Fraudology Podcast with Karisse Hendrick

Fraudology is presented by Sardine. Get your tickets to Sardine[Con] and end the scamedmicIf you enjoy listening to two passionate fraud-fighters "geeking out" about various fraud strategies...you will thoroughly enjoy this episode! Today, Karisse Hendrick speaks with Doriel Abrahams, Head of Risk for the US at Forter. Starting with how his passion for acting and linguistics/neuroscience prepared him for his accidental career in online fraud prevention. Then, they discuss how online fraud has been changing rapidly over the last 18-24 months, and how it's more important than ever that all areas of a merchant's fraud strategy adapt to detect the latest methods, or they'll be left behind. Just as it's important to adapt internal operations & tactical prevention efforts, your core fraud provider should also be adapting & innovating at a similar pace as the malicious actors. We saw this most with the "Master Manipulators" organized crime ring during the peak Holiday season of 2022 when the fraud strategies & technologies used by the majority of online retailers were put to the test during the busiest time of the year for online shopping. This rapid change in fraud tactics can also challenge using existing technology in the ways they've "always been used". Such as the "conventional wisdom" of the past surrounding topics like utilizing 3DS in the US, selectively using 3DS in the EU/APAC, advocating to Issuing banks to improve auth rates, and Karisse asks Doriel to explain why he doesn't believe in relying on negative lists. To connect with Doriel on LinkedIn: https://www.linkedin.com/in/doriel-abrahams/**Sign up to receive an invitation to see a demo of the unique ways that Forter approaches e-commerce revenue protection in a pressure-free & anonymous virtual presentation. (More details via the link) https://forms.gle/7B3ew7VAhEtAfE8y8Fraudology 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 week, we've switched up the schedule to keep the episodes on refund claims fraud (refund fraud) consecutive. So while we'll learn from a fraud-fighting veteran on Thursday, today is a solo episode. Today, host Karisse Hendrick will walk you through the 5 core methods (or categories) that Refund Claims Fraudsters exploit, with examples of at least one variation of each method. But first, she clarifies a topic that she & Dajana discussed in last week's episode: Refund abuse vs. refund claims fraud. While there are some publications & experts saying that the steep increase in refund claims is all due to your customers, that's not the full picture. That's why the 1st step to reducing & preventing excess customer claims is to better understand them through an in-depth analysis process. And, because abuse and fraud are two very different intentions, the solutions are also different. Also, what the heck is "Casual fraud"?? Is this a term YOU plan to use? Karisse then highlights the 5 methods used by "refunders" (professional or DIY) to exploit the customer claims process at each retailer. She walks through the type of claims in the order that retailers experience these types of losses; from the easiest/least amount of effort to the methods that may take extra time and/or additional costs. They will never stop at one claim. So, if the high volume of INR claims are slowing down within your company, be on the lookout for claims of customers receiving empty boxes or missing items. Karisse also stresses the importance of creating a full-spectrum strategy that streamlines the process for good customers, provides continual data & insights to track new trends, and allows a way to review & deny the most suspicious claims. ***A reminder: If you're interested in being on the waitlist to be notified once registration for the course that Karisse & Dajana have created to better understand more of the details (that couldn't be shared here), nuances, and their framework for creating a process to greatly reduce your refund claims fraud, sign up here:https://forms.gle/a1vsWNfs7qe5GdbS8

Fraudology is presented by Sardine. Get your tickets to Sardine[Con] and end the scamedmicDajana Gajic-Fisic, Head of eCommerce Risk Management at Finish Line is back for a follow-up conversation w/ Karisse about Refund Claim Fraud (RCF). Dajana provides insights on how merchants can address refund fraud and the importance of solving, not just stopping, it. She also shares that as you begin to measure losses, identify gaps in the process, and start identifying gaps & vulnerabilities, you will not only identify ways to detect & reduce RCF, but also find many areas of opportunities to address gaps that may not be causing fraud, but do result in great financial losses for a retail business, and often provide a poor customer experience. But you don't always need to create brand new processes; Dajana provides a great example of how she leveraged an existing process & report performed by another team, to improve visibility into areas of opportunity to streamline processes & reduce additional costs within the business. Karisse & Dajana also address some of the mistakes they've seen retailers make when trying to be reactive to one specific gap at a time, and not understand the root causes of the exploits. And Dajana also shares why communication and feedback are critical, the importance of tracking the "wins" you & your team achieve during this process, and why putting your name out there is essential for success. ***As mentioned at the end of this episode, there's a lot more that we want to share with other online retailers, but can't on a public platform (for several reasons). If you need to learn MUCH more about how refund claims fraud, and want to hear all that we couldn't share on a public platform, you can learn more about it & add your name & contact info to the waiting list for the upcoming virtual training course created by Karisse & Dajana here:https://forms.gle/a1vsWNfs7qe5GdbS8Fraudology 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 is joined by Dajana Gajic-Fisic, Head of eCommerce Risk Management at Finish Line, to talk about a "new" form of fraud that they've gotten to know a lot about over the last 3 years. -Refund Claims Fraud (aka: Refund Fraud).In part 1 of this two part discussion, Dajana & Karisse will:Talk about the symptoms of this issue before it was discovered, and how refund claims fraud differs from policy abuse or return fraud.How to quantify the size of the problem for your company, present the issue(s) to leadership, and begin to identify & triage various gaps & vulnerabilities that are being exploited by online thieves.How a group of ~40 retailers worked together over the course of 3+ years to share information on attack methods and different aspects of this form of stealing from online retailers.Dajana will also share how COVID-19 impacted refund claims fraud, the difference between policy abuse and refund claim fraud, the importance of identifying legitimate customer claims, and the current challenges retailers have faced when trying to find vendors who can help identify & disrupt this newer form of fraud.To connect with Dajana (no soliciting, please!):  https://www.linkedin.com/in/dajana-gajic-fisic/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 first shares the 16 biggest buzzwords in online fraud (as determined by crowd-sourcing suggestions & votes) that made up the 2023 Buzzword Bracket for "March Madness" in fraud. And, some of the reasons why these industry terms often cause massive eye-rolls among fraud-fighters. She then provides the top 3 buzzwords that were selected last week. Do you agree?Then, talking with Alan (Buck) on Tuesday's episode caused Karisse to think more about the personality traits & qualities that make fraud-fighters so good at their jobs. But, those same traits & qualities could unintentionally be causing them to get in their own way when it comes to working with other departments & leadership, and in their own career advancement. Because these are aspects of her career she's had to challenge herself to improve upon (and still struggles with some of them from time to time), Karisse shares her experience & a few suggestions for navigating the double-edged sword of being a practitioner in this complex, yet purpose-filled industry.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 scamedmicOn today's episode of Fraudology, Karisse sits down with Alan Buck, Head of E-Commerce Fraud, Organized Retail Crime, and Corporate Investigations at Bed, Bath & Beyond. Alan explains how his career path provided him with a new perspective & a proven track record of success to approach his most recent role as the Head of e-commerce fraud for a well-known, omnichannel retail brand in the US.In this honest conversation about implementing radical changes to an overall fraud strategy, including selecting the right type of technology that will work for you, and not against you. Alan also shares some of the biggest lessons he's learned as an online fraud leader. And while the path to success, both within a fraud department, and within the overall company can feel like a long, difficult road, Alan shares the value he's found in improving communication and building relationships w/ stakeholders & leadership, and why hearing "No" can lead to a better "yes". They also explore the unique paths to success, maximizing proactive fraud prevention beyond payment fraud, and the power of collaboration with peers in the fraud industry. To connect with Alan (No solicitations, please!): https://www.linkedin.com/in/alan-buck-0a21804a/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 solo episode of Fraudology, host Karisse Hendrick starts out by providing the story behind the launch of her new company "Silver Bullet" and it's new fraud detection solution, "The Fraudinator". -Which was all an elaborate April Fool's prank (Shoutout to her partner-in-pranks, Frank McKenna). She felt bad for everyone who was legitimately "fooled", but what does that say about how buzzword-y some vendor marketing has gotten? And when will any of them learn that we know the term "Best in Class" is self-appointed & means nothing?She also gives a short pre-view on the topic of refund claims fraud in retail, and shares that she & next week's guest will be diving into the topic. She also talks a bit about the thousands of "methods" created & sold in criminal forums; including a recently discovered multi-platform exploit (fraud) of private label cards. If only cybercriminals would use their creativity & "problem-solving" skills to make the world a better place...To read the (VERY FAKE) announcement of the new company "Silver Bullet": https://frankonfraud.com/fraud-trends/release-industry-vet-launches-silver-bullet-fraudinator/To participate in the "Buzzword bracket" for fraud terms, download or print out the buzzword bracket in this LinkedIn post & return a picture or scan of who you chose to"win" each match to info@chargelyticsconsulting.com; 4 entries will be chosen randomly to win one of 4 prizes, all valued around $50 USD (can choose between items that can be shipped or emailed):https://www.linkedin.com/posts/karissehendrick_online-fraud-buzzword-bracket-2023-fraudology-activity-7047309778028527616Fraudology 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 scamedmicFrank McKenna, the expert behind the popular "Frank on Fraud" blog and Chief Fraud Strategist at PointPredictive stops by to discuss a recent report published by Hindenberg research (A short-selling company intent on exposing fraud for corporate gains) that caused quite a few conversations & headlines within the online fraud world last week. While the report brings up some concerning allegations, Karisse & Frank dissect some of the claims to demonstrate that when it comes to casting blame for online fraud, it's not always black & white. Being accused of enabling fake accounts is nothing new in the tech world, especially when user numbers are often the biggest contributor to a company's valuation. But, where's the line between being "under attack" and "enabling fraud"?Cash App's meteoric rise was due to a rapid series of events including the ripple effects of Covid on the underbanked, massive amounts of fraud being stolen from government assistance programs, and the ease & use of Fintech technology vs. traditional banks. Did they ignore any regulations or simply not do what a group of people without fraud knowledge think they should have done? They also talk about how the type of platform Cash App may enable fraud by other companies' standards, but are they fraudulent to Cash App?What becomes clear in this case is that there may not be a clear "right" or "wrong"; and that more than one thing can be true at once. It can be true that a lot of fraud was caught & prevented (which would only be known internally), but it can also be true that there is always more that can be done to reduce the impact of fraud on an online business, from fake accounts to payment fraud to money laundering. It's also important to remember what every fraud-fighter with experience on "the frontlines" understands. That the battles they "fight" are not only coming from outside their company, but often they are "fighting" battles waged with them internally at the same time. And unlike the fight with cybercriminals, it often requires compromise between the altruistic ideals of the fraud/risk/Trust & Safety team and the demands/goals of the business. Ultimately, neither Frank nor Karisse can make an absolute decision of what should have or could have been/should be done based solely on this report. There just isn't enough data to form an opinion one way or another. But, the topics they discuss & examples they share from a few anonymous fraud-fighters' experiences throughout this episode are timely, and may just prepare you for an upcoming battle you're not aware of yet.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 scamedmicIt's been just 3 weeks since the sudden collapse of Silicon Valley Bank. In this solo episode of Fraudology, Karisse shares some of the opportunistic fraud methods deployed toward SVB banking clients, other banks & financial institutions welcoming new business bank accounts opened quickly, and schemes targeting the AP (Accounts Payable) departments of businesses of all sizes. She also explores the ways cybercriminals take advantage of the volume of new account openings, and while third-party fraud attack rates have returned to normal, synthetic fraud account opening attempts are still much higher since the SVP closure. This information is not only important for fraud fighters to continue to know what to be on the lookout for currently, and what to communicate to the appropriate teams w/i their companies who could be prime targets; but also to provide lessons that should be learned now, in case a similar bank collapse occurs again. Because, as she points out, history often has a way of repeating itself; so it's important to learn from the fraud ecosystem's response to this bank collapse to be prepared if/when something similarly occurs in the market.Articles referenced in this episode:"A Storm of Silicon Valley Bank Scams on Customers" - Frank on Fraudhttps://frankonfraud.com/fraud-trends/a-storm-of-silicon-valley-bank-scams-descends-on-customers/"SVB & Signature Bank Failures Cause Unusual Spikes in Fraud" - Socure Bloghttps://www.socure.com/blog/svb-and-signature-bank-failures-cause-unusual-spikes-in-fraud"What Every Fraud Executive Should Be Aware of in Times of Banking Turmoil" - Socure Bloghttps://www.socure.com/blog/what-every-fraud-executive-should-be-aware-of-in-times-of-banking-turmoilFraudology 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 gets to talk with someone she has long admired, but just got to meet for this episode, cybersecurity expert Laura Mather. Laura is a true "OG" in online fraud prevention, and she shares some crazy stories about the very beginning of internet fraud from her days as the first "Trust & Safety Policy" employee for eBay that helped both Karisse & Laura realize that while it doesn't always seem like it, the fight against online fraud has come a long way.Laura then shares how her PHD in Mathematics and her time as a mathematics researcher at the NSA (National Security Administration for the US) prepared her for her historic achievements while at eBay during its formative years. She then shares how that time, solving problems that most online companies hadn't faced yet, sparked the vision for Silvertail, the first fraud prevention company founded by a female. Silvertail's abilities were 1st of its kind in the fraud technology space, earning them hundreds of fast-growing start-ups in e-commerce beginning in 2008. In 2012, EMC, owned by RSA purchased Silvertail for an undisclosed sum, making it one of the first fraud technology vendors to be acquired. In this conversation, Laura shares several of the lessons gleaned from building, scaling, and selling a massive fraud technology company. As well as the added lessons she's learned about the reincarnation of even better, more effective solutions as technological capabilities continue to expand. Karisse & Laura both agree that "stagnant" detection technology is no way to compete with adversaries that are continually innovating and mention how they often get frustrated with companies that choose to double down on marketing ploys rather than product improvements. Since founding & exiting SilverTail, Laura has gone on to found a company focused on better understanding the root causes of DEI issues, and has been a board member & advisor to a handful of unique technology companies focused on providing cybersecurity & fraud prevention to their clients. One of those lucky technology companies that Laura advises is the current sponsor of Fraudology, Spec! Thanks to Spec for making this introduction..you all were right! Karisse & Laura became instant "fraud (prevention) friends"! To connect with Laura on Linkedin: https://www.linkedin.com/in/laura-mather/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.