Beat Bad Bots: A Complete Guide to Protecting Your Digital Business From Costly Bot Attacks

Automated attacks leading to credential stuffing and account takeover fraud continue to present risks for merchants as the cost and investment of launching these attacks continues to plummet, making the ROI for criminals simply too attractive. Now more than ever, it is important to understand the economics of today’s most prevalent e-commerce cyber threats and their impact on your organization’s bottom line. Effective bot management now means cost management and if done right you can enhance operational efficiency, reduce business and financial risks, control IT spend, and strategically manage partner bots with accurate detection and deflection - all while providing a great customer experience.

Consumer spending patterns are predictable based on seasonality, industry, or payment type; but what a customer does after spending is unpredictable. When a consumer is dissatisfied with a product or service, how a merchant handles the post-purchase experience is critical to customer retention and dispute prevention. Merchants need to protect their business from losing revenue due to both true fraud and friendly fraud. Many advancements have been made in the payments industry to help the overall ecosystem reduce unnecessary disputes and combat friendly fraud. Our session will discuss consumer trends, network level dispute performance, new strategies to combat first-party misuse, and the evolution of compelling evidence. We’ll also have a European merchant share details about how they manage their post-purchase experience, both internally and for their customers. With this evolution of compelling evidence, merchants can now provide issuers with historical transaction details to confirm the legitimacy of a transaction and block illegitimate fraud claims by the consumer. This session will also cover how merchants can leverage this rule change in both the pre-dispute path (deflecting the dispute prior to formal processing) and post-dispute path (providing the qualified CE3.0 data in pre-arbitration) for Visa transactions. 

Attend this interactive fireside chat as leading subject matter experts discuss: How attackers can calculate their potential rate of return, as well as what factors make a potential payoff attractive.  

Automated attacks leading to credential stuffing and account takeover fraud continue to present risks for merchants as the cost and investment of launching these attacks continues to plummet, making the ROI for criminals simply too attractive. Now more than ever, it is important to understand the economics of today’s most prevalent e-commerce cyber threats and their impact on your organization’s bottom line. Effective bot management now means cost management and if done right you can enhance operational efficiency, reduce business and financial risks, control IT spend, and strategically manage partner bots with accurate detection and deflection - all while providing a great customer experience.

Bots have captured headlines a lot recently, but what’s not being talked about is the bot economy that supports sophisticated organized criminal activity which allows anyone to buy bots and use them online to do just about anything. This enables bad actor groups to function like legitimate businesses and fund other criminal schemes. What does this have to do with payment fraud? Because of this growing economy, HUMAN Security has observed a 98% increase in bot activity used to break into username-protected accounts (also known as account takeover) compared to the six months prior. While bots are a thriving, growing industry filled with good use cases, like chatbots, nefarious ones are increasing in popularity amongst bad actor groups to conduct schemes like credential stuffing attacks impacting financial transactions across the internet.

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

There are dozens of different tools designed to prevent chargebacks. In theory, multiple options should make it easier than ever to keep risk in check. But sometimes, new additions just add to the noise of an already complicated situation.

To help remove the complexities, the Midigator team will give a simplified, easy-to-understand explanation of each of the different tools on the market today.

• Identity verification (AVS, 3D Secure, card security code)
• Prevention alerts (Ethoca alerts, Verifi CDRN)
• Order validation (Visa Order Insight, Mastercard Consumer Clarity)
• Acquirer refunds (Visa RDR, Mastercard Collaboration)

With a detailed understanding of the pros and cons of each technique, you’ll be able to create a strategy that is just right for your business.

Learning Objectives:

• Learn how each of the different prevention solutions work
• Consider pros and cons of each technique
• Understand most relevant KPIs
• Review cases studies for ROI

Financial experts are predicting a recession in the near future. For merchants, that could mean a substantial loss of revenue. That’s why Chargeback Gurus has put together advice from industry leaders and subject-matter experts to help you weather the oncoming storm. Learn how Fortune 500 companies have built recession-proof businesses and how you can use effective transaction management to do the same.

Learning Objectives:

• How to grow your customer base during a recession using insights gained from transactions.
• How to improve customer retention by unlocking hidden sources of customer satisfaction data.
• How to protect your business from the spike in fraud and chargebacks that accompanies any economic downturn.

Chargebacks are evolving, but is the situation getting better? What’s changed for merchants over the last few months? And what new threats are they seeing just over the horizon?

Based on the upcoming Chargeback Field Report 2022, this free webinar offers a realistic look at the current state of chargebacks. See what merchants across all industries are saying about the problems they’re dealing with now, and what they’re doing to protect their future revenue.

Topics covered will include:

• Rising fraud threats: Where and how merchants are getting hit 
• Ongoing shifts in consumer shopping behaviors
• How technology is changing fraud and fraud-fighting
• Proactively dealing with the surging threat of friendly fraud

Learning Objectives: 

After attending this webinar, attendants will have a better understanding of how chargebacks are affecting the industry and how to utilize this information to protect their business. 

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.