Policy Protect could help merchants avoid fraud and save millions

By Puja Sharma

Riskified Unveils “Identity Explore” to Help Merchants Understand Who Their Customers Truly Are and Fight Policy Abuse. Identity Explore heralds the next frontier of risk intelligence, enhancing Policy Protect which prevents merchant policy abuse at scale and unlocks millions in savings.

Riskified, a leader in eCommerce risk intelligence, revealed the next generation of its Policy Protect product through the addition of “Identity Explore”’ – a revolutionary new capability allowing merchants to visualise customer identities and behaviour, tailor customer experience, and customise policy decisions.

Another looming concern for payment merchants is the Chargebacks—Chargebacks not only impact merchant budgets but their reputations in the long term as well. Of the consumers surveyed by Sift who have filed a dispute with a merchant, more than 83% reported they would be less willing to buy something from that brand in the future. What’s more, 50% say they would never shop with a brand again if the merchant failed to resolve their dispute within 30 days, highlighting how crucial it is to take these high risks of brand abandonment seriously.

After a decade of honing its fraud prevention capabilities, Riskified expanded its platform to help merchants stem significant losses from policy-related abuses. Policy Protect is a groundbreaking solution that uses machine learning to detect and prevent policy abuse in real time. It is powered by a proprietary engine that forms identity clusters from billions of accounts, behaviours, and transactions across a global merchant network, broadening the view of customer identity beyond their singular profile with a merchant.

Today’s introduction of “Identity Explore” presents a major leap forward: a high-resolution visualisation of Riskified’s identity engine, giving merchants the ability to analyse, investigate and interact with customers on a whole new level. Identity Explore empowers merchants to optimise, and ultimately personalise, their policies with confidence.

“It’s a supreme balancing act for merchants to provide generous policies to shoppers while keeping an eye on the bottom line. With Policy Protect, we’re empowering merchants to feel free to be lenient with their loyal customers while stopping abusers, and losses, with pinpoint accuracy,” said Assaf Feldman, CTO & Co-Founder of Riskified. “Identity Explore takes us an exciting step further, giving merchants instant insight into who is a good customer and who is not, so that they can apply the right policy, to the right customer, at the right time.”

Using Policy Protect, many leading retailers have saved millions of dollars blocking policy-related abuses. Merchants have been able to prevent 15x more abusive returns and refund claims, detect nearly 95% of unauthorised resellers and save 70% of their promotion budget by thwarting shoppers misusing coupon and promo codes.

“GoPro values delivering superior eCommerce experiences to customers, which is why we value our partnership with Riskified. Their innovations like frictionless fraud protection–and now the capability to investigate policy claims with robust identity data–will help us tailor interactions and policies at the individual level and deepen relationships with our loyal customers,” said Kacey Sharrett, VP, eCommerce, GoPro.