Riskified - Detailed Review
Security Tools
Riskified - Product Overview
Riskified Overview
Riskified is a leading provider of AI-driven fraud and chargeback prevention technology, specifically designed for the ecommerce industry.
Primary Function
Riskified’s primary function is to protect ecommerce businesses from fraud and chargebacks. The company uses advanced technologies such as behavioral analysis, elastic linking, proxy detection, and machine learning to detect and prevent fraudulent transactions. This allows merchants to safely approve more orders, reduce false declines, and minimize the risk of chargebacks.
Target Audience
Riskified’s target audience includes ecommerce businesses of all sizes and industries. This encompasses online retailers, travel companies, digital goods providers, and other businesses operating in the ecommerce space. The company’s services are particularly appealing to businesses looking to mitigate the risks associated with online transactions, improve approval rates, and enhance the overall customer experience.
Key Features
Machine Learning and AI
Riskified leverages proprietary machine learning models to analyze transactions and make accurate decisions in real-time. This technology helps in approving legitimate orders that might otherwise be declined due to suspicion of fraud.
Behavioral Analysis
The platform uses behavioral analysis to identify patterns that indicate potential fraud, ensuring that transactions are secure and legitimate.
Chargeback Guarantee
Riskified backs transactions approved by its technology with a 100% money-back guarantee in the event of fraud, providing merchants with financial protection.
Global Support
Riskified offers its services globally, with a focus on North America and Europe, making it a versatile solution for international ecommerce operations.
Customer Support
The company provides 24/7 customer support, ensuring that merchants receive immediate assistance and expertise in managing fraud and risk.
Fraud Prevention and Risk Mitigation
Riskified’s platform is designed to combat various types of fraud, including payment fraud, account takeover attacks, and policy abuse, while also helping merchants block abuse without compromising consumer-friendly policies.
By combining these features, Riskified helps ecommerce businesses to reduce risk, increase revenue, and improve customer satisfaction.
Riskified - User Interface and Experience
User Interface
The user interface of Riskified is built to be intuitive and user-friendly, allowing merchants to easily manage and monitor their eCommerce operations. Here are some key features:
- Dashboard: Riskified provides a dashboard that enables users to track real-time performance data and gain actionable insights into eCommerce trends. This allows merchants to monitor their operations and make informed decisions quickly.
- Real-Time Data Analytics: The platform leverages real-time data analytics to make critical decisions on managing chargebacks, securing accounts, and refining operational policies. This suggests a data-driven interface that presents information in a clear and accessible manner.
Ease of Use
Riskified is intended to be easy to use, even for those without extensive technical expertise:
- Streamlined Processes: The platform streamlines the customer experience by instantly recognizing legitimate transactions and filtering out fraudulent ones, reducing the need for manual intervention.
- Automated Features: Automated chargeback representment and dynamic checkout capabilities simplify the process for merchants, allowing them to focus on other aspects of their business.
Overall User Experience
The overall user experience is centered around enhancing security and optimizing eCommerce operations:
- Actionable Insights: The platform provides actionable insights through its dashboard, enabling merchants to make data-driven decisions. This helps in optimizing their operations and improving customer experiences.
- Customer Trust and Loyalty: By effectively detecting and mitigating fraudulent activities, Riskified fosters customer trust and loyalty, ensuring a secure shopping environment. This positive impact on customer relationships is a significant aspect of the user experience.
- Scalability: Riskified offers a scalable solution that can adapt to the growing needs of a business, ensuring that the user experience remains consistent and effective as the business expands.
While specific details about the visual design and layout of the interface are not available, it is clear that Riskified prioritizes ease of use, real-time data analytics, and a streamlined user experience to help merchants manage their eCommerce operations securely and efficiently.
Riskified - Key Features and Functionality
Riskified Overview
Riskified is an AI-powered fraud and risk intelligence platform that offers a comprehensive set of features to help eCommerce businesses prevent fraud, protect revenue, and enhance the customer experience. Here are the main features and how they work:Intelligence
Transaction Scoring
Riskified uses machine learning algorithms to score each transaction based on various factors, assigning a risk level to help merchants decide whether to approve or decline the transaction. This scoring system is benchmarked against a vast dataset of transactions, ensuring high accuracy.Risk Assessment
This feature flags suspicious transactions and alerts administrators or automatically declines them. It helps in identifying and mitigating potential fraud in real-time, protecting merchants from financial losses.Intelligence Reporting
Riskified gathers and analyzes data on suspicious purchasing sources and common characteristics of fraudsters. This reporting helps merchants and Riskified’s system to continuously improve fraud detection by identifying trends and patterns.ID Analytics
This feature stores and evaluates data from external and internal sources related to fake accounts, helping to identify and mitigate risks associated with fraudulent user activity.Detection
Fraud Detection
Riskified’s advanced AI and machine learning algorithms detect patterns in common fraud occurrences, enabling the system to identify and prevent fraudulent transactions. This real-time analysis ensures that legitimate transactions are approved while fraudulent ones are blocked.Real-Time Monitoring
The platform constantly monitors the system for anomalies and suspicious activities in real-time. This continuous monitoring ensures that any fraudulent activity is detected and addressed immediately.Payment Verification
Riskified requires verification of credit cards, debit cards, and money transfers before accepting payments. This step adds an extra layer of security to the transaction process, reducing the risk of fraudulent transactions.Bot Mitigation
Riskified monitors and mitigates bots suspected of committing fraud. This feature helps in preventing automated fraudulent activities, ensuring the integrity of the transaction process.Alerts
The system alerts administrators when fraud is suspected or when transactions have been declined. These alerts ensure timely action can be taken to address any potential issues.Response
Device Tracking
Riskified keeps records of the geographic location and IP addresses of fraud suspects. This tracking helps in identifying and blocking repeat offenders, enhancing overall security.Fraud Markers
The platform tags users suspected of committing fraud, identifying them if they attempt to make future transactions. This feature helps in preventing repeat fraud attempts.Blacklisting
Riskified prevents previous committers of fraud from making future transactions by blacklisting them. This ensures that known fraudsters are blocked from the system.Analysis
Intelligence Reporting
Riskified actively gathers data on suspicious purchasing sources and characteristics of common fraudsters. This reporting helps in improving the accuracy of fraud detection over time.Incident Reports
The platform produces reports detailing trends and vulnerabilities related to payments and fraud. These reports help merchants and Riskified in identifying and addressing potential weaknesses.Administration
Fraud Markers and Blacklisting
These features are part of the administrative tools that help in managing and preventing fraud. They ensure that known fraudsters are identified and blocked from the system.Chargeback Protection and Dispute Resolution
Riskified offers a chargeback guarantee, taking on the liability for fraudulent transactions and reducing the financial risk for merchants. The platform also streamlines chargeback management by providing a centralized platform to view and manage chargebacks across all reason codes and gateways.Account Security and Policy Protection
Riskified prevents unauthorized access to shopper accounts through its account security feature, ensuring frictionless access for legitimate customers while blocking malicious account takeover attempts. The policy protection feature identifies and stops abusive shopper behavior, protecting businesses from policy abuse.PSD2 Optimization
Riskified reduces friction and drives conversion by minimizing Strong Customer Authentication (SCA) requirements while safeguarding the risk profile with card issuing banks. This feature helps in balancing security with a seamless customer experience.AI Integration
Riskified heavily relies on AI and machine learning to analyze vast amounts of data in real-time. The platform uses advanced algorithms and predictive analytics to assess the risk level of each transaction, behavioral biometrics to verify customer identities, and device fingerprinting to detect suspicious behavior. This AI-driven approach allows Riskified to continuously learn and adapt to new fraud patterns, ensuring high accuracy in fraud detection and prevention. In summary, Riskified’s features are designed to provide a secure, accessible, and frictionless online shopping experience by leveraging advanced AI and machine learning technologies. These features help merchants increase their approval rates, reduce chargebacks, and protect their revenue while enhancing customer trust and satisfaction. Riskified - Performance and Accuracy
Evaluating the Performance and Accuracy of Riskified’s AI-Driven Fraud Prevention Solutions
Real-Time Decision Making and Accuracy
Riskified’s platform utilizes advanced machine learning algorithms to analyze hundreds of relevant data attributes in real-time. This includes leveraging “Smart Linking” to draw insights from over a billion historical transactions, which helps in making accurate decisions quickly. The “Decision Optimizer” ensures that the best decision is generated within the required response time, which is crucial for maintaining a frictionless customer experience while minimizing fraud risks.Machine Learning and Human Expertise
Riskified combines machine learning with human expertise to improve accuracy. Their team of experienced fraud analysts constantly reviews and optimizes the models, ensuring that data is properly contextualized and that the models are always accurate and up-to-date. This human element is critical in distinguishing between legitimate and fraudulent transactions, especially in cases where machine learning models might flag transactions incorrectly.Performance Control and Anomaly Detection
The platform employs unsupervised AI to monitor traffic, detect anomalies, and flag suspected fraud rings. Dedicated risk analysts are available 24/7 to adjust thresholds and respond to emerging threats, ensuring that the system remains effective and adaptive.Model Optimization and False Declines
Riskified’s models are continuously optimized using dynamic features and deep learning techniques. The data used to train these models is cleaned and verified, and proprietary models are used to identify and reduce false declines. This approach helps in maintaining high approval rates for legitimate transactions while minimizing the risk of fraud.Transparency and Explainability
Riskified provides explainable machine learning, offering context for every decision made by their models. This transparency is facilitated through Control Center dashboards, which give real-time visibility into performance and help teams better manage fraud and customer interactions.Limitations and Areas for Improvement
While Riskified’s system is highly advanced, there are a few areas to consider:- Dependency on Data Quality: The accuracy of the models depends heavily on the quality and relevance of the data used to train them. Ensuring that the data is consistently clean and verified is crucial for maintaining high performance.
- Continuous Monitoring: The system requires continuous monitoring by both AI and human analysts to stay effective. This ongoing effort is necessary to adapt to new fraud trends and behaviors.
- Occasional False Positives: Despite the efforts to minimize false declines, there may still be instances where legitimate transactions are flagged incorrectly. However, Riskified’s human analysts play a significant role in reviewing and correcting these errors.
Riskified - Pricing and Plans
Pricing Structure Overview
Riskified’s pricing structure is flexible and based on several key variables, making it adaptable to various business needs. Here are the main points to consider:Pricing Model
Riskified operates on a pay-as-you-go model, which means there are no setup fees or monthly commitments. The cost is calculated as a percentage of the transaction value, starting at 0.4% per transaction.Volume-Based Pricing
The pricing structure responds to the online sales volume of the business. While there are no fixed tiers publicly listed, the cost can vary based on annual sales volumes such as under $3 million, $3-10 million, $10-100 million, and greater than $100 million.Industry and Risk Profile
The pricing also considers the industry niche and the unique risk profile of the business. This means that the percentage-per-order rate can be negotiated based on these factors.Features and Guarantees
Regardless of the volume or industry, Riskified offers a full suite of features including:- Device and browser fingerprinting
- Behavioral analytics
- Proxy detection
- Linking technology to identify connections between orders
- Machine learning to determine order legitimacy
- Chargeback guarantee, where Riskified takes full liability on all approved transactions.
Integrations
Riskified integrates with major eCommerce platforms such as Shopify, Stripe, Magento, and the Authorize.Net gateway, making it accessible to businesses of various sizes.No Free Options
There are no free subscription options available for Riskified. However, potential customers can request a demo before committing to the service.Scalability
The pay-as-you-go model allows for seamless scalability without the need for upgrading payment plans. This is particularly beneficial for eCommerce businesses looking to expand quickly.Conclusion
In summary, Riskified’s pricing is dynamic, based on transaction volume and risk profile, and does not include setup fees or monthly commitments. It offers a comprehensive set of fraud prevention features with a chargeback guarantee, making it a scalable solution for businesses of various sizes. Riskified - Integration and Compatibility
Riskified Overview
Riskified, a leading AI-driven fraud management platform, integrates seamlessly with a wide range of eCommerce platforms and tools, ensuring comprehensive fraud prevention and chargeback protection across various systems.
eCommerce Platforms
Riskified supports integration with all major eCommerce platforms. Here are some of the key integrations:
- Shopify: Riskified offers a plugin for Shopify, making it easy for merchants to implement fraud prevention solutions.
- Magento: Riskified has an extension for Magento, which is now part of the Adobe Commerce Cloud ecosystem.
- Salesforce Commerce Cloud: Merchants using Salesforce Commerce Cloud can easily access Riskified’s fraud prevention services through a pre-built connector.
- SAP Commerce Cloud: Riskified has integrated with SAP Commerce Cloud, enabling merchants in the SAP ecosystem to access advanced fraud prevention solutions. This integration was developed in partnership with EPAM Systems.
- VTEX: Riskified also supports VTEX, another major eCommerce platform.
Other Integrations
In addition to these eCommerce platforms, Riskified integrates with other systems:
- Commercetools: Riskified has a connector for Commercetools that supports its asynchronous Chargeback Guarantee solution. This allows merchants to obtain fraud decisions after payment authorization and update their Commercetools platform accordingly.
Integration Methods
Riskified offers flexible integration methods to fit different merchant needs:
- API: For the most flexible integration, Riskified provides an API that can serve all merchant needs. This allows for customization and adaptation to various order flows.
- Pre- or Post-Gateway Authorization: Riskified’s solution can operate either pre- or post-gateway authorization, making it adaptable to different order flow requirements.
Support and Implementation
To ensure smooth integration, Riskified provides full support from its integration and data engineers. This support helps merchants benefit from Riskified’s fraud review quickly and efficiently.
Customization and Scalability
Riskified’s integrations are designed to be scalable and customizable. For example, the connector for Commercetools can be hosted as a standalone server or as a serverless cloud function, giving merchants the flexibility to choose the best approach for their workflow.
Conclusion
By integrating with such a broad range of eCommerce platforms and tools, Riskified helps merchants maximize sales, ease fulfillment, and maintain customer satisfaction while effectively managing fraud and chargebacks.
Riskified - Customer Support and Resources
Customer Support
Phone Support
Email Support
Additional Resources
Help Center
Case Studies and Testimonials
Control Center
Automated Dispute Resolution
Borderline Order Verification
Educational Content
Videos and Webinars
Blog and News
Riskified - Pros and Cons
Advantages of Riskified
Riskified offers several significant advantages that make it a standout in the AI-driven security tools category for eCommerce fraud management:Accurate Fraud Detection and Approval Rates
Riskified uses advanced machine learning algorithms to examine over 480 data attributes per order, resulting in highly accurate fraud detection and significantly higher approval rates for legitimate orders. This accuracy helps in minimizing false declines and reducing manual review time.Chargeback Guarantee
One of the key features of Riskified is its 100% chargeback guarantee on approved orders. This guarantee not only boosts merchant confidence in accepting orders but also helps in reducing potential revenue losses due to chargebacks.User-Friendly Interface and Dashboards
The platform is praised for its user-friendly interface and intuitive dashboards, which make it easy for users to monitor SLA and KPIs, and to perform deeper analyses of transactions. The web app is designed to be easy to use, even for those without extensive technical expertise.Excellent Customer Support
Riskified is known for its responsive and supportive customer service. Users appreciate the availability of tech support, often described as 24/7, and the proactive approach of account managers in addressing concerns and improving the product.Customization and Scalability
The platform offers a customizable rules engine and the ability to integrate with various payment gateways, making it scalable for businesses of different sizes. Riskified can quickly adapt to the needs of its clients, even in cases where hundreds of accounts need to be set up rapidly.Comprehensive Security Features
Riskified includes a range of security features such as behavioral analysis, device fingerprinting, transaction scoring, and account takeover protection. These features contribute to a multi-layered security approach that protects merchants from various types of fraud.Disadvantages of Riskified
While Riskified is highly regarded, there are some potential drawbacks to consider:Initial Sensitivity and False Declines
Some users have reported that the system can be overly sensitive initially, leading to false declines of legitimate orders. However, this issue tends to improve over time as the system is fine-tuned with user feedback.Need for Continuous Feedback
For businesses with niche products, continuous feedback is necessary to train the model effectively and reduce false declines. This can be time-consuming but is essential for optimizing the system.Regional Limitations
There have been mentions that Riskified may not be as effective in certain regions, such as the Asian market, which could be a limitation for businesses operating in those areas.Pricing
Riskified is noted for having a higher pricing structure compared to some of its competitors, which may not be suitable for small businesses. While the cost is justified by the high accuracy and comprehensive features, it can be a barrier for smaller enterprises.Technical Issues
Some users have reported occasional technical issues, such as the portal being slow or filtering not being entirely user-friendly. Additionally, there have been issues with the initial end time not applying the local timezone, which can lead to incorrect filters. Overall, Riskified is a powerful tool for eCommerce fraud management, offering significant benefits in terms of accuracy, customer support, and scalability, but it also comes with some limitations and potential technical issues that users should be aware of. Riskified - Comparison with Competitors
When Comparing Riskified and Its Competitors
When comparing Riskified, an AI-driven fraud prevention platform for e-commerce, with its competitors, several key features and alternatives stand out.
Unique Features of Riskified
- Advanced Fraud Detection: Riskified uses machine learning to identify and prevent fraudulent transactions in real-time, ensuring smooth processing of legitimate transactions while minimizing fraud risk.
- Real-Time Decision Making: The platform provides instant decisions on transactions, which is crucial for maintaining a seamless customer experience.
- Chargeback Guarantee: Riskified takes on fraud liability, reducing costs associated with chargebacks and increasing revenue by approving more legitimate transactions.
- Dispute Resolution and Policy Protection: It streamlines chargeback management and identifies abusive shopper behavior, protecting profits and preventing policy abuse.
- Account Security and PSD2 Optimization: Riskified prevents unauthorized account access and minimizes Strong Customer Authentication (SCA) requirements, reducing friction and driving conversion.
Alternatives to Riskified
aiReflex by Fraud.com
- Multi-Layer Defense: aiReflex uses a combination of supervised and unsupervised machine learning, adaptive rule engines, and simulation engines to fight fraud. It also offers transactional orchestration, omni-channel case management, and centralized fraud reporting.
- Explainable AI: This feature helps in understanding the reasoning behind fraud detection decisions, which can be beneficial for transparency and trust.
Fraud.net
- Collective Intelligence Network: Fraud.net combines fraud data from all sources into a single platform, detecting fraudulent activity in real-time with high accuracy (exceeding 99.5%).
- Enterprise-Strength Solution: It acts as a single point of command, tracking digital identities and behaviors to eradicate fraudulent activity.
- Real-Time Analytics: Fraud.net uncovers hidden insights in large datasets to optimize fraud management.
Other Considerations
While Riskified is specifically focused on e-commerce fraud prevention, other AI security tools, though not directly comparable, offer broader cybersecurity solutions that might be relevant for comprehensive security needs:
Vectra AI
- Although primarily focused on detecting and responding to cyberattacks across hybrid environments, Vectra AI’s advanced AI and machine learning algorithms could be considered for businesses needing a more comprehensive security solution.
Balbix
- This platform quantifies cyber risk using AI and predictive analytics, providing a unified cyber risk posture view. While not specifically aimed at e-commerce fraud, it can help organizations manage their overall cyber risk.
Key Differences
- Focus: Riskified is highly specialized in e-commerce fraud prevention, whereas alternatives like aiReflex and Fraud.net also offer broad fraud management capabilities. Other AI security tools like Vectra AI and Balbix focus more on general cybersecurity threats.
- Features: Riskified’s chargeback guarantee and PSD2 optimization are unique to its platform and highly beneficial for e-commerce businesses. aiReflex and Fraud.net, however, offer more generalized fraud detection and management features.
- Integration: Riskified is optimized for real-time decision-making within e-commerce transactions, while other tools might require more integration to serve the same purpose.
In summary, Riskified stands out for its specialized focus on e-commerce fraud prevention, real-time decision-making, and unique features like chargeback guarantees. However, alternatives such as aiReflex and Fraud.net offer comprehensive fraud management solutions that could be considered based on specific business needs.
Riskified - Frequently Asked Questions
Here are some frequently asked questions about Riskified, along with detailed responses to each:
What is Riskified and what does it do?
Riskified is an all-in-one eCommerce financial fraud detection solution and chargeback protection service. It helps high-volume and enterprise merchants by providing real-time fraud detection, chargeback guarantees, and tools to prevent policy abuse and improve customer retention. Riskified uses AI-powered fraud and risk intelligence to analyze transactions and protect businesses from fraudulent activities.
What are the key features of Riskified?
Riskified offers several key features, including:
- Real-time fraud detection
- Machine learning algorithms
- Chargeback guarantee
- Behavioral analysis
- Device fingerprinting
- Transaction scoring
- Automated decisioning
- Customizable rules engine
- Global data network
- Account takeover protection
- Multi-layered security
- Seamless integration
- Comprehensive reporting
- Fraud insights dashboard
- API access
- User authentication
- Order linking
- Payment gateway integration
How does Riskified protect against chargebacks?
Riskified provides a 100% chargeback protection guarantee on every order they approve. This means that if a transaction approved by Riskified results in a chargeback, Riskified takes full liability for the chargeback, allowing merchants to focus on selling without the risk of chargeback losses.
What types of businesses does Riskified serve?
Riskified serves a wide range of businesses, including startups, enterprises, small and medium-sized businesses (SMBs), and freelancers. It works with companies in virtually all industries, such as Acer, Gucci, Lorna Jane, and GoPro.
What kind of customer support does Riskified offer?
Riskified provides customer support through phone. This support is crucial for helping merchants address any issues or questions they may have regarding the service.
How does Riskified use machine learning and AI?
Riskified uses machine-learning algorithms to instantly recognize good customers and filter out fraudulent ones. These algorithms analyze transactions based on specific factors and benchmarked scores, providing real-time decisions and identity-based insights. This helps in improving approval rates and reducing false declines.
Can Riskified integrate with other systems and platforms?
Yes, Riskified offers seamless integration with various platforms and systems, including Salesforce Sales Cloud, Shopify, Stripe, Shippo, Adobe Commerce, authorize.net, and more. This integration capability helps merchants to streamline their operations and enhance their fraud prevention strategies.
How does Riskified prevent account takeover (ATO) attacks?
Riskified’s account protection technology helps prevent ATO attacks by ensuring that bad actors do not exploit loyalty programs or customer data. It uses advanced tools to detect and prevent unauthorized access to accounts, protecting both the merchant and the customer.
What is the impact of using Riskified on a business’s revenue and operations?
Using Riskified can significantly impact a business’s revenue and operations by reducing chargebacks, decreasing manually reviewed orders, and increasing transaction success rates. It also helps in expanding business into new markets and improving customer retention by providing a safer and more frictionless shopping experience.
Who are the primary competitors of Riskified?
The primary competitors of Riskified include Chargebacks911, FraudGUARD, and Fraud Barrier. These competitors offer similar financial fraud detection and chargeback protection services, but Riskified stands out with its comprehensive features and AI-powered platform.
Riskified - Conclusion and Recommendation
Final Assessment of Riskified
Riskified is a highly regarded AI-driven platform specializing in fraud prevention and chargeback protection for e-commerce businesses. Here’s a comprehensive overview of its benefits and who would most benefit from using it.Key Benefits
- Advanced Fraud Prevention: Riskified leverages machine learning algorithms to detect and prevent fraudulent activities in real-time, significantly reducing chargebacks and financial losses.
- Real-Time Decision-Making: The platform provides instant transaction analysis, ensuring legitimate transactions are processed smoothly while minimizing the risk of fraud.
- Improved Customer Experience: By reducing false declines and optimizing the checkout process, Riskified enhances customer satisfaction and increases conversion rates.
- Global Reach and Scalability: Riskified operates in over 180 countries, making it a suitable solution for businesses of all sizes and industries, including retail, travel, and digital goods providers.
- Seamless Integration: The platform integrates easily with various e-commerce platforms and payment gateways, ensuring minimal disruption to existing operations.
- Data-Driven Insights: Riskified provides valuable analytics and insights, helping businesses make informed decisions and optimize their e-commerce strategies.
Who Would Benefit Most
Riskified is particularly beneficial for:- E-commerce Businesses: Any online retailer looking to secure transactions, reduce fraud, and improve customer experience would find Riskified invaluable.
- Small to Large Enterprises: Businesses of all sizes can benefit from Riskified’s scalable solutions, whether they are small boutiques or large multinational corporations.
- Travel and Digital Goods Providers: Companies in the travel and digital goods sectors can also safeguard their online transactions and bookings with Riskified’s services.