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eBay Enterprise Unveils Holiday Fraud Index and Key Findings that Leave Retailers VulnerableeBay (News - Alert) Enterprise, one of the world's leading independent omnichannel commerce providers, today announced its Holiday Fraud Index and five fraud myths identified by the company's Fraud Technology Lab. Fraud experts at eBay Enterprise debunked these myths to help retailers and brands boost holiday sales and delight customers during the busiest time of the year. Findings show criminals are becoming more creative where, when and how they take advantage of the season, as the number of fraudulent purchases increases proportionately when sales peak during the holidays. Data from orders processed by eBay Enterprise shows that fraudsters go to great lengths to blend their activity in with legitimate orders. Criminals choose to fraudulently purchase digital gift cards at the same time consumers typically return unwanted gifts in exchange for store credit. Many criminals also prefer to keep a standard Monday through Friday schedule, given that lab researchers see a spike in fraudulent attacks on Wednesdays at 8 a.m., just in time for deliveries to arrive before the weekend. eBay Enterprise's Fraud Technology Lab found that the highest fraud attack rates per state span the entire U.S. It also identified pockets of freight forwarding in coastal areas where merchandise can be more easily shuttled to international customers. While many authorized purchases pass through freight forwarders, certain product categories such as jewelry and electronics experience higher rates of freight forwarding fraud and may warrant greater scrutiny. "There is no question that managing online fraud is a top imperative facing retailers today," said Tobias Hartmann, president of eBay Enterprise. "Ensuring the right mix of automated and manual review is essential, but can be difficult for businesses to navigate on their own, as we've seen criminals try to find weak spots in fraud prevention by bombarding retailers with attacks. Many fraud management strategies employed b retailers can cause more harm than good, stressing just how important it is to partner with a trusted resource." The Holiday Fraud Index exposes five myths that can end up hurting a businesses' bottom line:
"The holiday season brings twice the stakes for fraud, as retailers see a spike in order volumes, alongside an increase in fraudulent attacks," said Michael Graff, risk manager at eBay Enterprise. "Businesses must be mindful to not give into strategies that are overly cautious and end up killing good orders, but instead craft a fraud management plan that balances automated intelligence with the benefits of human supervision." For more information, download electronic copies of the Holiday Fraud Myths eBook and the Fraud Index Infographic. About eBay Enterprise eBay Enterprise is a global omnichannel commerce provider that delivers order management, store fulfillment, dropship, payments, and fraud protection and risk management solutions, and fulfillment, freight and customer care services. Hundreds of retailers and brands rely on eBay Enterprise to simplify commerce, connect supply to demand, and seamlessly integrate technologies, with speed and agility to increase profitability and customer loyalty. eBay Enterprise's integration with Innotrac Corporation has created one of the world's leading independent omnichannel commerce providers. Connect with eBay Enterprise at www.ebayenterprise.com.
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