Product Overview of Riskified
Riskified is an advanced eCommerce fraud prevention and chargeback protection platform designed to help high-volume and enterprise merchants maximize revenue and profit while minimizing the risks associated with online transactions.
What Riskified Does
Riskified’s primary function is to accurately identify the individuals behind online interactions, enabling merchants to eliminate risk and uncertainty from their business. The platform uses AI-powered decisioning to assess transactions in real-time, ensuring that legitimate orders are approved quickly and fraudulently intended transactions are blocked effectively.
Key Features and Functionality
Real-Time Fraud Detection
Riskified employs robust machine learning algorithms that analyze over 480 data attributes per order to detect fraud up to 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 for every order approved by Riskified, the company assumes the liability, providing merchants with cost predictability and the confidence to approve more orders.
Advanced Analytics and Decisioning
The platform utilizes a Decision Optimizer to generate the best decisions within the required response time, ensuring frictionless customer experiences even during high-volume transactions. It also leverages Smart Linking to draw insights from over a billion historical transactions executed on its Merchant Network.
Behavioral Analysis and Device Fingerprinting
Riskified incorporates behavioral analysis and device fingerprinting to monitor user behavior and device characteristics, enhancing the accuracy of fraud detection and preventing account takeovers.
Automated Decisioning and Customizable Rules Engine
The platform features automated decisioning and a customizable rules engine, allowing merchants to tailor the fraud detection process to their unique business needs. This ensures that the system adapts to emerging threats and trends in real-time.
Global Data Network and Multi-Layered Security
Riskified benefits from a vast, global merchant network that provides granular data from millions of transactions. This network, combined with multi-layered security measures, helps in detecting anomalies, flagging suspected fraud rings, and protecting against various types of fraud.
Comprehensive Reporting and Fraud Insights Dashboard
The platform offers comprehensive reporting and a fraud insights dashboard, providing merchants with detailed analytics and tools to better manage fraud and customer interactions. This includes explainable machine learning, which gives context for every decision made by the models.
Seamless Integration and Scalability
Riskified ensures seamless integration with various payment gateways and eCommerce systems, making it scalable for businesses of all sizes. The platform is designed to support growing businesses, offering the ability to deliver more revenue growth without increasing the risk of fraud.
Benefits
- Enhanced Approval Rates: Riskified helps merchants increase approval rates by 4-8 percentage points, enhancing revenue growth.
- Reduced Chargebacks: The platform significantly reduces chargebacks and manual review processes, leading to lower total costs of fraud.
- Cost Predictability: With the chargeback guarantee, merchants gain cost predictability and the confidence to approve more orders.
- Scalable Decision-Making: Riskified’s AI-powered decisioning ensures accurate and fast decisions, even during high-volume transactions.
Overall, Riskified is a powerful tool for eCommerce merchants looking to maximize revenue, minimize fraud, and ensure a frictionless customer experience. Its advanced features and guaranteed chargeback protection make it a trusted solution for leading eCommerce businesses.