.

How iGaming Industry Growth and Fraud Correlate:

The global online gambling market size has a compound annual growth rate of 13.2%. Driven by the popularity of mobile gaming, the market value is projected to generate just over $117 billion by 2025.

This massive industry growth has led to fraud increases. For example, bonus abuse rose 72% between 2018 and 2019, and account takeovers increased by 90% from 2020 to 2021, costing an estimated $11.4 billion in damage. Balancing fraud prevention with a positive customer experience is a big challenge for operators. But there is a solution. And awareness of common types of fraud and how to stop them is the first step.