CNP inFocus

Refunding Fraud

Merchant Guide | 7 Steps to Stop Refunding Fraud

Professional refunders are helping customers obtain highly desirable items at a fraction of the cost. They have become experts in the intricate details of specific merchants' terms and conditions and they're using them against you... and unlike most other fraud, you won't get a chargeback notification so you don't even know when they are stealing from you.

 

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During this highly-anticipated CNP inFocus week, we took a deep dive into a brand new form of fraud that is starting to affect many mid to large e-commerce merchants, refunding fraud. This industrialization of friendly fraud is as difficult to root-out as it is highly profitable for fraudsters and CNP will be at the forefront of brainstorming ways to find and prevent it. 

• [webinar rebroadcast] Fraud-as-a-Service: Refunding Fraud, Merchants’ New Nightmare
• [feature] Refunding Fraud: The Industrialization of Friendly Fraud
• [article] Returns and Refunding Fraud Costing Merchants Millions

[merchant guide] 8 Keys to Communicating Your Fraud Team's Value

Despite your successes, a common problem fraud prevention professionals face is how to effectively communicate your team’s value to corporate leaders. Often, management thinks e-commerce fraud isn’t very significant or, even worse, that stopping fraud means saying “no” to sales. As a result, fraud departments are often unable to upgrade the technology they rely on or are left out of strategic decision-making, which can lead to more opportunity for fraudsters to empty the organization’s coffers.

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[feature article]: Using Data to Demonstrate Your Value and Get Your Fraud Team the Resources They Need

By Karisse Hendrick, Principal, Chargelytics Consulting

A common challenge for those fighting fraud on the “front lines” is effectively communicating the importance of their team, the technology they rely on and their overall value to the very company they work for. Often, corporate leadership thinks losses due to e-commerce fraud aren’t very significant or that stopping fraud is in direct conflict with higher sales volume. Fraud-fighting departments that are undervalued often have employees that feel unappreciated, and often underpaid. They’re unable to upgrade the fraud technology they rely on because their company is unwilling to shoulder the cost. And, they are often left out of strategic decision-making, which can lead to more opportunity for fraudsters to empty the organization’s coffers.

In order to convey the value of your department to leadership or cross-functional departments within your company, you need to...

[rebroadcast] LexisNexis® Risk Solutions 2020 True Cost of Fraud Study: Retail/E-Commerce Webinar

What impact does fraud really have on your business? If you think it’s just the cost of the goods that were stolen…you’re wrong. The retail edition of the LexisNexis® Risk Solutions 2020 True Cost of Fraud^TM Study found the cost of fraud to merchants across the U.S. increased 7.3% in the last year.

Learn which metrics will help you communicate your value to your leadership as well as, how fraud truly affects e-commerce retailers, which contributing factors affect the rise in the cost of fraud, how integrating a digital customer experience with fraud prevention can reduce fraud cost and what effects the Covid-19 pandemic is having on retail fraud.

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[feature article] Communicating Your Team’s Value in Tough Times: ‘You’ve Got to Sell it, and Sell it Hard’

Fraud pros expend a lot of time and energy in a very stressful environment trying to protect and grow revenue for their companies. Despite the blood, sweat and tears they devote to that task, they often struggle to demonstrate and explain to others—even those in their own organization—the value they provide.

Whether it’s how much money they’ve saved the company or why additional headcount for manual review would benefit the bottom line, fraud managers and analysts must often confront the question, even in the best of times, “how do I get them to understand our value?”

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Extraordinary Times: How Coronavirus Is Affecting Fraud & Payments

In this first session of the CNP Virtual Summit Series, Card Not Present Editor in Chief D.J. Murphy and Karisse Hendrick, founder and principal of Chargelytics Consulting talk about the impact of “the new normal” on fraud and payments in the digital commerce space. Learn how the pandemic has affected various e-commerce verticals, how fraudsters are taking advantage of the current situation and how fraud departments are adapting to work-from-home or reduced headcount due to illness.

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CNP Live Q&A: E-Commerce in a New Era

Card Not Present Editor-in-Chief D.J. Murphy and Karisse Hendrick, Founder and Principal of Chargelytics Consulting are joined by Holly Sandberg, Manager, Credit & Fraud at Paciolan and Imran Hussain, Director of Revenue Protection at Rocketmiles. These experienced operators will field questions from the CNP community relating directly to challenges merchants are facing today and provide effective actions you can take to protect your company.

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How the Carding Landscape Has Evolved: From Key Collections to Pandemic Implications

As we face an unprecedented pandemic across the globe, we must consider how it impacts the credit card fraud market, card shops, and other illicit communities. Editor-in-Chief DJ Murphy will be joined by Flashpoint’s Ian Gray & Mike Smola as they dive into card shops like Joker’s Stash, marketplaces like Genesis, and other collections, where fraudsters flock to get the tools and tactics they need to steal from your business.

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Fraud’s New Normal: Finding Predictability in Unpredictable Times

DJ is joined by industry experts Kaity Reagle, Head of Trust & Safety at Harry's, Inc
and Jeff Sakasegawa, Trust & Safety Architect at Sift to explore how to future-proof your business, the tools and processes you need to navigate these unpredictable times, trends that we are seeing and the different verticals most affected by the pandemic and how to ensure your digital trust and safety strategy continues to protect and grow your business

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Fraud Team Optics: Communicating with Upper Management Using Practical KPIs

Fraud teams often struggle to show others in their own company the value they bring. Whether it’s their impact on bottom line profits or justifying headcount for manual review, “how do I get them to understand our value?” is asked often. In our fifth education session for the CNP Virtual Summit Series, we will explore practical KPIs (Key Performance Indicators) you can use to demonstrate the value of your fraud prevention team to upper management and effectively leverage change in your organization.

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Covid-19: The Chargeback Effect

The COVID-19 crisis has driven consumers to eCommerce in unprecedented numbers—and businesses are struggling with a whole new set of challenges: broken supply lines, order cancellations, inconsistent delivery, and more. Perhaps worst of all, businesses experiencing fewer transactions as well as those seeing record growth are reporting a huge spike in chargebacks. In this seventh education session for the CNP Virtual Summit Series, our experts will offer experienced-based advice and insider expertise on ways merchants can maximize revenue recovery while working to prevent chargebacks in the future.

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Key Takeaways from the Virtual Summit Series

This will be the last educational session for this CNP Virtual Summit Series. In this session, we will explore the major themes and best practices we have learned around how Covid-19 has changed the e-commerce space. In addition, we will be announcing the winners of the 2020 CNP Awards.