Riskified Joins Movement to Shine a Spotlight on Fraud

Member News
Glenn Sinclair, Riskified
Nov 14, 2023
Member News

International Fraud Awareness Week kicks off Nov. 12, 2023 worldwide

New York, NY– November 12, 2023 – Fraud costs organizations worldwide an estimated 5 percent of their annual revenues, according to a study conducted by the Association of Certified Fraud Examiners (ACFE). (Occupational Fraud 2022: A Report to the Nations) analyzed 2,110 occupational fraud cases that caused a total loss of more than $3.6 billion. The impact of fraud is even more pronounced for businesses selling online: the estimated cost of ecommerce fraud is projected to be $48 billion in 2023, according to global data and business intelligence platform Statista.

The seriousness of the global fraud problem is why (Riskified) (NYSE: RSKD), a leader in ecommerce fraud and risk intelligence, announced that it will be participating in International Fraud Awareness Week, Nov. 12-18, 2023, as an official supporter to promote anti-fraud awareness and education. The movement, known commonly as Fraud Week, champions the need to proactively fight fraud and help safeguard business and investments from the growing fraud problem.

Riskified joins hundreds of organizations who have partnered with the ACFE, the world’s largest anti-fraud organization and premier provider of anti-fraud training and education, for the yearly Fraud Week campaign.

During Fraud Week, official supporters will engage in various activities, including hosting fraud awareness training for employees and/or the community, conducting employee surveys to assess levels of fraud awareness within their organization, posting articles on company websites and in newsletters and teaming up with local media to highlight the problem of fraud.

As part of this effort, Riskified is sharing articles, research studies, and merchant success stories that highlight the pervasiveness of fraud within the ecommerce space.

Riskified’s Chief Marketing Officer, Jeff Otto, states: “As commerce has grown online, so too has the sophistication of fraudsters who hide behind advanced algorithms and anonymity, eating into merchant profitability, and hurting the shopping experience for good customers. This is why Riskified was founded a decade ago, to empower merchants with groundbreaking AI-powered fraud and risk intelligence technology that creates a safer ecommerce world. We are proud to join the world’s leading organizations in shining the light on fraud and mitigating its negative impact on businesses and consumers.”

ACFE president John Gill, J.D., CFE, said that the support of organizations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness.

“Fraud is an issue that unfortunately affects people from all walks of life around the world and it takes many forms,” said Gill. “Whether it’s a trusted employee stealing from a small business, or organized rings of fraudsters targeting seniors in our community, most people know someone who’s been victimized by fraud. That’s why it’s so important for organizations to join in this fight together to raise awareness during this week. It is a serious problem that requires a proactive approach toward preventing it and educating people is the first step.”

For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit FraudWeek.com. 

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