Riskified Takes a Stand Against Fraud as a Leading Supporter of International Fraud Awareness Week 2024

As holiday shopping heats up, Riskified puts a spotlight on the Safest Brands in Ecommerce

Riskified (NYSE: RSKD), a leader in ecommerce fraud and risk intelligence, announced that it will be participating in International Fraud Awareness Week, taking place from November 17-23, 2024. Aligning with hundreds of global organizations, Riskified aims to elevate awareness about the critical importance of fighting fraud in the ecommerce world.

The proliferation, scale, and damages from fraud make vigilance and implementing robust security measures mission critical. Fraudulent activities pose a significant threat to businesses worldwide, with $3.1 billion lost to fraud between January 2022 and September 2023. Those were the total losses calculated in Occupational Fraud 2024: A Report to the Nations, the latest report from the Association of Certified Fraud Examiners (ACFE) which analyzed 1,921 occupational fraud cases. When it comes to online shopping, Juniper Research estimates that losses from online payment fraud will exceed $362 billion globally between 2023 to 2028, with losses of $91 billion alone in 2028.

During Fraud Week, official supporters will engage in various activities, including hosting fraud awareness training for employees and/or the community, conducting employee surveys to assess levels of fraud awareness within their organization, posting articles on company websites and in newsletters and teaming up with local media to highlight the problem of fraud.

Riskified will contribute to Fraud Week through a series of initiatives designed to promote anti-fraud education and vigilance. A highlight of this year's efforts is a billboard campaign powered by the New York Stock Exchange in Times Square, New York City. Featuring the “Safest Brands in Ecommerce,” the billboard and corresponding webpage draw attention to the brands who invest in providing a safe and secure purchase experience for their customers. These companies include: Macy’s, Allbirds, Prada, AirEuropa, BJ’s Wholesale Club, TickPick, Shein, Hotelogical, Booking.com, Finishline, Gametime, Gilt Groupe, BlueMercury, ShopSimon, Ruelala, Acer, US Gold Bureau, Movado Group, Super, and New York & Company.

This effort is a joint initiative between Riskified and its ecommerce ecosystem partners : AWS, Deloitte, Mastercard, Shopify, Salesforce Commerce Cloud, Fiserv, Checkout.com, and Aurus, to help consumers make informed decisions about shopping with brands that prioritize protection against fraud. Riskified.com/FraudWeek also offers a collection of articles, research studies, and merchant success stories that highlight the pervasiveness of fraud within the ecommerce space.

"Given the scale and rapid evolution of payment fraud, returns, and refunds abuse during the holiday shopping season, it’s an important point in the year for merchants to protect their online stores and their bottom line," says Jeff Otto, Riskified’s Chief Marketing Officer. "Riskified was founded to empower merchants with advanced AI-powered fraud detection technology, ensuring a safer ecommerce landscape for consumers. We’re excited to join forces with leading organizations in shining a light on fraud and policy abuse and its impact on the ecommerce marketplace."

“The support of organizations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness,” says John Gill, J.D., CFE, ACFE president. “Fraud is an issue that unfortunately affects people from all walks of life around the world and it takes many forms. Whether it’s a trusted employee stealing from a small business, or organized rings of fraudsters targeting seniors in our community, most people know someone who’s been victimized by fraud. That’s why it’s so important for organizations to join in this fight together to raise awareness during this week. It is a serious problem that requires a proactive approach toward preventing it and educating people is the first step.”

For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit FraudWeek.com.

About Riskified

Riskified (NYSE:RSKD) empowers businesses to unleash ecommerce growth by outsmarting risk. Many of the world’s biggest brands and publicly traded companies selling online rely on Riskified for guaranteed protection against chargebacks, to fight fraud and policy abuse at scale, and to improve customer retention. Developed and managed by the largest team of ecommerce risk analysts, data scientists and researchers, Riskified’s AI-powered fraud and risk intelligence platform analyzes the individual behind each interaction to provide real-time decisions and robust identity-based insights. Riskified was named to CNBC's World’s Top Fintech Companies in 2024. Learn more at riskified.com.

About the Association of Certified Fraud Examiners

Based in Austin, Texas, the ACFE is the world's largest anti-fraud organization and premier provider of anti-fraud training and education. Together with more than 90,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession. For more information, visit ACFE.com.

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