E-commerce businesses depend on electronic transactions to receive payment from customers for products and services. The massive volume of electronic transactions has lead to a rise in fraudulent activities. As per the data released by Global Fraud Attack Index TM, the number of attacks by fraudsters increased by 163 percent in 2015, rapidly growing two and a half times in a three-quartered period. Credit card fraud impacts all those involved in it: the consumer whose credit card information is stolen, the merchant from whom the product is purchased, the bank that enables the transaction and the issuer who is obliged to protect its cardholders. In this dynamic e-commerce landscape, as merchants constantly sell their products through multiple channels and provide different payment methods to cater to local customer needs, keeping abreast of fraud risks is a challenging task. Riskified provides a flexible fraud prevention solution for enterprises.
