Fraudology Podcast with Karisse Hendrick

Fraudology is presented by Sardine. Get your tickets to Sardine[Con] and end the scamedmicAs a follow-up to the conversation with Frank & Mary Ann on Tuesday's episode, Karisse talks about two of the predictions that she contributed to their combined list for 2023. Did these two predictions prove to impact the online fraud industry as much as expected? Or could they become more of an issue in the 2nd half of the year?The two main topics of this podcast are: The 2023 Visa Rule "Update" referred to as "Compelling Evidence 3.0" and the current status** of the impact to CNP merchants since going into affect in April 2023. And the insular fraud attacks that leverage cyber skills (hacking, data breaches, DDoS attacks etc) with financial fraud methods. (**Since recording this episode, more information has been provided to show that while some merchants aren't seeing much of an impact, others are seeing more drastic changes to their fraud chargeback win-rates than was represented in this episode. The reasons behind the inconsistencies still need to be investigated, but we'll try to provide an even newer update once one is available.)Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.

Fraudology is presented by Sardine. Get your tickets to Sardine[Con] and end the scamedmicIn this episode of Fraudology, Fraud experts and long-time friends Frank McKenna (author of the Frank On Fraud Blog and co-founder of Point Predictive) and Mary Ann Miller (VP of Customer Experience at Prove) joined host Karisse Hendrick to re-visit the New Year's Predictions that the three of them shared in Episode # 159 of Fraudology (published 10 Jan., 2023), and in a comprehensive article on FrankonFraud.com*. Which predictions came true? (although we wished they hadn't!)Which predictions didn't come true? (as much as we thought they would, anyway)What fraud issues or headlines have happened in the 1st six months of this year that they didn't predict? What can be learned by the online fraud industry (banking/FI, B2C Fintechs/lending, e-commerce, marketplaces, etc.) from the 1st half of this year?What are these 3 fraud experts keeping an eye on and/or are concerned about for the rest of the year?*Original Article: https://frankonfraud.com/fraud-trends/dawn-of-the-shapeshifter-10-fraud-predictions-for-2023/To connect with Frank McKenna Directly: https://www.linkedin.com/in/frankmckenna/To connect with Mary Ann Miller Directly: https://www.linkedin.com/in/cybergalmam/Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.

Fraudology is presented by Sardine. Get your tickets to Sardine[Con] and end the scamedmicIn this episode of Fraudology, host Karisse Hendrick dives into 3 fraud-related news stories & talks about how each of these events or issues will impact the fraud prevention industry, and what can be learned from them.2,700 People That Were Tricked Into Working for a CyberCrime Syndicate Were Rescued in the Philippines https://apnews.com/article/philippines-cybercrime-raids-china-indonesia-malaysia-vietnam-de16f11954700ffd432377267f571892?Unicorn Social Media App Shutdown After Admitting That Over 95% of Its Users were Fake https://techcrunch.com/2023/06/26/irl-shut-down-fake-users/#:~:text=An%20internal%20investigation%20by%20IRL's,capital%2C%20IRL%20is%20shutting%20down.Scammers & Fraudsters Are Targeting Covid Relief Funds Still Available from the US Government, but the gov't won't be the only victims in the end:https://frankonfraud.com/fraud-trends/covid-fraud-2-0-this-is- the-new-fraud-money-grab/Other resources also mentioned in this episode: The Knoble: A non-profit focused on combining fraud-fighters & their tools to combat human trafficking & modern slavery: www.TheKnoble.comReports on HTMS (Human Trafficking/Modern Slavery) being used to commit cybercrime:Pro Publica: https://www.propublica.org/article/human-traffickers-force-victims-into-cyberscammingBlog article by analysts at Nefture: https://medium.com/nefture/cyber-slavery-a-multi-billion-crypto-scam-industry-the-chinese-mob-1e8cbe6566ffFraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.

Fraudology is presented by Sardine. Get your tickets to Sardine[Con] and end the scamedmicView the 1st Annual Fraudology Benchmarking Report Now! https://resources.forter.com/fraud-fighter/2023-benchmark-report(Thanks to the survey sponsor, Forter, no email or contact info is required to access the report!)In this episode of Fraudology, host Karisse Hendrick welcomes back special guest Shoshana Maraney to continue discussing the newly released Fraudology benchmarking survey results. While on Tuesday's episode they talked about some of the areas that surprised them, today they dive into the topics that most fraud leaders collectively knew (in their gut/intuition), but until now, we didn't have reliable or actionable data to present to leadership. Some of the topics from the survey discussed today include: the importance of trusting peers' experiences when evaluating fraud solution providers, what factors will cause a merchant to consider leaving their current provider, and the need for better customer care & product innovation in the fraud technology (vendor) space.Karisse & Shoshana highlight other outcomes from the survey on topics such as salary ranges, embracing change, and the growing focus on improving the entire customer experience/journey.This episode, and ultimately the survey report both offer valuable insights and actionable takeaways for fraud professionals. Get ready to gain a deeper understanding of fraud prevention strategies and the power of data in this engaging conversation.To connect with Shoshana Maraney, Content Marketing Strategist for online FraudTech companies & co-author of "Practical Fraud Prevention", published by O'Reilly publishing: https://www.linkedin.com/in/shoshana-karin-maraney-26758736/Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.

Fraudology is presented by Sardine. Get your tickets to Sardine[Con] and end the scamedmicThe 1st Annual Fraudology Benchmarking survey for e-commerce fraud prevention is now available!https://resources.forter.com/fraud-fighter/2023-benchmark-report(No email address or contact info needed to access this report, thanks to the survey Sponsor, Forter!)Almost 9 months ago, Karisse mentioned on an episode of Fraudology that she has long wanted to provide the industry with a benchmarking survey that asks the questions that would 1. Help fraud leaders do their jobs better (by providing best practices & benchmarks) and 2. Help fraud leaders communicate their jobs better to leadership & other areas of their business. Thanks to:Forter (for sponsoring the survey & for respecting the autonomy of Fraudology to select the questions & write the report to provide the information needed most by the Fraudology community)Channel Research (for performing the survey & ensuring it was statistically relevant)Shoshana Maraney* (for co-writing the questions & the report, and especially for keeping Karisse on track)The 500+ leaders in charge of fraud metrics for e-commerce & B2C Fintechs......that wish is now a reality! And Karisse & Shoshana are excited to tell you some of what we learned from the results!On Part 1 of our conversation about this epic industry-wide survey, they'll talk about:All the intention that went into this survey to make it different from those of the past, and why it can be relied upon. The roles that were played to get this project done, and why it was important to play to each group's strengths.Some of the demographics of the 500+ respondents to this surveyThe outcomes of the survey that surprised Karisse and/or Shoshana! (Some sections of results surprised one, and not the other; other parts surprised them both...until they thought about the reasons behind the answers a little more.)The three distinct transitional states that the industry, and individual online companies have/are going through when it comes to their approach towards fraud prevention & revenue retention.On Thursday's episode, Shoshana will be back to talk more about the survey results, with a focus on the aspects of the survey results that finally provided DATA to back up the assumptions & gut feelings most leaders in fraud have had for years. They'll also share a few of the ways you can use the results of this survey to educate other areas of your business and work to get more resources for your department.The survey will be ready to download THIS WEEK! Once it's available, the link to download the report for free (without even having to give your contact info, thanks to the sponsor of the survey, Forter!) will be updated here, and in the notes for Thursday's episode. In addition to her work as the co-collaborator and co-author of the 1st Annual Fraudology Benchmarking Report, Shoshana Maraney is a freelance content creator & expert content marketing consultant for top online fraud prevention technology companies. She is also co-author of "Practical Fraud Prevention" by O'Reilly Publishing. To connect with Shoshana: https://www.linkedin.com/in/shoshana-karin-maraney-26758736/Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.

Fraudology is presented by Sardine. Get your tickets to Sardine[Con] and end the scamedmicIn this episode of Fraudology, Karisse talks about 3 recent fraud-related stories, how they can or will impact the industry, and could be important to know for your specific role. As new techniques and technology continue to be used to commit cybercrime, it's important to be aware of what is possible, and to prepare as much as you can before your company or financial institution is impacted (especially for the last story!). Links to Original articles: Two People Arrested As a Part of a Traffic Stop are Found with 1764 Fraudulent Gift Cards; Tied to Massive Organized Crime Ring Stealing & Manipulating Gift Cards at Large Retail Locations: https://alachuachronicle.com/pair-arrested-with-1764-fraudulent-gift-cards-may-be-part-of-organized-ring/The FTC Warning: Texts Impersonating Fraud Departments for Banks have more than Doubled since 2021: https://www.businessinsider.com/scam-bank-fraud-texts-on-the-rise-ftc-warns-2023-6Deepfakes-as-a-Service provide Realistic Videos of "Humans" for only $145 USD (this should scare us all!) https://www.theregister.com/2023/04/28/tencent_digital_humans/Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.

Fraudology is presented by Sardine. Get your tickets to Sardine[Con] and end the scamedmicDoriel Abrahams, the head of Risk for Forter US returns to answer listener questions after his last episode (April 27, 2023).Some of the questions covered topics like:The benefits & Risks of placing fraud prevention efforts pre- (bank) authorization vs. post- (bank) authorization. Is one better than the other? If so, why?The expensive risks of some 3DSecure strategies (such as: approving fraudulent orders + brand dilution, and/or still being placed on chargeback monitoring programs despite the fraud chargeback liability shift); but the benefits of strategic/dynamic 3DS in both the US and other markets such as Europe, India, and AustraliaDoriel was asked to share one of his fascinating case studies, and he walks us through the signals of a potential fraud scheme with unknowns intentions and what was discovered.He was also asked a specific question that put him on the spot to answer if Forter has changed over the last few years, and if/how they are different from others in the space.Beyond answering thoughtful questions from Fraudology listeners, listen in as two friends who are passionate about fighting fraud & supporting the fraud-fighting community, share their observations & appreciation of learning from each other. To connect with Doriel directly: https://www.linkedin.com/in/doriel-abrahams/For more information about the Impact conference mentioned in this episode: https://www.forter.com/impact/To sign up for the free micro course to "Measure What Matters", presented by the authors of O'Reilly Publishing's "Practical Fraud Prevention book", Gilit Saporta & Shoshana Maraney: https://www.forter.com/fraudology/Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.

Fraudology is presented by Sardine. Get your tickets to Sardine[Con] and end the scamedmicThis is the 3rd (and final) episode in a row, focused on false declines/false positives, in e-commerce. The 1st episode on this topic provided some of the industry benchmarking data that will soon be released in the 1st Annual Fraudology Benchmarking Report, sponsored by Forter. Knowing that so many merchants not only don't measure their false decline rates, but a fair amount of them said they don't think it's a problem.The 2nd episode featured 6 fraud leaders for 5 name brand online retailers talking with each other about false positives/declines. Their importance, the considerations needed to keep approval rates & chargeback rates while balancing some of the hardest battles they've had to reduce these issuesOn today's episode, Karisse provides some of the more traditional ways online companies are measuring this important metrics, both traditionally, and she'll share some of the more innovative methods online merchants While this list isn't exhaustive, and you'll need to customize the right approach to your own business rules, these suggestions will provide different ways to consider measuring false declines in more systematic ways. This 3-part series on this topic has proven to be helpful & insightful to several listeners already, and this final episode is no exception. If you have any additional suggestions for & methods to start measuring & creating a feedback look for these orders, feel free to reach out via LinkedIn or email. Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.

Fraudology is presented by Sardine. Get your tickets to Sardine[Con] and end the scamedmicIn this episode of Fraudology, Karisse is joined by a group of 6 fraud leaders for 5 large retailer brands in the US, as they talk about their own experiences and challenges with false declines (aka: false positives or insults). On last Thursday's episode of Fraudology, Karisse shared the results from the soon-to-be-published Fraudology Benchmarking survey (Sponsored by Forter) about false positives. With only 57% of respondents even measuring false declines, and with 1/2 of the 43% who don't measure this important metric saying not only do they not measure it, they aren't worry about it, Karisse wanted to ask some of her favorite fraud-fighting merchants for their thoughts & experiences on this topic.Some of the topics discussed include: Why they're difficult to measure, but why they're also critical to understandThe impact to the business is greater for each transaction that is canceled in error, than the money saved by canceling orders that would become chargebacksSuggestions to provide feedback about missed fraud orders to manual review analysts in ways that could prevent another increase in false declines Why it's important to measure spikes in all metrics on a daily basis, and particularly how a spike in the daily auto-decline rate requires investigating to either identify a new spike in fraud attempts, or a spike in orders being declined unnecessarilyIt's not enough to measure your company's false decline rate, it's important to perform root causes analysis to determine how similar orders in the future can be identified and passed, instead of canceled. Because of the policies of the companies that these specific fraud leaders work for, they are anonymous on this episode. Initials were assigned at random to ensure their anonymity, so they could provide their accounts from the "front lines" on this topic that is often discussed "behind closed doors" among fraud leaders, like in this conversation. While we wish we could name the participants of this episode to give them the credit they deserve for being top leaders in online retail fraud prevention, we would like to give a big thank you to "D", "S", "B", "M", "P", and "C"!Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.

Fraudology is presented by Sardine. Get your tickets to Sardine[Con] and end the scamedmicThe 1st Annual Fraudology Benchmarking Survey Report is going to be launched very soon! And Karisse thought that one particular section of the report needs to be talked about, even before the report is published. And that is: The results of the questions surrounding false declines/insult ratesIn this episode, Karisse will provide a deep dive into:Why false positives are difficult, but critical to measureThe industry's shocking (but not necessarily surprising) answers about measuring false declines, and how they measure themWhy having an industry average of false declines is a terrible idea; but measuring them internally is necessaryWhy false declines (especially in the e-commerce sector) have risen by a large margin over the last 12-18 monthsThe true cost & impact of each false decline, and why that should matter to you and your organizationIt seems like this topic is not discussed enough, or in enough detail for newer fraud leaders to understand why you can never assume that all transactions or accounts that your system or analysts are canceling are true 3rd party fraud. (And let's be honest, does your current provider want to help you identify your insult rate?) But, the cost of not measuring, analyzing, and implementing continual fraud system & process improvements to reduce the number of good customers you are essentially referring to your competitors for life, is too high to ignore.Next week's Thursday episode, Karisse will talk about the HOW. Now that you know it's critical not allow "perfect to be the enemy of the good" when it comes to measuring false declines, and you've heard how the bulk of the industry is measuring them now, Karisse will share a handful of innovative ways that some enterprise merchants have created a productized way to measure false positives, with little manual effort. Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.