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The reality of agentic commerce in 2025 is nothing like the hype promised. While everyone expected AI shopping agents to revolutionize Black Friday and Cyber Monday with 10-20% of traffic, what actually happened was a massive spike in AI search referrals, not autonomous purchasing. Vito Petruzzelli breaks down why agent commerce conversion rates remain terrible, taking 30+ minutes for simple purchases that often get declined by fraud systems anyway. The real story is how search behavior has fundamentally shifted - consumers now use ChatGPT to find deals and get referred to merchant sites, rather than having bots make purchases for them. Key topics covered: [00:00] Intro [02:42] Hollywood’s Ben Li [04:31] Miss Dee challenges customer service thinking [05:45] Fraud companies face duplication concerns [07:12] Weekly fraud risk discussion format [09:02] Agent commerce reality check begins [11:14] Eating crow on AI hype [12:11] Moltbook AI bots create existential crisis [14:30] Robots hire humans for tasks [16:03] Agent commerce theory versus reality [18:40] Cooper Flagg jersey purchase fails [20:32] The one Fraudcast episode you have to go back and listen to [21:05] Referral traffic spikes thirteen times [22:30] ChatGPT dominates AI search referrals [25:40] Discoverability challenges for merchants [26:12] Search patterns fundamentally shift away [31:31] Machine learning evaluates AI signals [35:07] Payment instruments determine everything, ultimately [38:53] Eight questions cross entire company [43:05] Manual review tags agent orders [45:07] Victim assisted fraud on steroids [47:12] Sleepy robot callers spotted [49:34] Granular segmentation provides fraud protection [51:22] Next week’s special guest runs a school of communications The episode reveals the technical hurdles still blocking agent commerce, from PCI compliance issues to the challenges of exposing product catalogs to AI scrapers. Vito demonstrates how ChatGPT dominates AI referral traffic while other platforms like Claude and Gemini barely register. For fraud professionals, this means understanding new signals like unusual screen resolutions, hosting IPs from Virginia data centers, and bot strings in device APIs. The conversation covers how to segment this traffic, run A/B tests through manual review, and prepare for a world where discovery happens through AI agents even if purchasing remains manual. The discussion includes practical advice on testing your own website with ChatGPT's agent mode, identifying the signals these orders create, and building internal conversations around the eight critical questions every company needs to answer about agent commerce readiness.