Artwork_Ekata - Oct 26 - The Secret to Balancing Customer Experience & Fraud Prevention
Common Sense Virtual Roundtable:

The Secret to Balancing Customer Experience & Fraud Prevention

October 26th 2022, 10 AM – 11 AM CT, Successfully held

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Presented by

Ekata

Here’s what we discussed:

It’s the evergreen question for merchants: how do we deliver an exceptional, low-friction customer experience while combating fraud?

Join Ekata, a Mastercard company for our October roundtable to learn about implementing holistic fraud prevention strategies that enable your company to achieve that balance. Walk away with actionable advice for sending your good customers down a low-friction path while stopping fraudsters at the door by employing multi-layered, automated risk assessments at various points in the customer journey — from sign-up to transaction.
During this roundtable, we discussed:
  • Which stages of the customer journey are targets for fraudsters (hint: all of them)
  • Why a holistic approach to fraud prevention is key
  • How pairing internal data with third-party data sources leads to more confident risk decisions at all stages of the buyer journey
  • Why automated processes are key to customized customer experiences — and the role manual review still plays in fraud prevention

Solution Expert

Aaron Abrahamson_347x347
Field Data Scientist at Ekata, a Mastercard company

Aaron Abrahamson is a Field Data Scientist at Ekata, a Mastercard company – he helps eCommerce clients leverage Ekata’s data to prevent fraud and ensure smooth experiences for their good customers. He started his career working in molecular biology labs before pivoting to data analytics/data science. When he’s not at work, he’s probably in his garden or attempting to cook something delicious.

LinkedIn

Here is what we learned:

Michael Fulvio, Director of Customer Experience, SNIPES

• His company has a lot of hype release drops every week, and they are fighting a lot of bots. He joined the session to learn what he could do to mitigate this.
• SNIPES is in the process of implementing a shipping insurance program called Route. The customer pays for this, so if the product doesn’t arrive, arrives damaged or anything like that, they would go to Route customer service. If a refund is necessary, it comes from Route. This way, Michael’s company is saving on loss, refunds and shipping. The company expects it will be a positive addition.
• His company is overrun with inventory, so they have markdowns and discounts on a lot of products. The company even had flat, across the board discounts, which were abused. To curb the abuse of these discounts, the company has started issuing single-use discount codes.
• SNIPES uses Forter fraud protection, and one benefit of Forter is that companies can plug into every other company using them, and if a customer behaving fraudulently on another company’s website, they are denied from the SNIPES site.
• SNIPES recently acquired a company called Jimmy Jazz, which sells similar streetwear and has similar sneaker-culture clientele. Jimmy Jazz uses Riskified fraud protection, and they fight the chargebacks on behalf of SNIPES.
• The finance team at SNIPES is the group responsible for fighting chargebacks. The customer service team is responsible for fighting disputes in PayPal and Klarna.
• His company was seeing a lot of unauthorized transactions coming through PayPal because it was not running those transactions through Forter. Now, those PayPal transactions are being run through Forter, and the fraud has been cut significantly.

Request detailed session notes

We are careful about who we send this key document to. The session notes will be sent based on the request, provided your profile matches our qualification criteria.

About Ekata:

Ekata Inc., a Mastercard company, empowers businesses to enable frictionless experiences and combat fraud worldwide. Our identity verification solutions are powered by the Ekata Identity Engine, which combines sophisticated data science and machine learning to help businesses make quick and accurate risk decisions about their customers. Using Ekata’s solutions, businesses can validate customers’ identities and assess risk seamlessly and securely while preserving privacy.

Participation in the Virtual Roundtable is free of charge to qualified attendees. Once you’ve completed the registration, we’ll confirm your invitation and send you a calendar invite with a link to the meeting.

If you don’t qualify, we’ll suggest other learning events that may be a better fit for you.

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