Riskified Unveils “Identity Explore” to Help Merchants Understand Who Their Customers Truly Are and Fight Policy Abuse

Rhea-AI Summary

Riskified (NYSE: RSKD), a leader in eCommerce risk intelligence, has unveiled 'Identity Explore', a new feature enhancing its Policy Protect product. This innovation allows merchants to visualize customer identities, tailoring experiences and policy decisions. After refining its fraud prevention technology for a decade, Riskified's Policy Protect uses machine learning to combat policy abuse, resulting in significant cost savings for retailers. Notably, leading merchants have reported a 15x increase in thwarting policy-related abuses and 70% savings on promotion budgets. The introduction signifies Riskified's commitment to empowering merchants while minimizing losses.

Positive

• Introduction of 'Identity Explore' enhances Policy Protect, allowing better visualization of customer data.
• Merchants saved millions through Policy Protect, preventing 15x more abusive returns.
• Detection of nearly 95% of unauthorized resellers.
• 70% savings on promotion budgets by stopping misuse of coupons and promo codes.

Negative

• None.

Identity Explore heralds the next frontier of risk intelligence, enhancing Policy Protect which prevents merchant policy abuse at scale and unlocks millions in savings

NEW YORK--(BUSINESS WIRE)-- Riskified (NYSE: RSKD), a leader in eCommerce risk intelligence, today revealed the next generation of its Policy Protect product through the addition of “Identity Explore” – a revolutionary new capability allowing merchants to visualize customer identities and behavior, tailor customer experience and customize policy decisions.

After a decade 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, behaviors 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 visualization of Riskified’s identity engine, giving merchants the ability to analyze, investigate and interact with customers on a whole new level. Identity Explore empowers merchants to optimize, and ultimately personalize, 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 unauthorized 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.

To learn more about policy abuse and how merchants can mitigate its effects, download IDC’s spotlight report “Policy Abuse: From Fraud Prevention to Profit Enablement.”

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/20230117005239/en/

Media Contact

Cristina Dinozo

Sr. Director of Communications

cristina.dinozo@riskified.com

Investor Relations

Chett Mandel

Head of Investor Relations

chett.mandel@riskfied.com

Source: Riskified

FAQ

What is the latest update from Riskified regarding NYSE: RSKD?

Riskified has introduced 'Identity Explore', enhancing its Policy Protect product to help merchants better manage customer identities and abuse.

How does Identity Explore benefit merchants using Riskified's services?

Identity Explore enables merchants to visualize customer data, allowing for tailored experiences and better policy enforcement.

What cost savings have merchants realized using Riskified's Policy Protect?

Merchants have reported savings through preventing 15x more abusive returns and 70% reduction in promotion budget misuse.

What is the significance of the introduction of Identity Explore for Riskified (RSKD)?

The introduction of Identity Explore is a significant advancement, providing merchants instant insight into customer behavior, enhancing policy effectiveness.