Combatting chargebacks and coordinated efforts
Like many online merchants, GetMyBoat was experiencing an influx of fraudsters trying to take advantage of their platform for their own monetary gains. Their team witnessed coordinated efforts through a network of cybercriminals transacting in small amounts to test the system and then using associated accounts to complete higher value reservations.
GetMyBoat was also seeing an increase in chargebacks, costing the business resources, time, and money. The marketplace wanted to prevent chargebacks both in the form of friendly fraud—customers trying to get a refund for a service they already used—as well as common fraud, through stolen credit card credentials.
Based on trends GetMyBoat has been seeing over the years, their team has been able to pinpoint and track spikes in fraudulent activity at popular boating hotspots during their busy summer season. The marketplace knew they needed to deploy fraud prevention tactics to combat these digital pirates, and turned to Sift for help.