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The AI in Business Podcast
Fighting First Party Fraud and Chargebacks in e-Commerce - with Jeff Otto of Riskified
May 29, 2024
26:54
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Jeff Otto, CMO of Riskified, discusses the rise of first-party fraud and chargebacks in e-commerce, highlighting the challenges faced by businesses. The conversation delves into the importance of technology like AI for fraud prevention and customer experience enhancement. Strategies for navigating e-commerce fraud, chargebacks, and identity verification are explored, emphasizing the need for efficient processes and data-driven approaches.
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Quick takeaways
- Leveraging data and AI is crucial to differentiate genuine customers from fraudsters in e-commerce transactions.
- Efficient representment processes and technology solutions are vital to combat the surge in chargebacks and minimize financial risks for merchants.
Deep dives
Chargebacks: The Good and The Bad
Chargebacks serve as a valuable protection for consumers encountering issues with online purchases, allowing them to reclaim their money. However, the rise of deceptive 'liar buyers' exploiting this process presents ethical challenges for merchants. Jeff Otto highlights the need for leveraging data and AI to differentiate genuine customers from fraudsters, streamlining transactions and minimizing risks.
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