INSUBCONTINENT EXCLUSIVE:
Meet Riskified, an Israel-based startup that has raised $64 million in total to fight online fraud
The company has built a service that helps you reject transactions from stolen credit cards and approve more transactions from legitimate
clients.If you live in the U.S., chances are you know someone who noticed a fraudulent charge for an expensive purchase with their credit
card — it’s still unclear why most restaurants and bars in the U.S
take your card away instead of bringing the card reader to you.Online purchases, also known as card-not-present transactions, represent the
primary source of fraudulent transactions
That’s why e-commerce websites need to optimize their payment system to detect fraudulent transactions and approve all the
others.Riskified uses machine learning to recognize good orders and improve your bottom line
In fact, Riskified is so confident that it guarantees that you’ll never have to pay chargebacks
As long as a transaction is approved by the product, the startup offers chargeback protection
If Riskified made the wrong call, the company reimburses fraudulent chargebacks.On the other side of the equation, many e-commerce websites
leave money on the table by rejecting transactions and false declines
It’s hard to quantify this as some customers end up not ordering anything
Riskified should help you on this front too.The startup targets big customers — Macy’s, Dyson, Prada, Vestiaire Collective and GOAT are
You can integrate Riskified with popular e-commerce payment systems and solutions, such as Shopify, Magento and Stripe
Riskified also has an API for more sophisticated implementations.
