E-commerce businesses depend on electronic transactions to receive payment from customers for products and services. The massive volume of electronic transactions has lead to a rise in fraudulent activities. As per the data released by Global Fraud Attack Index TM, the number of attacks by fraudsters increased by 163 percent in 2015, rapidly growing two and a half times in a three-quartered period.
Credit card fraud impacts all those involved in it: the consumer whose credit card information is stolen, the merchant from whom the product is purchased, the bank that enables the transaction and the issuer who is obliged to protect its cardholders. In this dynamic e-commerce landscape, as merchants constantly sell their products through multiple channels and provide different payment methods to cater to local customer needs, keeping abreast of fraud risks is a challenging task. Riskified provides a flexible fraud prevention solution for enterprises.
Riskified is a risk management solution that makes it easier and convenient for online merchants to accept high risk credit card transactions. By reviewing, approving and guaranteeing transactions, Riskified helps in resolving the specific risk and fraud issues that online merchants confront when managing their business. The flexible business model facilitates merchants to choose which online transactions they want Riskified to review. Merchants will be charged only when Riskified approves and guarantees a specific transaction.Over the past few years, Riskified has experienced tremendous growth within the online fraud prevention industry. Using cutting-edge machine learning and proprietary behavioral analytic technology, the company keeps abreast of the swiftly changing fraud landscape, identifying fraud attempts, mismatched orders and transactional inaccuracies.
Riskified is a boon for global retailers, as it helps them offer more personalization to consumers and recoup millions in lost revenue. At the same time, it has helped in bringing down the percentage of falsely declined legitimate orders due to suspected frauds and has helped in acquiring a lot of customers.
- Key features of Riskified:
- Machine learning models that facilitates data analysis based on procurement of system data
- IP and geographical location matching
- Proxy connection detection
- Report generation for analyzing orders by customers
- Behavioral analytics of users
- Linking of Riskified dashboard with the e-commerce site's dashboard
- Quick approvals; an average of 30 mins per order
- Easy integration into the e-commerce site
Zyxware Technologies has successfully integrated Riskified for many e-commerce sites. Zyxware has also integrated websites with third party applications such as Riskified credit card verification system, iContact mail delivery service etc. The integration of Riskified in the e-commerce site offers a whole lot of benefits including reduction in processing time and loss of revenue, verification of authenticity for international orders, and in case of fraud, 100% money back guarantee for all approved transactions. To learn about integrating your existing websites with third party applications for secure and better performance, please contact us.