Product Overview of Riskified
Riskified is a cutting-edge, machine-learning driven fraud prevention solution designed specifically for enterprise and high-volume eCommerce merchants. The platform is engineered to provide frictionless fraud prevention, ensuring higher approval rates, instant decisions, and comprehensive chargeback protection.
Key Features
- Real-Time Fraud Detection: Riskified utilizes advanced machine-learning algorithms to analyze transactions in real-time, enabling swift and accurate ‘approve’ or ‘decline’ decisions on card-not-present orders.
- 100% Chargeback Guarantee: Riskified assumes full fraud liability for every order it approves. If a merchant incurs a fraud-related chargeback on an approved transaction, Riskified reimburses the full amount, providing financial security and reducing the risk of fraud.
- Behavioral Analysis and Device Fingerprinting: The platform employs behavioral analysis models, device and browser fingerprinting, and proxy detection capabilities to accurately identify legitimate customers and detect fraudulent activities. This is enhanced by deep learning technology, similar to that used in autonomous cars, making it highly effective in fraud prevention.
- Transaction Scoring and Automated Decisioning: Riskified scores transactions based on a multitude of data points, including information from social media networks, third-party databases, and its own global merchant network. This automated decisioning process ensures quick and reliable outcomes without disrupting the customer’s shopping experience.
- Customizable Rules Engine and Multi-Layered Security: Merchants can tailor the fraud detection parameters to their specific needs using a customizable rules engine. The platform also offers multi-layered security measures to protect against various types of fraud, including account takeover and payment fraud.
- Seamless Integration: Riskified integrates effortlessly with multiple eCommerce platforms such as Shopify, Magento, and Salesforce Commerce Cloud (SFCC), as well as payment gateways like PayPal and Stripe. This integration can occur pre- or post-gateway authorization, adapting to the merchant’s existing order flow.
- Comprehensive Reporting and Fraud Insights Dashboard: The platform provides a detailed dashboard where merchants can monitor performance, track KPIs in real-time, and analyze order data to uncover areas for improvement. This includes the ability to drill down into specific orders, view decline reasons, and filter performance by various criteria.
- Global Data Network and Elastic Linking Technology: Riskified leverages a global merchant network to identify connections between transactions, enhancing its ability to detect and prevent fraud. This network effect improves the accuracy of fraud detection over time.
Functionality
- Frictionless Customer Experience: Riskified’s fraud review process is completely invisible to end customers, ensuring no disruption to their shopping experience. This helps in maintaining high customer satisfaction and loyalty.
- Performance and Transparency: The platform’s self-optimizing machine-learning models are trained on the merchant’s historical data to deliver accurate decisions from the outset. Merchants retain full visibility into Riskified’s decisions and can track performance metrics in real-time.
- Operational Efficiency: By automating fraud detection and decisioning, Riskified helps merchants streamline their operations, reduce operational costs, and focus more on increasing sales and improving customer experience.
In summary, Riskified is a robust fraud prevention solution that combines advanced technology, real-time analysis, and comprehensive protection to help eCommerce merchants minimize fraud risks, increase approval rates, and enhance customer satisfaction.