Deloitte and Riskified Partner to Help eCommerce Merchants Analyze Their Fraud Exposure Against Industry Benchmarks

Rhea-AI Summary

Riskified (NYSE:RSKD), a leader in eCommerce risk intelligence, has partnered with Deloitte to launch an innovative benchmarking service for merchants. This service aims to provide real-time insights on chargebacks, approval rates, and fraud costs, allowing retailers to assess their operational efficiency. The offering leverages Riskified's analysis of over 2.5 billion transactions and Deloitte's expertise in payment fraud advisory.

Key metrics analyzed include approval rates, fraud losses, and chargebacks across various industries such as fashion and travel. The service is currently available via Deloitte Canada, with plans for future regional expansion. This collaboration seeks to enhance profitability for merchants by optimizing transaction metrics and reducing fraud-related losses.

Positive

• Partnership with Deloitte enhances Riskified's service offerings.
• Industry-first benchmarking service provides actionable insights for merchants.
• Access to extensive data from over 2.5 billion transactions boosts credibility.
• Focus on critical metrics like approval rates and fraud losses aligns with market needs.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Riskified (NYSE:RSKD), a leader in eCommerce risk intelligence, today announced its partnership with Deloitte, a leader in fraud and financial crime advisory services, to empower merchants with real-time insight into how their chargebacks, approval rates and fraud costs compare to similar companies in their space. This benchmarking service is an industry first, helping retailers formulate a scorecard that can uncover new opportunities to reduce operational costs, lower chargeback and fraud losses, and boost revenues by minimizing false declines.

This unique offering is underpinned by Riskified’s extensive eCommerce, fraud and identity intelligence derived from analyzing more than 2.5 billion transactions worldwide. This, in conjunction with Deloitte's experiences in payment and fraud advisory, will help merchants elevate their payment and fraud capabilities. Benchmark analyses cover a wide range of industries including fashion, ticketing, travel, luxury, digital goods and more. Key metrics include approval rates, authorization rates, fraud losses, false declines, chargebacks and the cost of policy abuses surrounding returns, refunds, promotions and resellers.

“Improving profitability is a key topic for businesses today. As merchants continue to invest in their eCommerce experience, optimizing performance metrics such as transaction approval rates and false decline rates has become a critical priority. With Riskified’s wealth of transaction and customer identity data across industries and geographies, Deloitte can better evaluate and measure merchant risk and provide a more targeted solution to improve the digital transaction experience," said Kevin Luh, Director, Fraud Management at Deloitte.

“Fraud has evolved alongside eCommerce at an unprecedented pace over the past few years, and merchant focus on costs, revenue, and bottom line is sharper than ever. Through our global merchant network, fraud expertise, and chargeback guarantee model, we’ve fine-tuned our ability to understand the cost of fraud,” said Kevin Sprake, VP of Global Channel Partnerships at Riskified. “We are proud to be partnering with Deloitte to give merchants actionable expert insights on how to take their risk strategy to the next level.”

The offering is currently available via Deloitte Canada, with plans to extend into new regions in the future. To schedule an initial consultation, please contact Kevin Luh, Director, Fraud Management at Deloitte (kluh@deloitte.ca) and Jon Haywood, National Leader, Financial Crime, Deloitte (johaywood@deloitte.ca).

About Riskified

Riskified (NYSE:RSKD) empowers businesses to grow eCommerce revenues and profit by mitigating risk. The world’s largest merchants and prestige brands partner with Riskified for guaranteed protection against chargebacks, to fight fraud and policy abuse at scale and to improve customer retention. Supported by the largest team of eCommerce risk analysts, data scientists and researchers, Riskified’s machine learning platform analyzes the individual behind each interaction to provide real-time decisions and robust identity-based insights. Learn more at Riskified.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230413005003/en/

Aileen McNelis

PR for Riskified

amcnelis@nexttechcomms.com

Cristina Dinozo

Sr. Director of Communications

press@riskified.com

Chett Mandel

Head of Investor Relations

ir@riskified.com

Source: Riskified

FAQ

What is the recent partnership announced by Riskified (NYSE:RSKD)?

Riskified partnered with Deloitte to offer a benchmarking service that provides insights on chargebacks and fraud costs for merchants.

What key metrics will the benchmarking service provide for merchants?

The service will analyze approval rates, fraud losses, chargebacks, and other operational costs.

How does Riskified's transaction data enhance the new service?

Riskified's analysis of over 2.5 billion transactions provides a comprehensive base for benchmarking against industry standards.

Where is the new benchmarking service currently available?

The service is currently available through Deloitte Canada, with plans to expand to other regions.

What industries will the benchmarking cover?

The service will cover a variety of industries including fashion, travel, and digital goods.