Abuse of return policies, promotional codes, loyalty programs, and more has been growing, and fraud departments often are dealing with the mess. Bad actors are coordinating on public forums to share and sell abuse methods and promotional codes, which has significantly increased these types of abuse and impacted retailers' profits. To attack the problem, fraud departments must work with other areas of the business to implement additional policies and processes to curb abuse.
Digital Fraud Session
Retailers are constantly adjusting the mix of payment methods they accept on e-commerce sites to respond to their customers' needs and demands. Digital wallets, Buy Now/Pay Later and even cryptocurrency are joining traditional payment cards as new options for online payment. But each time a retailer introduces a new way for consumers to pay, they can be sure criminals will be there to take advantage too.
After the holiday rush, e-commerce fraud teams usually take the late winter and early spring months to take a breath, examine their transaction and chargeback data from Q4, and see how they can improve before the next seasonal peak. But 2022 has thrown a curveball. Fraud is still surging and already stretched-thin retailers are dealing with fraud volumes that are rivaling December. Our experts let you know why this is happening, what you can do about it and how to best help your exhausted fraud teams cope with this new threat.
E-commerce was one of the only winners in the Covid-19 pandemic, surging more than 30% in 2020, and growth continued through 2021. But an increase in sales almost always comes with an increase in chargebacks making a solid strategy to respond to disputes vital for companies that sell through digital channels. But keeping up with the rules covering disputes is difficult. In this session, we examine the impact recent changes to Visa and Mastercard's chargeback rules have had on retailers' success in fighting disputes.