Pulling Back the Curtain: Understanding the Fraudsters’ Process

Riskified, iHerb
Apr 19, 2023

Fraud is a business, and a successful one at that. In fact, fraudsters regularly brag on forums about how their tactics can earn them $3000 or more a week. With that much cash on the line, it would be irresponsible to not stay on top of how fraudsters are talking, behaving, and at the end of the day, attacking. Although merchants leverage machine learning, the most sophisticated tool we have for assessing fraud and risk, fraudsters keep iterating until they find a pattern that gets through these systems. So what can merchants do about this “cat and mouse” game? In this presentation we’ll break down fraudster behavior one step at a time, so you can understand what’s really behind the fraud you see every day.

We’ll talk about:

  • What kind of tools fraudsters are selling to make fraud easy and scalable
  • The misconception that there are certain kinds of orders or segments that are ‘low risk’
  • Best practices for how fraud teams can keep up with fraudsters’ evolving tools and methods

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