Last month, our team attended two outstanding industry events – the Merchant Risk Council (MRC) US Platinum Meeting in New Orleans, and the eCommerce Paris event in Paris, France. We really enjoyed connecting with merchants and discussing the fraud related challenges they face, such as the implementation of EMV in the United States.
Riskified also presented as a speaker at each event, and we used the opportunity to highlight our collaboration with other outstanding eCommerce organizations and brands. At the MRC Platinum Meeting, we presented the interactive Cost of Fraud Calculator, built in collaboration with the MRC. In Paris, Michael Benisti, Director of Payments at French luxury retailer Vestiaire Collective, co-presented with us about how Riskified helps merchants eliminate chargebacks without increasing customer friction.
The Interactive Cost of Fraud Calculator,
Built in Collaboration with the MRC
We presented the new Cost of Fraud calculator to a diverse range of fraud prevention professionals at the MRC US Platinum Meeting in New Orleans.
The calculator, built collaboratively by Riskified and the MRC, is designed to help online merchants better understand the true financial impact of fraud for their business. The interactive tool helps illustrate the business case for investing in fraud operations in a manner that payment and risk professionals can share with senior executives and better communicate the net impact of risk management.
“The Cost of Fraud Calculator is a tool this industry has desperately needed for years. This is a game changer for any fraud department,” says Markus Bergthaler, MRC Global Director of Programs and Marketing.
You can try the free calculator here for yourself, and begin to get a better picture of the true impact fraud can have on a business. Make sure to pay attention to the impact of false declines; a recent white paper by Javelin Strategy shows they can be even more costly to merchants than chargebacks.
The Implications of EMV’s Rollout in the United States
The possibility of increased eCommerce fraud due to the rollout of “dip the chip” EMV technology in the United States was a hot topic in New Orleans. Although merchants are certainly keeping a close eye on online fraud rate fluctuations with the change, the overwhelming viewpoint is still that the impact will be manageable, if not minimal.
This is because the old logic – which held that fraudsters operating at the point-of-sale will move to CNP fraud when in-store fraud becomes more difficult – no longer matches up to the realities of 2015. Unlike the significant movement from in-store to online fraud following the UK’s implementation of EMV in 2005, sophisticated online fraudsters already exist today and merchants know how to actively protect themselves.
If you are interested in learning more, check out Javelin Strategy’s great blog post debunking the myth of an EMV-induced spike in eCommerce fraud from earlier this year.
Presenting About Chargeback Prevention in Paris
with Online Luxury Retailer Vestiaire Collective
Riskified also took part in this year’s eCommerce Paris event, where we had the opportunity to meet many new faces and learn more about the French eCommerce ecosystem. We co-presented with Michael Benisiti, Head of Payments at Vestiaire Collective. Riskified’s partnership with Vestiaire began in early 2015 when they implemented our Select & Submit plan for overnight and weekend orders. However, when the merchant’s single fraud analyst left the company, Vestiaire decided to outsource all fraud operations to Riskified and utilized our Shop Protection service.
At Paris, our presentation focused on how Riskified eliminated Vestiaire Collective’s fraud-related chargebacks while significantly reducing their orders’ turnover time. Being on stage with Michael Benisti was a wonderful experience, and our team even received a private tour of Vestiaire’s Paris offices!
Riskified left both New Orleans and Paris grateful for the opportunity to share our tools and insights with receptive audiences. Were you at either event? We’d love to hear from you! Feel free to contact us at firstname.lastname@example.org to get more information, ask any questions, or just to drop in and say hi!