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Riskified

Score9 out of 10

49 Reviews and Ratings

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What is Riskified?

Riskified, headquartered in Tel Aviv, helps businesses to realize the potential of eCommerce by making it safe, accessible, and frictionless. Their eponymous platform allows online merchants to create trusted relationships with their consumers. Leveraging machine learning that benefits from a global merchant network, the platform identifies the individual behind each online interaction, helping merchants eliminate risk and uncertainty.

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Top Performing Features

  • ID Verification

    The software incorporates robust identity verification mechanisms such as KYC (Know Your Customer) processes and multi-factor authentication to ensure the legitimacy of users.

    Category average: 6.4

  • Timely Monitoring

    The system constantly monitors transactions and activities as they occur, providing immediate alerts for any suspicious or potentially fraudulent behavior.

    Category average: 7.9

  • Compliance and Regulatory Support

    The software incorporates features to help organizations meet compliance requirements and adhere to regulatory frameworks in the context of fraud prevention and detection.

    Category average: 8.1

Areas for Improvement

  • User Interface

    The software provides an intuitive and easy-to-use interface with interactive dashboards, allowing users to quickly navigate, access relevant information, and take necessary actions.

    Category average: 7.6

  • Rule-based Alerts

    The system can be configured to generate alerts and notifications based on predefined rules that indicate suspicious or fraudulent behavior.

    Category average: 8.3

  • External Data Integration

    The system can connect with external databases, APIs, and third-party services to gather additional information and enrich the fraud detection process.

    Category average: 7.1

Pros

  • Effective and accurate fraud detection minimizing false positives
  • Significant chargeback reduction, up to 83% reported by one reviewer
  • Automated and real-time transaction processing

Cons

  • Reporting and data interface lacks clarity and utility for back-office metrics
  • Insufficient proactive technical monitoring and communication on internal model changes

Over 5 years for successful partnership with Riskified

Use Cases and Deployment Scope

We've been using Riskified for over 5 years for fraudulent chargeback protection across our ecommerce websites globally, and recently started using their Policy Protect tools.

Around 5 years ago, our global fraud prevention setup was quite fragmented. We were using different solutions in different regions, and number of them relied on manual rules rather than machine learning. A decision has been made to streamline it all, and use Riskified as our global fraudulent chargeback protection tool. After the migration, our approval rate has increase by 2% and the volume of fraudulent chargebacks has significantly decreased. Rollout of Riskified has also freed up a lot of time in our CX team, where people no longer had to manually review orders.

In recent months we have also started using Riskified to help with stopping resellers and returns policy abusers.

Pros

  • Great accuracy of their algorithms in spotting transactions that are likely to result in chargeback and minimising false positives.
  • Impressive performance of their Identity Explore tool, which allows us to block 'identities', even if they used different credentials at the checkout.
  • Very good engagement from the account management team.
  • Good connectivity with global payment gateways such as Braintree and Adyen.

Cons

  • Backoffice interface could be better. Sometimes is not clear what is included in some of the metrics. User management is clunky and lacks some basic functionality.
  • The company does not seem to be very proactive with existing clients. We've had number of technical integration issues that were discovered very late and only by chance. I would like to see Riskified doing more proactive integration monitoring and more regular technical reviews.
  • Their penetration in LATAM markets is small, and I'd like to see Riskified building some connectivity with payment gateways such as Mercado Pago.
  • They lack in-depth understanding of Local Payment Methods, and it would be great if they were more versed in what's available in the market and where Riskified chargeback protection can and cannot come into play. After all, LPMs have a significant market share in EMEA.

Return on Investment

  • 2% increase of the approval rate after migration to Riskified, and significant reduction in chargebacks.
  • Stopping $1.6m worth of reseller activity

Alternatives Considered

Signifyd Commerce Protection Platform, Forter, Equifax Identity & Fraud and Stripe Radar

Other Software Used

Adyen, PayPal Enterprise Payments

Very good partner

Use Cases and Deployment Scope

Our segment is ticket sales, and in Brazil we face many fraud-related issues, including friendly fraud and other types of fraud. Our partnership with Riskified has been helping us prevent fraud and maintain the highest approval rate possible. Furthermore, this partnership allows us to preserve the freedom to choose the best acquirer to process our transactions.

Pros

  • Comunication
  • Knowledge partner Business
  • Business Empath
  • Relationship

Cons

  • Modelling Predictive model in Brazil
  • Improve the process of transaction review
  • Insights to help us to improve our onboarding costumer/ client

Return on Investment

  • Prevent Penalties from card schemes
  • Predictabillity chargeback rate
  • Knowledge about fraud behavior in differets types of shows/ events

Other Software Used

AWS Backup, Microsoft Power BI, SQL Server Integration Services (SSIS)

Automated Complete Solution

Use Cases and Deployment Scope

Riskified reviews all credit card, Google Pay, and Apple Pay orders for fraud. They use a completely automated process to process the orders in real-time and guarantee all orders with certain chargeback codes. They have been essential in improving authorization rates, decreasing chargebacks, and allowing our operations team to focus on reporting. Their suite of tools allows for many features to track metrics and they are always innovating with new products and processes.

Pros

  • Reviews orders in real-time
  • Boosts authorizations without a lot of false positives
  • Provides clear metrics

Cons

  • There is a little room for improvement on some metrics

Return on Investment

  • The Return on Investment has been great
  • Reduced person hours used to monitor for fraud
  • improved reporting for chargebacks and revenue

Alternatives Considered

Forter

Other Software Used

Adyen

Usability

Riskified is a Leader in the Fraud Prevention Industry.

Use Cases and Deployment Scope

We use Riskified as our primary fraud-prevention solution provider. They help us assess fraud across a large volume of time-sensitive orders. We also use Riskified to mitigate Policy Abuse. We see policy abuse in new account creations that exploit new-customer promotions and in refund abuse.

Pros

  • Technology infrastructure.
  • Account Management.
  • Customer Feedback.
  • New Product Launches.

Cons

  • Riskified Ascend events at different destinations across the US would be cool to see again.

Return on Investment

  • Reduction of manual transaction reviews from approximately 10% to single digits.

Alternatives Considered

Forter and LexisNexis ThreatMetrix

Other Software Used

Adyen

Best automated fraud solution

Use Cases and Deployment Scope

We use Riskified to automatically approve or decline e-commerce transactions in real-time.

Pros

  • Account linking when using Policy protect Item limit product
  • Chargeback guarantee model
  • Accuracy in fraud transaction detection specially in the USA

Cons

  • Data Lab in Policy protect section, missing reporting capabilities
  • Policy protect item limit reporting

Return on Investment

  • Decrease chargeback rate -83% since we started working with Riskified
  • Increase of final payments funnel
  • Increase of Authorization across multiple countries specially USA and JP
  • Reduction of false declines
  • Reduction of manual review cost

Alternatives Considered

Forter

Other Software Used

Adyen, Salesforce Agentforce Commerce