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.
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
