Companies are losing $100 billion a year from all sorts of fraud, including setting up multiple email addresses to take advantage of promotions, Riskified said.
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"In our experience with merchants over the past two years, especially as they've been sharpening their pencils around profitability, they've really started to take a harder look at this," said Riskified CEO Eido Gal. However, serial and professional fraudsters are exploiting those lax policies and taking those abuses a step further,In one example analyzed by Riskified, a company identified 137,000 fake accounts created by just 4,000 abusive customers looking to take advantage of a steep 35% discount promotion for first-time customers. It cost the company more than $14 million annually.
A majority of respondents, 55%, said their costs from those kinds of tactics were"very significant" in 2022, suggesting it has become more common and costly compared with other types of abuse, the survey said.
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