Product Overview of Riskified
Riskified is an advanced eCommerce fraud prevention and chargeback protection platform designed to help online merchants maximize revenue and profit by minimizing the risks associated with online transactions. Here’s a detailed look at what the product does and its key features:
What Riskified Does
Riskified is an all-in-one solution for eCommerce financial fraud detection and chargeback protection. It utilizes AI-powered decisioning to identify and eliminate fraud, allowing merchants to approve more legitimate orders without the fear of chargebacks. The platform is tailored for high-volume and enterprise merchants, aiming to create a safe, accessible, and frictionless online shopping experience.
Key Features and Functionality
Real-Time Fraud Detection
Riskified employs robust machine learning algorithms to assess over 480 data attributes per order in real-time, enabling accurate and swift fraud detection. This capability helps in detecting fraud 2-3 times more effectively than competitors.
Chargeback Guarantee
One of the standout features of Riskified is its 100% chargeback protection guarantee. This means that Riskified assumes the financial liability for approved orders, providing merchants with cost predictability and the confidence to approve more orders, thereby driving revenue growth.
Behavioral Analysis and Device Fingerprinting
The platform uses behavioral analysis and device fingerprinting to understand user behavior and identify potential fraudsters. This helps in making more informed decisions about transaction approvals.
Automated Decisioning and Customizable Rules Engine
Riskified’s automated decisioning engine generates the best possible decisions within the required response time. Additionally, the platform offers a customizable rules engine, allowing merchants to tailor the fraud detection parameters to their specific business needs.
Global Data Network and Transaction Scoring
The platform leverages a vast global merchant network, drawing insights from over a billion historical transactions. This network, combined with transaction scoring, enhances the accuracy of fraud detection and policy abuse identification.
Performance Control and Anomaly Detection
Unsupervised AI continuously monitors traffic across the network, detecting anomalies and flagging suspected fraud rings. Dedicated risk analysts are available 24/7 to adjust thresholds and protect each merchant’s unique interests.
Explainable Machine Learning and Comprehensive Reporting
Riskified provides context for every decision made by its models, offering tools and dashboards that empower merchant teams to better manage fraud and customer interactions. The platform also includes comprehensive reporting and a fraud insights dashboard to help merchants make data-driven decisions.
Integration and Scalability
Riskified ensures seamless integration with various payment gateways and systems, making it scalable for businesses of all sizes. The platform supports API access, user authentication, and order linking, facilitating smooth operations and growth.
Benefits
- Enhanced Approval Rates: Riskified helps merchants increase approval rates by 4-8 percentage points, leading to higher revenue and customer satisfaction.
- Reduced Chargebacks: The platform significantly reduces chargebacks and manual review processes, saving merchants time and resources.
- Cost Predictability: With the chargeback guarantee, merchants gain cost predictability and reduced total cost of fraud.
- Scalable Decision-Making: Riskified’s scalable decision-making capabilities support businesses as they grow, ensuring that fraud management keeps pace with increasing transaction volumes.
In summary, Riskified is a powerful tool for eCommerce merchants, offering advanced fraud detection, chargeback protection, and scalable decision-making capabilities, all backed by a robust AI-powered platform and a global merchant network.