Riskified - Detailed Review
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Riskified - Product Overview
Riskified Overview
Riskified is a pioneering company in the field of AI-driven fraud prevention and risk management, specifically tailored for ecommerce businesses.
Primary Function
Riskified’s primary function is to protect ecommerce businesses from fraudulent transactions and other risks associated with online payments. The company uses advanced machine learning algorithms and big data analytics to assess the risk level of every transaction in real-time, allowing merchants to approve legitimate orders while blocking fraudulent ones.
Target Audience
Riskified’s target audience includes ecommerce businesses of all sizes, across various industries such as retail, travel, and digital goods providers. These businesses are primarily online retailers looking to prevent fraud, increase approval rates, and improve the overall customer experience on their ecommerce platforms.
Key Features
Fraud Prevention
Riskified employs machine learning algorithms to detect and prevent fraudulent transactions in real-time. This helps businesses reduce chargebacks and financial losses due to fraud.
Real-time Risk Assessment
The system analyzes transactions instantly, providing merchants with a risk score that helps them make informed decisions about whether to approve or decline a transaction.
Chargeback Protection
In the event of a chargeback, Riskified assists businesses in disputing fraudulent claims and recovering lost revenue by providing detailed evidence and documentation.
Behavioral Biometrics and Device Fingerprinting
Riskified uses these technologies to verify the identity of customers and detect suspicious behavior, such as unusual typing patterns or device characteristics.
Revenue Optimization
By reducing false declines and increasing approval rates, Riskified helps merchants maximize their revenue potential. This is achieved through data and insights from millions of transactions.
Global Integration
Riskified partners with various ecommerce platforms and payment providers to integrate its solutions, making it accessible to businesses globally.
By leveraging these features, Riskified helps ecommerce businesses operate safely, efficiently, and profitably, ensuring a secure and frictionless online shopping experience for their customers.
Riskified - User Interface and Experience
Visualization and Insight
Riskified’s recent introduction of “Identity Explore” is a significant enhancement to their user interface. This feature provides a high-resolution visualization of customer identities and behavior, allowing merchants to analyze, investigate, and interact with customers in a more detailed and intuitive way. This visualization helps merchants to better identify legitimate customers and distinguish them from potential abusers, enabling more accurate and personalized policy decisions.
Ease of Use
Users have generally reported a positive experience with Riskified’s interface, noting that it is easy to use and integrate. Reviews highlight that the integration process is “fairly seamless” and that the Riskified implementation team is helpful in setting up the necessary controls for order filtering.
Customization and Control
The platform allows merchants to implement specific controls for order filtering, which can be adjusted to balance the need to capture legitimate sales without frustrating customers. While some users mention that finding the perfect balance can be challenging, the overall experience is described as successful and easy to manage.
Support and Feedback
Riskified is praised for its great customer support, which is helpful in many ways. However, some users have expressed a desire for more insight into the decision-making process behind fraud declines, suggesting that while the interface is user-friendly, there is room for improvement in providing detailed feedback.
Data Management and Privacy
The platform collects various types of data, including transaction, device, geolocation, and analytical data, all of which are processed in accordance with the merchant’s and Riskified’s legitimate interests. The privacy policy is clear about what data is collected and how it is used, ensuring transparency for both merchants and customers.
Conclusion
In summary, Riskified’s user interface is designed to be intuitive and easy to use, with features like “Identity Explore” providing valuable insights into customer behavior. The platform is supported by a helpful implementation team and good customer support, although there may be some areas where users seek more detailed feedback on decision-making processes. Overall, the user experience is positive, with a focus on ease of use and effective fraud prevention.
Riskified - Key Features and Functionality
Riskified Overview
Riskified is an advanced AI-powered fraud and risk intelligence platform that offers a comprehensive set of features to help eCommerce businesses prevent fraud, protect against chargebacks, and optimize their payment processes. Here are the main features and how they work:
Real-Time Fraud Detection
Riskified uses machine learning algorithms and big data analytics to assess the risk level of every transaction in real-time. This allows merchants to approve legitimate orders and block fraudulent ones immediately, reducing the risk of financial losses and chargebacks.
Machine Learning Algorithms
The platform’s machine learning algorithms continuously learn and adapt to new fraud patterns and trends. This ensures that Riskified stays ahead of fraudsters and provides accurate risk assessments for each transaction.
Chargeback Guarantee
Riskified offers a 100% chargeback protection guarantee on every order they approve. This means that if a chargeback occurs on an approved transaction, Riskified takes on the financial liability, reducing the costs and risks associated with chargebacks for merchants.
Behavioral Analysis
Riskified analyzes customer behavior, including factors such as typing patterns, mouse movements, and other behavioral biometrics, to verify the identity of customers and detect suspicious behavior. This helps in identifying and preventing fraudulent transactions.
Device Fingerprinting
The platform uses device fingerprinting to collect and analyze data about the devices used for transactions. This includes information about the device’s browser, operating system, and other characteristics to help verify the legitimacy of transactions.
Transaction Scoring
Riskified assigns a risk score to each transaction based on various factors, including customer behavior, transaction data, and device information. This score helps merchants make informed decisions about whether to approve or decline a transaction.
Automated Decisioning
The platform automates the decision-making process for transactions, using AI to approve or decline orders in real-time. This reduces the need for manual review and streamlines the payment process.
Customizable Rules Engine
Merchants can customize the rules engine to align with their specific risk tolerance and business needs. This flexibility allows businesses to tailor their fraud prevention strategies to their unique requirements.
Global Data Network
Riskified leverages a global data network to gather insights from millions of transactions. This collective data helps in identifying and preventing fraud patterns that may not be apparent from a single merchant’s data alone.
Account Takeover Protection
The platform includes features to prevent unauthorized access to shopper accounts. By detecting and blocking malicious account takeover attempts, Riskified helps build trust with customers and ensures frictionless access for legitimate users.
Multi-Layered Security
Riskified employs multiple layers of security to protect transactions. This includes advanced fraud detection, behavioral analysis, and device fingerprinting, ensuring a secure online shopping environment for customers.
Seamless Integration
Riskified can be seamlessly integrated with various eCommerce platforms, payment gateways, and other business systems. This integration is facilitated through APIs, ensuring that the fraud prevention and chargeback protection services can be easily incorporated into existing workflows.
Comprehensive Reporting and Fraud Insights Dashboard
The platform provides comprehensive reporting and a fraud insights dashboard. These tools help merchants view and manage chargebacks, analyze fraud trends, and make data-driven decisions to optimize their fraud prevention strategies.
PSD2 Optimization
Riskified’s PSD2 optimization feature reduces friction during the payment process by minimizing Strong Customer Authentication (SCA) requirements while safeguarding the risk profile with card issuing banks. This helps in driving conversion rates and improving the customer experience.
Dispute Resolution
Riskified streamlines chargeback management operations by offering a centralized platform to view and manage chargebacks across all reason codes and gateways. This automation helps avoid missing chargeback deadlines and ensures timely dispute resolution.
Conclusion
By integrating these features, Riskified provides a comprehensive solution that helps eCommerce businesses maximize revenue, expand their operations, and mitigate the risks associated with fraud and chargebacks. The AI-driven approach ensures that the platform continuously adapts to new fraud patterns, providing the most effective protection against fraudulent activities.
Riskified - Performance and Accuracy
Evaluating the Performance and Accuracy of Riskified
Performance
Riskified’s performance is marked by its ability to make swift and accurate decisions on transactions. Here are some highlights:Speed and Efficiency
Riskified can validate orders in milliseconds, which is crucial for maintaining a seamless customer experience. This rapid processing helps in reducing the number of manually reviewed orders, as seen in the Rue Gilt Groupe case study where they achieved a 20% decrease in manually reviewed orders.Scalability
The platform is built to scale with the growth of its clients. It handles a large volume of transactions efficiently, as evidenced by its ability to review a significant gross merchandise value across multiple countries.Operational Efficiency
By automating fraud detection, Riskified helps merchants reduce operational costs and focus more on increasing sales. For instance, the Finish Line saw a 70% decrease in chargebacks, which significantly reduced their operational burden.Accuracy
Accuracy is a cornerstone of Riskified’s fraud prevention capabilities:Machine Learning and Human Expertise
Riskified combines machine learning models with the expertise of human fraud analysts. This hybrid approach ensures that transactions are contextualized properly, reducing false declines and improving overall accuracy. The human element is crucial in labeling data, selecting relevant data points, and ensuring the models remain optimized.Data Attributes
The platform examines over 480 data attributes per order, which enables it to detect fraud 2-3 times better than competitors. This comprehensive analysis helps in identifying legitimate transactions and minimizing false positives.Precision in Decisioning
Riskified’s AI-powered decisioning platform is designed to maximize approval rates while minimizing fraud rates. This precision is achieved through a deep integration of data and continuous performance reviews by fraud analysts.Limitations and Areas for Improvement
While Riskified boasts impressive performance and accuracy, there are a few areas to consider:Technical Scalability Challenges
As Riskified grew, it faced challenges with its database infrastructure, particularly the limitation of a single writer server in their legacy relational databases. This issue was addressed by migrating to a more scalable database solution like CockroachDB, which highlights the importance of continuous infrastructure optimization.Balancing Approval Rates and Fraud Prevention
Finding the right balance between approving legitimate orders and preventing fraudulent ones is critical. Riskified emphasizes the importance of this balance, noting that over-declining orders can result in lost revenue and customer dissatisfaction. The platform’s approach aims to minimize this risk, but it remains an ongoing challenge in the fraud prevention landscape. In summary, Riskified’s performance and accuracy are driven by its advanced machine learning models, extensive data analysis, and the invaluable input of human fraud experts. While it has addressed significant scalability challenges, the ongoing need to balance approval rates and fraud prevention remains a key area of focus. Riskified - Pricing and Plans
Riskified Pricing Structure
Riskified’s pricing structure is based on a flexible, pay-as-you-go model that adapts to the specific needs and volume of your business. Here are the key points to consider:Pricing Model
Riskified operates on a percentage-per-transaction model, starting at 0.4% per transaction. This model means you only pay for transactions that Riskified approves and guarantees, eliminating setup fees and monthly commitments.Variables Affecting Pricing
The pricing varies based on several factors:- Sales Volume: Pricing is influenced by your annual sales volume, with different rates for businesses with sales under $3 million, $3-10 million, $10-100 million, and over $100 million.
- Industry Niche: The industry you operate in can affect the pricing, with different sectors potentially having different rates. For example, luxury goods merchants might pay more than those in the sportswear sector.
- Unique Risk Profile: Your business’s specific risk profile also plays a role in determining the pricing.
Features and Plans
While Riskified does not offer traditional tiered plans, here are some key features available across their service:- Device and Browser Fingerprinting: Identifies and tracks devices and browsers to detect fraudulent activity.
- Behavioral Analytics: Analyzes user behavior to identify potential fraud.
- Proxy Detection: Detects and flags transactions using proxies.
- Linking Technology: Connects current orders to past orders to identify patterns of fraud.
- Machine Learning: Uses advanced machine learning to determine the legitimacy of orders.
- Chargeback Guarantee: Provides a 100% guarantee against chargebacks for approved transactions.
- Dispute Resolve: Manages and tracks chargebacks, including automated dispute submissions.
- Policy Protect: Identifies system abusers and protects against unauthorized resellers.
- Account Secure: Protects against Account Takeover Fraud (ATO) using machine learning.
Free Options
There are no free subscription options available for Riskified. However, potential customers can request a demo before committing to the service.Scalability
Riskified’s pay-as-you-go model allows for seamless scalability, meaning your costs will increase as your sales volume grows, but without the need for upgrading payment plans. In summary, Riskified’s pricing is dynamic and based on transaction volume, industry, and risk profile, with no fixed tiers or free subscriptions, but offering a comprehensive suite of fraud prevention features. Riskified - Integration and Compatibility
Riskified Overview
Riskified, a leading eCommerce fraud management platform, integrates seamlessly with a wide range of eCommerce platforms and tools, ensuring broad compatibility and ease of use for merchants.
eCommerce Platforms
Riskified supports integrations with all major eCommerce platforms. This includes:
- SAP Commerce Cloud: Through a pre-built connector developed in partnership with EPAM, Riskified’s fraud prevention solutions are easily accessible to merchants using SAP Commerce Cloud.
- Salesforce Commerce Cloud: Riskified is integrated with Salesforce Commerce Cloud, providing merchants with advanced fraud prevention capabilities.
- Adobe Commerce Cloud (Magento): Riskified offers an extension for Magento, facilitating easy integration for merchants using this platform.
- Shopify: A plugin is available for Shopify, making it simple for Shopify merchants to integrate Riskified’s fraud management solutions.
- VTEX: Riskified also supports integration with VTEX, another prominent eCommerce platform.
- commercetools: The integration with commercetools allows merchants to implement Riskified’s Chargeback Guarantee solution through the commercetools Integration Marketplace.
Integration Methods
Riskified provides several integration methods to fit different merchant needs:
- API Integration: This is the most flexible integration option, allowing merchants to customize the integration according to their specific requirements.
- Pre- or Post-Gateway Authorization: Riskified’s solution can operate either before or after gateway authorization, adapting to the merchant’s existing order flow.
Connector and Integration Details
For platforms like SAP Commerce Cloud and commercetools, Riskified uses pre-built connectors to streamline the integration process. For example, the connector for commercetools supports the asynchronous Chargeback Guarantee solution, allowing merchants to obtain fraud decisions after payment authorization and update their systems accordingly.
Support and Onboarding
Riskified offers full support from its integration and data engineers to ensure a smooth onboarding process. This support helps merchants benefit from Riskified’s fraud review quickly and efficiently.
Conclusion
In summary, Riskified’s integrations are designed to be flexible and adaptable, supporting a variety of systems and order flows to maximize sales, ease fulfillment, and keep customers happy across multiple eCommerce platforms.
Riskified - Customer Support and Resources
Contact Options
For any questions, complaints, or inquiries, you can contact Riskified directly through several channels. You can reach out to their support team at support@decopayments.com for general inquiries or issues related to the services. For data protection and privacy concerns, you can contact their data protection officer at privacy@decopayments.com.
Documentation and Integration Support
Riskified provides a comprehensive Documentation Center that includes detailed guides for integrating their fraud solution with various e-commerce platforms such as Shopify, Magento, and Salesforce Commerce Cloud (SFCC). This documentation is supported by their integration and data engineers, ensuring a seamless integration process. You can choose the desired integration method, including API, and find the necessary documentation to fit your specific needs.
Chargeback and Dispute Resolution
For issues related to chargebacks, Riskified offers automated dispute resolution through their Dispute Resolve service. This service collects compelling evidence and manages chargeback disputes on your behalf, helping to deter friendly fraud and reduce operational costs. You can easily submit required documentation through their platform, and they guarantee reimbursement for chargebacks covered by their service.
Performance Monitoring and Adjustments
Riskified’s platform includes tools that allow you to track performance and adjust settings as needed. Their Control Center enables you to monitor performance, analyze fraud and payment trends, and adjust thresholds to protect your unique business interests. Dedicated risk analysts are available 24/7 to monitor and adjust the system to respond to emerging threats and trends.
Additional Resources
Riskified also offers resources to help you optimize your fraud prevention strategies. Their Policy Protect solution helps detect and prevent unprofitable e-commerce policy abuse, such as return, refund, promotion, and reseller scams. This solution uses machine learning to identify trustworthy and profitable orders in real-time, allowing you to fine-tune your policies effectively.
By leveraging these support options and resources, you can ensure that you are well-equipped to manage and prevent fraud effectively, while also enhancing your overall customer experience.
Riskified - Pros and Cons
Advantages of Riskified
Riskified offers several significant advantages for ecommerce businesses looking to enhance their fraud protection and improve customer experience:
Real-time Order Screening
Riskified uses AI and machine learning algorithms to screen orders in real-time, reducing the risk of fraudulent transactions and allowing merchants to approve more legitimate orders quickly.
Chargeback Guarantee
The platform provides a 100% chargeback guarantee, which means merchants are protected from fraud-related chargebacks at no additional cost. This can significantly reduce financial losses and operational costs associated with chargebacks.
Increased Sales Velocity
By approving more orders with certainty, Riskified helps merchants increase their sales velocity, leading to higher revenue and growth.
Comprehensive Fraud Protection
Riskified’s suite of tools includes features like Policy Protect, Dispute Resolve, Account Secure, and PSD2 Optimize, which help prevent various forms of abuse, fight chargebacks, block account takeovers, and reduce friction at checkout.
Scalable Pricing Model
The platform operates on a pay-as-you-go structure, where merchants pay a percentage per transaction. This model is particularly beneficial for businesses scaling quickly, as it avoids the need for tiered service upgrades.
Data-Driven Insights
Riskified provides real-time visibility and insights through its Control Center, helping merchants and their teams understand shopper behavior, fraud trends, and payment issues better.
Global Reach and Expertise
With over 400 million shoppers in 180 countries, Riskified has extensive experience and data to draw from, making it highly effective in detecting fraud and approving legitimate orders.
Disadvantages of Riskified
While Riskified offers many benefits, there are also some potential drawbacks to consider:
False Positives
There can be instances of false positives, where legitimate transactions are flagged as fraudulent. This can lead to order rejections and potential loss of good customers.
Initial Learning Curve
When first implementing Riskified, the AI models may take some time to learn the specific customer habits of the merchant, which can result in higher false decline rates initially.
Cost Structure
The percentage-per-order model, while scalable, can lead to rising costs as sales increase. This might be challenging for businesses with fixed budget structures.
Limited Control Over Order Reviews
The chargeback guarantee can limit the merchant’s control over order reviews, potentially leading to higher false declines as the system makes decisions to ensure the guarantee.
Industry-Specific Pricing
Pricing can fluctuate based on the industry niche, with some sectors (like luxury goods) potentially paying more than others (like sportswear).
Overall, Riskified provides a powerful and scalable solution for ecommerce fraud protection, but it’s important for merchants to be aware of the potential for false positives and the unique pricing structure.
Riskified - Comparison with Competitors
When comparing Riskified with its competitors
When comparing Riskified, an AI-powered fraud and risk intelligence platform, with its competitors in the fraud prevention and risk management category, several key aspects and unique features come to the forefront.
Unique Features of Riskified
- Chargeback Guarantee: Riskified takes on fraud liability, reducing costs for businesses and increasing revenue by approving more legitimate transactions.
- Dispute Resolution: It offers a centralized platform to manage chargebacks across all reason codes and gateways, ensuring timely resolution and avoiding missed deadlines.
- Policy Protection: Riskified identifies and prevents abusive shopper behavior, protecting business profits from policy abuse.
- Account Security: The platform prevents unauthorized access to shopper accounts, ensuring frictionless access for legitimate customers while blocking malicious account takeover attempts.
- PSD2 Optimization: Riskified minimizes Strong Customer Authentication (SCA) requirements, reducing friction and driving conversion while safeguarding the risk profile with card issuing banks.
Potential Alternatives
aiReflex by Fraud.com
- Multi-Layer Defence: aiReflex uses a combination of explainable AI, adaptive rule engines, and simulation engines to fight fraud and improve customer trust. It includes features like transactional orchestration, omni-channel case management, and centralized fraud reporting.
- Real-Time Transaction Analysis: aiReflex determines the legitimacy of transactions in real-time, which is similar to Riskified’s real-time order decisions.
Fraud.net
- Collective Intelligence Network: Fraud.net leverages a sophisticated collective intelligence network and AI to detect fraudulent activity in real-time, with a high accuracy rate of over 99.5% for transactions.
- Data Integration: It combines fraud data from all sources into a single platform, tracking digital identities and behaviors to prevent fraudulent activity.
Key Differences
- Focus: While Riskified is specifically focused on eCommerce fraud prevention and chargeback management, aiReflex and Fraud.net have broader applications across various types of transactions and fraud scenarios.
- Technology: Riskified relies heavily on AI and ML for real-time transaction analysis and decision-making. Similarly, aiReflex and Fraud.net use advanced AI and ML technologies, but they also emphasize collective intelligence and data integration.
- Features: Riskified’s unique chargeback guarantee and PSD2 optimization set it apart. In contrast, aiReflex offers transactional orchestration and omni-channel case management, while Fraud.net focuses on combining data from multiple sources and tracking digital identities.
Implementation and Scalability
- Riskified has demonstrated the ability to scale effectively, handling peak traffic periods like Black Friday and Cyber Monday with minimal latency, thanks to its transition to a modern, real-time database platform.
- aiReflex and Fraud.net also offer scalable solutions, but the specific details on their database infrastructure and scalability are not as extensively documented as those of Riskified.
Conclusion
In summary, while Riskified stands out with its comprehensive suite of features tailored to eCommerce fraud prevention and chargeback management, alternatives like aiReflex and Fraud.net offer strong competition with their own unique strengths in multi-layered defence, collective intelligence, and real-time transaction analysis. Each platform has its own set of advantages and may be more suitable depending on the specific needs and scale of the business.
Riskified - Frequently Asked Questions
Frequently Asked Questions about Riskified
What does Riskified do?
Riskified is a technology company that specializes in fraud prevention and risk management for eCommerce businesses. It uses advanced machine learning algorithms and big data analytics to detect and prevent fraudulent transactions in real-time, allowing merchants to approve legitimate orders and minimize financial losses.How does Riskified generate revenue?
Riskified generates revenue by charging a fee for every transaction they approve. This model aligns the company’s incentives with those of its clients, as Riskified benefits from approving legitimate transactions while preventing fraudulent ones.What technologies does Riskified use to prevent fraud?
Riskified leverages machine learning algorithms, predictive analytics, behavioral biometrics, and device fingerprinting to assess the risk level of each transaction in real-time. These technologies help in identifying legitimate customers and flagging potentially fraudulent transactions.What features does Riskified offer?
Riskified offers a range of features including transaction scoring, risk assessment, real-time monitoring, payment verification, bot mitigation, device tracking, and chargeback protection. It also provides intelligence reporting, ID analytics, and fraud markers to help businesses manage and prevent fraud effectively.How does Riskified protect against chargebacks?
Riskified provides a chargeback guarantee, which means that if a chargeback occurs, the company helps businesses dispute the claim and recover lost revenue. Riskified gathers and submits the necessary documentation to support these disputes, ensuring businesses can successfully challenge fraudulent chargebacks.Is Riskified compatible with various eCommerce platforms and payment providers?
Yes, Riskified is compatible with several eCommerce platforms such as Magento Commerce and PrestaShop, as well as payment providers like PayPal, Stripe, and others. This integration allows businesses to seamlessly incorporate Riskified’s solutions into their existing systems.What kind of support does Riskified offer to its clients?
Riskified provides comprehensive support, including real-time alerts, intelligence reporting, and incident reports. The company also offers a Control Center where businesses can track performance and analyze trends related to online credit card fraud.How does Riskified ensure the security and privacy of customer data?
Riskified uses advanced technologies like behavioral biometrics and device fingerprinting to verify customer identities and detect suspicious behavior. The company also ensures that all data is handled securely and in compliance with relevant regulations, though specific details on data privacy policies would need to be obtained directly from Riskified’s official resources.Can Riskified help in improving customer retention and satisfaction?
Yes, Riskified helps businesses improve customer retention and satisfaction by providing a secure and frictionless online shopping experience. By reducing manual review processes and increasing approval rates for legitimate transactions, Riskified enhances the overall customer experience and builds trust between businesses and their customers.Does Riskified offer any additional services beyond fraud prevention?
In addition to fraud prevention, Riskified offers services such as account protection tools to prevent account takeover attacks, loyalty program exploitation, and sales promotion abuse. It also provides dynamic checkout and alternative payment solutions to enhance the eCommerce experience.How does Riskified stay updated with new fraud patterns?
Riskified continuously monitors transactions and adapts its algorithms to evolving fraud patterns. The use of machine learning ensures that the system can learn and update itself in real-time to stay ahead of fraudsters. Riskified - Conclusion and Recommendation
Final Assessment of Riskified
Riskified is a leading provider of fraud prevention and chargeback protection solutions, particularly tailored for eCommerce businesses. Here’s a comprehensive assessment of who would benefit most from using Riskified and an overall recommendation.
Target Audience
Riskified is most beneficial for eCommerce businesses of all sizes, from small boutiques to large multinational corporations. Its services are particularly attractive to online retailers, travel companies, and providers of digital goods who are looking to protect their transactions, improve approval rates, and enhance the overall customer experience.
Key Benefits
- Fraud Prevention and Chargeback Protection: Riskified’s advanced technology and machine learning algorithms detect and prevent fraudulent transactions in real-time, minimizing chargebacks and losses. This helps businesses maintain their revenue and profitability.
- Real-time Decision Making: The platform allows businesses to make instant decisions on transactions, reducing the risk of fraud and improving the customer experience.
- Global Reach: With a presence in multiple countries, Riskified offers global coverage, enabling businesses to expand their eCommerce operations internationally with confidence.
- Data-driven Insights: Riskified provides valuable analytics and insights to help businesses make informed decisions and optimize their eCommerce strategies.
Operational Efficiency
Riskified’s solutions integrate seamlessly with various eCommerce platforms and payment gateways, ensuring minimal disruption to existing operations. This integration, combined with a customizable rules engine, allows businesses to adapt the fraud prevention strategies to their specific needs and risk tolerance.
Cost-Effectiveness
Riskified operates on a pay-as-you-go structure, starting at 0.4% per transaction, which makes it a cost-effective solution compared to traditional models that involve setup fees and monthly commitments. An independent study by Forrester Consulting found that businesses using Riskified achieved a 594% return on investment (ROI) and generated significant total benefits over a three-year period.
Privacy and Security
Riskified’s services involve the collection of personal data to provide fraud prevention and alternative payment services. The company has a detailed Privacy Policy that explains how it collects, uses, and shares personal information, ensuring compliance with relevant regulations such as the Gramm-Leach-Bliley Act (GLBA).
Recommendation
For any eCommerce business looking to enhance its online transaction security, improve approval rates, and reduce the risk of fraud and chargebacks, Riskified is an excellent choice. Its advanced machine learning algorithms, real-time decision-making capabilities, and seamless integration with existing platforms make it a valuable tool. Additionally, the cost-effective pay-as-you-go pricing model and significant ROI reported by users make it a financially viable option.
In summary, Riskified is highly recommended for businesses seeking to protect their online transactions, optimize their eCommerce operations, and improve customer satisfaction while maintaining a secure and frictionless shopping experience.