Artwork_June 23 - Ekata US - Stop Inviting Fraudsters Home for the Holidays
Common Sense Virtual Roundtable:

Stop Inviting Fraudsters Home for the Holidays

July 19th, 2022, 10 AM – 11 AM CT, Successfully held

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Presented by

Ekata

Here’s what we discussed:

The holidays are a huge opportunity for eCommerce companies to bring new customers through the proverbial door. And to entice a greater share of these consumers to buy from them, many companies offer promotions, discounts, and loyalty rewards. While these tactics are a great way to grow revenue, they also open the door wider to promo fraud.

Promo fraud — the fraudulent exploitation of promotional incentives, including referral rewards, beyond their intended use — represents nearly $89B in total U.S. retail revenue loss annually according to a recent PYMNTS’ study. Yet, promo abuse remains notoriously difficult to identify, track, and mitigate. During this roundtable discussion, we’ll dig into the why and how of promo abuse to help ensure you’re more prepared to combat fraud this holiday season.

During this roundtable we discussed:
  • Top fraud trends for the holiday season — including promo abuse
  • How to identify and track promo abuse by starting at account sign-up
  • The costs of promo abuse, such as low-value customers and damaged brand identity

Solution Expert

Noelle Wiggins
Senior Manager of Global Data Strategy at Ekata
LinkedIn

Here is what we learned:

Jessalyn Henry, Head of E-Commerce, NewAir Compact Appliances

• The company’s customers generally return between one to three times to the website and make a purchase.
• The company struggles with its promo codes being picked up by applications like Honey, which automatically finds and applies coupon codes at checkout for online purchases, and with affiliate users over-sharing their promo codes. The company uses the fraud management platform Riskified.
• The company has had issues with PayPal, where customers are purchasing items with PayPal, and when they receive the item, they cancel it.
• There have been customers who have tried to use stolen credit cards to purchase items online. Riskified has done a good job, along with the customer service department, of catching those customers. That may not be the case, however, if the volume of customers was to increase dramatically, say, during the holiday season.

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 provides APIs and a SaaS solution built around five core identity elements: name, phone, email, address, and IP to help you assess risk in all types of online interactions. These include fake account creation, payment authentication, transaction fraud and manual fraud review.

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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