Product Overview of Riskified
Riskified is a cutting-edge, AI-powered fraud prevention and chargeback protection solution designed specifically for enterprise and high-volume eCommerce merchants. Here’s a detailed look at what the product does and its key features:
What Riskified Does
Riskified is engineered to provide frictionless fraud prevention, ensuring that online retailers can maximize their approval rates while minimizing the risk of fraud. The platform leverages advanced machine learning algorithms and a global data network to deliver accurate ‘approve’ or ‘decline’ decisions on card-not-present orders in real-time. This approach helps merchants to safely approve more orders, reduce false declines, and protect against fraud-related chargebacks.
Key Features
1. Real-Time Fraud Detection
Riskified examines over 480 data attributes per order, enabling it to detect fraud 2-3 times more effectively than competitors. This real-time analysis ensures quick and accurate decisions without disrupting the customer’s shopping experience.
2. 100% Chargeback Guarantee
Riskified assumes full liability for fraud-related chargebacks on approved transactions. If a merchant incurs a chargeback on an order approved by Riskified, they are reimbursed for the full amount, providing cost predictability and protecting profitability.
3. Behavioral Analysis and Device Fingerprinting
The platform uses advanced behavioral analysis models, including deep learning technologies, to identify good customers and detect fraudulent activities. It also employs device and browser fingerprinting, along with proxy detection capabilities, to enhance fraud detection accuracy.
4. Seamless Integration
Riskified integrates easily with various eCommerce platforms such as Shopify, Magento, and Salesforce Commerce Cloud (SFCC), as well as through a flexible API. This integration is supported by Riskified’s integration and data engineers to ensure a smooth setup process.
5. Customizable Rules Engine and Automated Decisioning
Merchants can customize fraud parameters and rules to fit their specific business needs. The automated decisioning process ensures that orders are reviewed and decided upon quickly, meeting the merchant’s review turnaround time SLAs.
6. Global Data Network and Order Linking
Riskified’s global data network allows it to connect each new order with all other transactions processed across its ecosystem, providing a comprehensive view of customer behavior and transaction patterns. This elastic linking technology enhances the accuracy of fraud detection.
7. Comprehensive Reporting and Fraud Insights Dashboard
The platform offers a detailed dashboard where merchants can monitor performance, track KPIs in real-time, and analyze order data to uncover areas for improvement. Merchants can drill down into specific orders, view decline reasons, and filter performance by various criteria.
8. Multi-Layered Security and Account Takeover Protection
Riskified provides robust security measures, including multi-layered security protocols and account takeover protection, to safeguard against various types of fraud, such as payment fraud and account takeover.
Functionality
- Instant Decisions: Riskified’s fraud review process is quick and frictionless, ensuring that decisions are made in real-time without impacting the customer’s shopping experience.
- Performance and Transparency: The platform’s self-optimizing machine-learning models are trained on the merchant’s historical data to deliver accurate decisions from day one. Merchants retain full visibility into Riskified’s decisions and can track performance metrics in real-time.
- Scalability: Riskified is designed to support high-volume merchants, enabling them to scale their operations efficiently while maintaining high approval rates and low fraud rates.
By combining these features and functionalities, Riskified empowers eCommerce merchants to create trusted relationships with their consumers, drive revenue growth, and ensure a safe and frictionless shopping experience.