Fraudology is presented by Sardine. Learn more about how their one platform covers you for fraud, compliance, and payments.Never did Karisse Hendrick, host of Fraudology, expect to talk about a popular reality show where entrepreneurs pitch their companies to an investor on TV, and the investor decides if the product is something they would like to invest in with their own money; in relation to online fraud. But, thanks to a relatively new company that visited the "Shark Tank" on its most recent episode, Karisse thought this was a good time to provide a heads up to online companies in all verticals. On the episode that aired on the 13th of October, millions of viewers internationally watched the founders as they pitched their company, Bot-it to the investors. But more importantly, the founders of Bot-it claim to be the first B2C bot service with a simple to use user interface.So, Karisse thought this was a good reason to as a chance to delve into the world of purchasing bots, reselling businesses, and the challenges faced by cybersecurity teams in detecting and preventing bot activity. While also taking opportunity to warn Fraudology Listeners of the possible shift in legitimate user behavior, as well as a change in the motivations for the use of Bots, Karisse discusses:The first use of scripted programs/attacks (known as "bots")Why a company's cybersecurity team often manages the relationship with most traditional bot detection vendorsHow purchasing-bots ("sneaker bots") and log-in bots have had a real impact on fraud,, and implications of bot purchasesThe two main groups of users/core motivations of bot users (until now); and why more legitimate customers with no technically expertise may have gotten the impression that using bots online are legal & easy to useWhy the "Shark Tank Effect" on this company, Bot-it may impact online fraud departments (in ecommerce, fintech, and even banking)Why the usage of bots can often result in orders placed by bots being canceled due to company policies The importance of clear policies and communication to reduce additional volume of calls to customer service call.Predictions & advice for those who may suddenly be experiencing purchases or log ins made by bots making purchases or logging in, without typical behaviors that would indicate fraud or re-selling activity.With insider knowledge and expert advice, Karisse highlights the evolving landscape of fraud prevention and emphasizes the significance of building trust with end consumers. Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast semi weekly, on Tuesdays and Thursdays.Mentioned in this episode:2023-q4-postroll sardine 1