The vast majority of those who make it to a merchant’s checkout page are the good guys. Normal people trying to complete a legitimate purchase. Ninety-nine percent of the time, Sift Head Trust and Safety Architect Kevin Lee told PYMNTS in a recent conversation, the customer is legit and should be approved.
The problem is the other 1 percent of attempted transactions that are illegitimate and have a fraudster standing behind them, and not a single actor scraping card data onto a spreadsheet in their basement.
“We know that there's an entire ecosystem or economy out there that fraudsters are a part of, and they’re there working off of each other,” Lee said. “They’re using technology to their advantage and they’re extracting all this value.”