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 United States , chances are you know someone who noticed a fraudulent charge for an expensive purchase with their credit card its still unclear why most restaurants and bars in the United States 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.
Thats 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 youll 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.
Its 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 Macys, Dyson, Prada, Vestiaire Collective and GOAT are all using it.
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.