Merchants are often left to their own devices to fight fraud, especially when they are just starting out. Ravelin CMO Gerry Carr sat down with Gill to chat about the possibility of merchants to collaborate in the fight against fraud and what the challenges would be.
You can access the full podcast (11mins29secs) here: www.ravelin.com/fraud-guides/fraud-academy-podcast-gill-wells
Gill points out, “you don’t know what you don’t know,” and by talking with other fraud professionals to learn from their experiences, this can help fast-track individual learning. There are plenty of conferences where one can learn top-line strategies for how to fight fraud, but people always want to know how to apply the strategies to their own businesses. Gill thinks there need to be more environments other than conferences.These could be environments like workshops or roundtables, where fraud professionals could swap experiences and learn from one another, operating under Chatham House rules.
These events would be great for facilitating conversation and collaboration amongst merchants, but what about sharing actual data? If merchants were able to share information on fraudsters in their network with one another, it would lower the number of fraudsters operating successfully. There are obviously many laws and regulations around sharing data, which means the legal implications of a shared network of information, would be significant.
Even if someone went through the hassle of creating a platform, where data could be shared securely and legally, the quality of data would still need to be regulated. For instance, as Gill points, the chargeback information would need to be confirmed fraud and not an order has gone wrong. If the integrity of the data were not high, it could mean increased false-positives for merchants and thus the network would be ineffective.
About Gerry Carr
Gerry is CMO of Ravelin, which provides fraud protection for online businesses. He joined Ravelin from its inception to help define and articulate a product vision for the changing face of fraud in ecommerce. Prior to Ravelin, Gerry has led the product marketing functions for products as diverse as Ubuntu and Sage CRM. Gerry loves to snowboard and compete in iron man contests when time allows.
About Ravelin
Ravelin prevents fraud and protects margins for online businesses. Companies all over the world are accepting more transactions with fewer chargebacks thanks to our unique machine learning-based approach to fraud prevention. By automating standard fraud tasks, fraud teams can spend time focusing on the root causes of fraud instead of day-to-day review of transactions.
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