How to Defend Your Business Against First-Party Fraud

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All right, we’re about 1 minute past the top of the hour. Charlotte, do you want
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to go ahead and um we can get started?
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>> Yeah, let’s do it. Um okay, so hello everyone. Thank you so much for joining
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us in this um SIFT webinar. Today we’re going to be talking about the 101, the
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basics of how to think about defending your business against first party fraud.
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Um we have some kind of general best practices and gotchas that we want to
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share with you. Um there’s a lot to cover in the world of chargebacks and
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SIFT um has a wealth of knowledge and uh assets and materials for you to dive
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into if you have kind of deeper more specific questions and we and you know
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our sales team and customer support team are more than happy to direct you to
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those. Um to introduce ourselves my name is Charlotte Gerard. I’m a product
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marketing manager here. Um, and I look at our accountbased fraud products as
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well as our chargeback management product.
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Um, and my name is Rebecca Alter. I’m a trust and safety architect here at SIFT.
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Prior to Sift, I spent a little over a decade working at various fintech
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companies thinking about how to build out um, trust and safety teams and
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programs. So, excited to talk about first-party fraud with you all here
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today and and how you can defend against those disputes when and if your business
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gets them. All right. Um, so what we’re going to
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cover, what is firstparty fraud? Um, and then again the basics around how to
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protect your business uh from this type of fraud. And we will have time at the
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end uh for your questions and some discussion. So if you have anything then
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by all means put it into the chat or keep it ready for um that last 10 to 15
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minutes.
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>> Yeah. So just to give you a bit of precursor on who Sift is. Um so Sift was
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recently named a leader um by Forester Wave in the digital trusted and safety
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space. What that means is that we help businesses like Door Dash um Yelp and
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Wayfair protect um their businesses from bad transactions or or bad activity
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while also partnering with them to help grow their revenue. Um, so yeah, we’re
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excited to help merchants protect themselves against bad actions and the
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ever evolving world of fraud. As I’m sure everyone here is paying attention
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to the headlines about AI types of fraud that are emerging, we’re working hard
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here as if to stay ahead of that and figure out how to evolve our solutions
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for that. Okay, so what is first party fraud? Um,
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it’s important to name up front that there are a lot of names for this type
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of fraud. Here we’re using firstparty fraud. That seems to be the most common
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um industry name that we come across at CIF. So that’s what we’re going with.
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Also known though as friendly fraud, chargebacks, disputes among other
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references. Um at its simplest, we define a chargeback as the process when
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a consumer contacts their bank to dispute a charge on their bill or
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statement and request a refund. The bank then reviews that transaction and
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typically issues a provisional credit. Um there are actually three different
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types of firstparty fraud. Um we describe these as innocent or accidental
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friendly fraud first party fraud. So this is when someone just sees an
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unfamiliar charge on their credit card and genuinely think that it’s fraud. Um
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the second is what we call opportunistic uh first party fraud. So the end user,
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the consumer doesn’t actually initially intend to commit fraud, but maybe after
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missing a refund window or um a free trial cancellation opportunity, they
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charge it back just to see if they can get that money back. And then the third
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is malicious or intentional first party fraud. So this is when the end user,
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that consumer knows they will commit fraud at the time that they make the
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initial purpose uh sorry purchase. Important to call out that um this is
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still different from what we refer to as true fraud which is transactionbased
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um using stolen or someone else’s credentials or credit cards whereas
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first party fraud is named as such because you are using your own
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credentials your own uh means to commit this fraud.
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Yeah. So how big is this problem? Um so we know or we’ve estimated that by the
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end of 2023 there’ll be a hundred billion dollars in total chargeback
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losses for um US uh merchants and um we know that um it’s you know different
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percentages estimate between 50 to 80% of those chargeback losses are actually
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first party fraud and not true fraud. So it’s a big piece of the pie when it
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comes to finances. Um, and we’ve recently just conducted a survey too
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where we talked to consumers about this type of behavior. What we found is that
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26% of consumers have admitted to committing first-party fraud themselves.
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Um, and this goes back to our previous question. Um, what was the answer? Do we
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think that Gen Z was most likely to commit first party fraud, Charlotte?
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Yeah.
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>> Yeah. Looks like most folks on this call believe that Gen Z are the main uh I
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shouldn’t say culprits if they’re admitting to first party fraud, right?
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They’re just honest. But they have informed us that 42% of Gen Z uh of
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committing first-party fraud. And it’s what’s interesting here is that it’s
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pretty staggering increase from their millennial counterparts at 22%. So we
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know that this is a growing problem for businesses and it’s only going to
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increase as um you know more of the Gen Z market um makes up consumer spending
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habits. So um you can read more about that in
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our latest digital trust and safety index report um where we detail this
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behavior and give some other interesting insights into how consumers are engaging
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um with various businesses across the e-commerce platforms.
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So what are you going to do about this? This is such a challenging issue. You
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know, I I’ve definitely bought thousands of disputes on my own days and um it’s
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so frustrating for merchants because you’re out a legitimate sale. So, you’re
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out the cost of that. You get charged a penalty, you know, somewhere between $15
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to $30 from the networks for receiving a chargeback and then you have the cost of
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actually um going ahead and you know, disputing that chargeback or working to
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it. So you really, you know, get out your time, your resources, um you get
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charged an additional fee and so it’s a pretty challenging process. So how do
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you proactively prevent or set up your online business so that you um are less
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prone to receiving this type of chargeback? So the first one, so
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Charlotte spoke earlier about um accidental firstparty misuse. So, the
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best way that I tell merchants to protect themselves against that type of
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abuse is just make sure that there’s clear billing descriptors on statements
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so that um we as consumers don’t accidentally
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go ahead and deceit something um even though it was a legitimate charge or
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transaction. So, really make sure that you have those clear billing
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descriptors. The other thing is make sure that you have really clear uh
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policies for your customers and also make sure that you follow those Visa
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guidelines for where you put your refund policies and your checkout flows. So,
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you want to make sure that you clearly state your refund policies and that the
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end consumer accepts those refund policies by clicking it at the checkout.
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Um, it’s important that you have that refund policy clearly posted at checkout
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and have the consumer accept it so that if you were to get a charge back, you
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can present that as evidence to Visa to say that, hey, this end user actually
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clearly saw my refund policies. They’re in breach of that. They’ve accepted
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that. So, that’s going to help you win that dispute later down the line. And
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the other thing is just to make it really easy for your customer to contact
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you. So make um it really easy for them to get in charge with you or get in
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touch with you if there’s any issues with the service or the merchants that
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they received. Um and then again you want to store that communication that
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you have had with the end consumer if there is any issues again so that you
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can use that as evidence to submit um uh in your dispute. So uh different
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networks will look to see like hey I’ve actually communicated with this
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customer. We’ve worked out the issues here. you can see our communication.
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They’ll take that into account when they’re deciding the final decision on
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these chargebacks. So, these are just, you know, different tips or tricks that
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you can do in your e-commerce journey to go ahead and um prevent these disputes
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from occurring.
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>> Yeah. Um so where that’s the proactive kind of CA to use a colloquialism like
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that for what you can do about chargebacks then you also as a business
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obviously have to accept the reality that you will have chargebacks and you
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do need to have an understanding um of how they work and what your
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opportunities are to address them so that it doesn’t hinder your growth
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goals. Um, so and also an important point there is to know that some of your
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chargebacks will actually be legitimate transactions that are worth fighting in
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the chargeback process again in order for your business to retain as much
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revenue as possible. So um we thought it would be helpful uh to go over what we
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understand as the three key stages of the chargeback life cycle. And we see
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these stages as the three key opportunities to retain your revenue.
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There are actually a ton of stages in the life ch uh chargeback life cycle and
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they can take a really squiggly um sequence of events within them. But to
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simplify it, this is a graphic that we use internally uh for folks coming on to
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CIF to just lay it out as simply as we can. Um so we’re going to walk through
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these. Uh the first stage we call the inquiry stage and this is an opportunity
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to help merchants deflect disputes instead of allowing them to officially
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be filed as an illegitimate transaction as a dispute. Um simply it’s uh the
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sharing of data like enhanced information about the transaction um
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between the merchant and the consumer’s issuing bank with the hope with the goal
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that in 1 second 2 seconds uh the consumer and their bank is satisfied
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that this was actually a legitimate transaction.
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The second stage we call the alert stage. Um,
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and this is an opportunity to help merchants accomplish really one of two
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outcomes. One, prevent disputes from being officially filed as an
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illegitimate transaction um by just refunding the purchase.
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Really just kind of throwing your hands up and saying not worth me fighting. I
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would rather um just take the hit. Um, and they can also cancel future billing.
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The second thing that you can choose to do um with an alert is just allow it to
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proceed to the dispute stage. If you as the merchant believe that it’s worth
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fighting, you have a good chance of fighting it. Um whereas inquiries are
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pretty cheap and are super quick cost-effective ways of helping keep your
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uh dispute volume down, alerts are a little bit more expensive, they do come
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with a fee. So as a business you do have to do that um cost analysis to make sure
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that you know these tools are worth it to implement in your overall chargeback
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management strategy. Um the third stage is obviously the meatiest where we spend
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most of our time. It’s the dispute stage. Um and this is your opportunity
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to recover your revenue by fighting the chargeback by making what we call a
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response also referred to as a representment or case. Um, and what it
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really is and historically has been is just a document, a collection of
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evidence um, put together in a certain way to convince the consumer’s issuing
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bank that the transaction was legitimate and therefore the merchant should be
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allowed to keep their revenue. Um, we do want to give a quick note on uh the
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stages that come after this known as pre-arbitration and arbitration.
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Rebecca, I think you were gonna speak on that.
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>> Yeah. Um, so those are two other steps that can happen after the initial
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decision on a dispute is decided. We’re not going to go into the details of
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those today. Um, but we do have resources on our SIFT website if you
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want to learn about how you can um, engage with the pre-arbitration
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arbitration process. Um, I just note that those process vary between payment
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types um, and networks. And so you’re going to find different rules and
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regulations um, depending upon what type of payment was actually um, transacted.
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But it’s also good information for you to know that like that final decision,
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that initial decision isn’t it doesn’t have to be the final decision. And
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that’s really important, especially if you’re having a large ticket item or
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sale um that you can go ahead that might be worth it to your business to continue
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to to fight through that process um with the networks themselves. Sure.
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>> So, we’re going to talk a little bit more about the dispute um journey and
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what you need to do or what the basic steps you need to have in order to um
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challenge disputes and to fight these legitimate transa or to fight these
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chargebacks that come through to your business when it was actually a
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legitimate charge. Um and so I also just want to make a point you can do all
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these steps um through different processes and different procedures. You
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can do it with just one individual clusting this information or you can
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scale up your operations. Um again I I used to be you know I worked with the
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chargeback team at Square. So I’ve personally bought thousands of
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chargebacks here. I can talk a lot about them. Um and so even that journey at
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Square we really the how we challenge disputes. It was an interesting journey
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from you know doing it manually to automating it and building out APIs. So
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um but the core basics and the principles are really still there no
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mattering the tools that you’re using. So the first one is it’s really
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important that you go ahead and you gather the data especially um with Visa
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releasing the compelling um evidence 3 3.0 to make it uh better for merchants
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to challenge um transactions from a card holder. So you want to make sure you
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have their IP address, their device information. You also um want to get
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information on your processor, the amount, uh the chargeback, if there was
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an as match when you did this, the billing information, all of that data
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that you have on your users that are coming to your site, you want to go
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ahead and copy that. Sometimes it can be challenging because it can happen from a
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lot of different places, right? So maybe that’s a lot of copy and pasting, a lot
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of manual work for you to really get all these pieces of information. You may be
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further along your chargeback journey and have a single location to do this or
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you could be using a thirdparty tool that helps you get this information
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automatically into your system as well. Um the next thing that you really want
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to do is you want to understand the rules. As I mentioned with the
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pre-arbitration and arbitration process, those rules do vary depending upon the
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payment method or the network. And so it’s really important that you
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understand um what are Visa’s guidelines? What are Mastercards? We all
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know the American Express process is extremely different than the Visa
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process. What does that look like? And I think it’s getting more and more complex
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as more consumers want to have different payment methods at checkouts. So, you
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know, what’s the buy now pay later chargeback process looks like? If you’re
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going international, what’s the different currencies exchange and things
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like that. So, there’s a lot of regulation rules for you to know and
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understand here. Um, I think what’s nice about that though is that there are
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rules and so it’s accessible for you to read them and understand them.
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>> Um, and then also really look at the reason code. So, really address why that
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card holder has claimed um that they deserve the charge back, whether it’s
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unauthorized or merchandise not as received. Really make sure that you’re
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addressing the specific claims that the card holder has made. Once you have your
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data and you understand what the card holder is claiming happened, um that’s
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when you can go ahead and build your response. So, you want to make sure that
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all that evidence that you’ve collected further in the journey that you go ahead
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and store that whether that be a proof of delivery um making sure that the
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address matches the information. Um, I talked to one of our uh individuals here
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at Sift who who works disputes as well and they actually said that in one of
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their cases this individual was claiming that they didn’t um receive the good or
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like that was not their actual shipping address, but then they found that
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individual on LinkedIn who worked at the business where the item was delivered to
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the business. And so, um, if you can connect that in consumer to that
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location somehow, that’s some good research as well. Um, and then again
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remember that customer communication that you were keeping in the journey.
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It’s also good to say that here. I found that if you tell the networks like,
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“Hey, I’ve actually engaged with this um, consumer. We’ve worked out an issue.
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You can see our conversation here.” They’re also willing to look at that
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information. Um, and then there’s lots of different ways to submit the
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response, right? Again, it’s a really complex payments network and each
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payment system has a different way to submit them. um whether that be you know
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I I used to also work in uh the legal field and sometimes if you just
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paperclipip something the wrong way the courts will kick it out irrespective of
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what the document says and some of submitting disputes can be the same way.
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So it’s also really important that you understand how and what you’re
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submitting um and to who within this process as well.
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>> Great. Thanks Rebecca. Um, so then we have some key takeaways around uh
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dispute response best practices. And I guess to your point that you made
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Rebecca, the tools and the sophistication around how to accomplish
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this task have changed over time. Thank God. Um, but there are some principles
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that still remain the same. So I’m going to cover up on them. And Rebecca, if you
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have anything you want to add color to, please jump in. Um, so we started off by
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saying get to the point. I think a lot of folks when they start out uh
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responding to chargebacks just throw everything in the kitchen sink and think
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more information is better and that is actually unfortunately not the case.
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It’s much better to stick to the facts around the original stale and really
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edit yourself. You got to think that the person on the other end that is making
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the final decision here is probably going through a lot uh of these
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representments. So anything that can make their job easier by organizing the
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information while highlighting or bolding or you know as the industry
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moves more and more towards categorized evidence that is digitally being
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delivered to specific endpoints on their system um there’s a lot to account for
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so just spending a bit of time up front in investing like understanding
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what is actually relevant here will go a long way. Um,
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>> yeah, I’ll just add to that. I I remember speaking once to uh an
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individual who worked at Visa who actually reviewed dispute responses from
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merchants and they really emphasized like get to the point. So, you know,
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they have their own quotas that they need to fulfill and short amount of
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times to read things. So, again, that gets back to really understand their
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reason code and then making sure that you’re giving the right evidence to
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disclaim whatever that card holder said via the reason code um is is really
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important there. Yeah. Um, so then our second uh kind of
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bullet here with prioritize proof, it’s definitely connected to the first, but
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we wanted to unpack it a little bit. Um, you do want to be strategic about what
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information, including proof, um, looks like. And again, it’s worth the
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investment of time and I guess campaigning in your company for the
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resources necessary to provide this kind of proof. uh for example, you know,
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bolstering your case with added details like phone logs, email correspondences
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requires some area of your uh organization to store that information
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appropriately. Um LinkedIn profiles, proof of service or delivery uh do you
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know are there screenshots available and how uh terms of service that those
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upfront proactive um measures that Rebecca talked about earlier. just
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really thinking through like what are the priorities of proof that will help
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us um win in this area and being set up from a technology and an organization uh
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point of view goes a long way.
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>> Yeah, I um two things to add with the prioritization of proof here. I just
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wanted to um read out a comment because I think this is a really good uh tip
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that a guest has said. So, if a customer claims that they did not receive and the
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um the delivery service has a photo of the delivery, you can ask the customer
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if they recognize the delivery area. If they say no, you can match the um POD
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photo with the Google bin Zillow. So, that was like another good tip there. Um
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another interesting story that we had about prioritizing proof that we I also
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talked from a current Sift employee who does disputes is that um someone was
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outside of their refund window. Um and so since they didn’t get the refund,
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they then went through the chargeback process and um a they had kept that
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correspondence where they had clearly communicated to the end card holder that
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they’re outside the refund window. And so then actually what this card holder
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had done is they had gotten a refund the year prior. So they took the refund
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information and actually altered that image to now match this new transaction
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to just say that they had actually like the company had said that they did get
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the refund. And here’s the proof of the company saying that, but they just
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changed the information to match their current purchase, not their historical
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purchase. But luckily, um, our internal city was able to get that historical
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information and validate and prove that the card holder was actually had
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manipulated documentation. Um, so that’s another way where you can think about
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proof as well. And again, I think what’s interesting about scaling and your
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resources, um, you know, it’s all cost of cost benefit analysis, like where
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should we challenge it? When should we fight it? Like, you know, the higher
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good items. I definitely think it’s worth it to go and really do your
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investigation to truly try to get those funds back and then also um to go
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through that the arbitration and pre-arbitration process. Um, I know I’ve
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talked to other customers who or another colleague of mine who, you know, work
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for a luxury retailer and they went back, you know, I think three or four
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times over months working um with American Express to end up getting the
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full charge for a luxury item that they purchased.
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>> Thanks, Rebecca. Um so the last bullet here uh was really around the the piece
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of planning preparing for how you’re going to uh handle this type of fraud as
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you grow. Um which we’ve touched on quite a bit but just to underline it as
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a point whereas the chargeback space you know um historically has even sat with
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the fax world where a lot of banks require you some still do to fax in your
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representment. Um, and there’s lots of different ways to, you know, approach
22:55
the kind of optimization and efficiency of this work. Um, it’s it’s just worth
23:02
planning and preparing proactively as much as you can around your business
23:06
goals. Um, like I said, the industry is moving towards a more dynamic
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categorized evidence digital delivery to certain end points. So, um using that to
23:16
your advantage. Uh educating your internal co-workers, your peers, your um
23:21
higherups about how you can meet those changes and uh be more efficient with
23:27
the tools that you have or ones that you’re willing to invest in make a big
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difference.
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>> Yeah, it’s can it can be quite a time consuming process as well. Um so really
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investing in tools as your business scales is going to be really important.
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Um, and we know like it’s just opportunity for you to get revenue that
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you deserve as a merchant. So, it’s also a really um I always, you know, when
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I’ve worked in this space, it was nice because I had a really strong ROI,
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right? We were getting back or we were increasing our win rates by putting in
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the due diligence to advocate for ourselves through this process. And so
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really understanding the rules um advocating for merchants is is really
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important if if these are legitimate transactions and and not true fraud
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that’s committed on the system as well. Okay, so question time. Um we have five
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minutes here. Let’s see.
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Someone asked, “If someone purchases a good from me and immediately cancels, am
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I obligated to issue a refund?” I would say it depends.
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Yeah. Uh I mean, going back to I guess
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thinking about whether alerts as a tool, as a as a product are right for you, it
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just depends what your overall goals are. uh how badly you’re being impacted
24:50
by disputes overall. Um if if this is a high ticket item, if this is happening a
24:58
lot or if this is I don’t know a longerterm customer with higher LTV. It
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all of those factors go into it. But I guess um the thing to think about is
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maybe at scale what kind of general rules you would want to apply. Um, I was
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going to say I think I don’t think that there’s an obligation from any sort of
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legal or regulatory standpoint, but I think where you would get into an issue
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is you do have to keep a low chargeback rate. And so if your policies are not
25:29
aligned with your ability to keep that low chargeback rate, then you might come
25:34
into an issue later down the line because if you exceed the chargebacks
25:38
limits, then you’re going to get processed a fee um by the networks um to
25:44
process their payments on your business. So could be a maybe not a best practice,
25:49
but I don’t think there’s any regulatory obligations there.
25:53
>> Okay, great. Uh, we had this question from um, Natalia Coulson with Visa. If
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the customer Natalie, sorry. Um, with Go ahead, Carol.
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>> I was just going to read it. So, if the customer cancelled within 24 hours of
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the purchase, then yes, a refund must be issued. Oh, I see.
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>> Thank you, Natalie.
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>> Okay. And then, uh, other questions. Do you have any experiences that you would
26:16
like to share about chargebacks in the restaurant industry?
26:23
I’m trying to think about this in we definitely see them. Um especially at my
26:29
time at Square, a lot of restaurants use Square. Um
26:33
>> you know, I think you know, again, it depends upon what the actual dispute is,
26:38
but I think what was nice about some of the restaurants is that um they’re often
26:44
card present transactions. So, it’s a different set. You can have signatures,
26:48
you can have receipt, you can have the itemized food order. So, there’s a lot
26:53
of um pieces of evidence that you can use to collect. If again, this is first
26:58
party fraud, right? It’s going to be much trickier um if that individual or
27:02
that person at the restaurant was actually using stolen credentials to to
27:06
do that sale. That’s going to be a different issue altogether.
27:09
>> Yeah. Um, for the folks who the person who asked this, we do have a lot of case
27:16
studies up on our website. I can’t remember offh hand if we have a
27:20
restaurant specific ones of chargebacks, but it’s worth checking out on our
27:24
resources tab on the sift.com website. Um, there’ll definitely be a blog or an
27:29
ebook or something about that space. So, I recommend checking that out. Um, let’s
27:34
see. We got two minutes here and one final question I think from Robin. Oh
27:38
no, then maybe there’s a couple more. Let’s see.
27:40
>> We have a couple more. If we can’t get to them during this session, we’ll go
27:44
ahead and and work to answer these questions offline as well. I want to be
27:47
mindful of everybody’s time commitments, but there’s some great ones coming in.
27:51
There’s there’s been a couple time a couple questions asked. Will this be
27:53
available on demand? I believe yes, Charlotte, we will be going ahead and
27:57
sending a recording of this to everybody who has registered for this um webinar.
28:04
>> Yes, for sure. Um and it will be emailed out to you after after we end here. And
28:09
again um from that you will be invited to make contact with your customer
28:14
support person or your sales representative if you want to follow up
28:18
any conversations um or access more assets.
28:22
There’s one question here I’m going to go ahead and um answer. It said would
28:25
you suggest blocking customers who have charged back? In our analysis we saw
28:29
they were five times more likely to charge back again. Again, that’s a
28:32
policy decision for you and your business. Um, certainly if you have
28:37
individual users who are repeat offenders of um, you know, charging
28:43
things back on your site, you’re more within your rights to block them from
28:47
accessing your site. We also often see this not just with the charge by
28:50
process, but repeat offenders with promo abuses as well. And so, you know, a
28:55
tactic there would be going ahead and and blocking people from redoing the
28:59
promos um, too. if uh you see people abusing those uh policies that you have
29:04
on your site. But I I think though more broadly
29:10
maintaining deny lists is a lot of work at scale and so the the better thing
29:16
would be to you know work proactively to block those transactions before they
29:22
happen. I just find denial lists can be um you know a little bit hard to manage
29:27
and sometimes you end up blocking the wrong customer. Uh, I have my own
29:31
escalations about that and it comes back. So, I I would be
29:36
careful about how long of a list that gets for you and your business to
29:39
maintain. Hey. All right. Well, thanks everyone.
29:43
We’re going to wrap up here since we’re at time. Um, this is just a recap uh of
29:50
what you can do after this. So, yes, please do reply to the webinar follow-up
29:53
email if you would like to request um more information or a further
29:58
conversation. We do also have um opportunities to go through actual
30:04
response examples uh with some of our in-house experts to just talk through um
30:11
your responses, your uh dispute representments if you’re looking for
30:15
that kind of hands-on advice. Um so reply with your uh interest in that if
30:21
that sounds good to you. And then again, uh, if you’re interested in the, um, the
30:27
survey results from our digital trust and safety index around chargebacks, you
30:32
can find that on the website under the resources tab. And again, if you poke
30:36
around on that tab, there are lots of resources that get into pretty
30:40
nitty-gritty details about best practices when handling chargeback. So,
30:44
by all means, use the things we make.
30:48
>> It’s it’s complicated and there’s a lot of rules, a lot of different systems.
30:51
So, um it’s yeah, luckily it’s available though for you to understand if you do
30:56
some research.
30:58
>> All right. Well, thank you everyone so much for your questions and
31:01
participation and we’ll see you at the next one.
31:06
Right.