With Riskified, Ticketing Platform Gametime Improves eCommerce Approval Rates and Customer Satisfaction

Rhea-AI Summary

Riskified Ltd. (NYSE: RSKD) announced a partnership with Gametime, a ticket marketplace, implementing Riskified’s Chargeback Guarantee solution. This collaboration has led to a 1.5% increase in transaction success rates and an eight-point rise in Gametime's Net Promoter Score, indicating enhanced customer satisfaction. Gametime faced unique fraud challenges in the ticketing sector and benefited from Riskified's machine-learning platform, which improved fraud detection and streamlined the purchasing process. The partnership aims to balance fraud prevention while enhancing the customer experience, aligning with Gametime's growth objectives.

Positive

• 1.5% increase in Gametime's transaction success rates.
• Eight-point increase in Gametime's Net Promoter Score (NPS) indicating greater customer satisfaction.
• Riskified's machine-learning platform improved fraud detection and expedited customer transactions.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Riskified Ltd. (NYSE: RSKD), a leader in eCommerce fraud and risk intelligence, today announced that Gametime, a popular marketplace for sports, concerts, theater and comedy show tickets, has implemented its Chargeback Guarantee solution to provide real-time fraud decisions and increase purchase approval rates and revenues.

Faced with fraud challenges unique to ticketing providers, coupled with a post-pandemic surge in demand, Gametime found that fast, accurate decision-making around the legitimacy of transactions was critical for it to remain competitive in the ticket marketplace.

Gametime selected Riskified’s machine-learning platform to review all of their transactions, with special attention to higher-risk circumstances like major sporting events such as playoffs, and concert on-sale dates. With its identity-cluster technology and extensive knowledge of fraud trends, Riskified is able to accurately identify and approve legitimate orders, creating a frictionless customer experience for good customers while blocking fraud and protecting Gametime against chargebacks.

“Prior to deploying Riskified, Gametime was relying on a manual fraud review process that required a lot of time and effort from a small team. As a result, too many good customers were subjected to prolonged wait times, lost opportunities to purchase, and declined transactions,” said Ravi Kumaraswami, President of Field Operations, Riskified. “It is rewarding to work with an innovator like Gametime to strike the right balance between fighting fraud and creating a great customer experience.”

Due in part to the partnership with Riskified, Gametime has reported a 1.5% increase in transaction success rates. The company also recorded an eight-point increase in its Net Promoter Score (NPS), a measure of customer satisfaction, from customers who were able to seamlessly purchase high-value tickets (greater than $1,000 per ticket).

“Riskified’s ability to provide a solution that scales to our growth objectives has proven to be incredibly valuable in helping to expand our business and bring on new customers,” said Pete DeiTos, VP of Product at Gametime. “After assessing other vendors and seeing Riskified’s winning performance, we felt their team is a true partner with a strong commitment to our success.”

About Gametime

Gametime's mission is to unite the world through shared experiences. Founded in 2013, Gametime provides consumers with a seamless and transparent way to buy and sell tickets for live events including sports, concerts, theater, and comedy shows. Gametime specializes in last-minute tickets, allowing customers to purchase up to 90 minutes after the event start time. Gametime emphasizes mobile ticket delivery as an easy and environmentally friendly alternative to paper tickets and believes in going above and beyond for customers. The company was founded by current CEO Brad Griffith. Download Gametime at www.Gametime.co/app. Follow GT on Facebook @gametime, Twitter @gametime and Instagram @gametimeapp.

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 a deeply experienced team of eCommerce risk analysts, data scientists and researchers, Riskified’s award-winning 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/20230308005244/en/

Corporate Communications:

Cristina Dinozo

Senior Director of Communications

press@riskified.com

Investor Relations:

Chett Mandel

Head of Investor Relations

ir@riskified.com

Source: Riskified Ltd.

FAQ

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

Riskified announced a partnership with Gametime to implement its Chargeback Guarantee solution, enhancing fraud detection and customer satisfaction.

How has Gametime's transaction success rate changed after partnering with Riskified (RSKD)?

Gametime reported a 1.5% increase in transaction success rates following the implementation of Riskified's solution.

What improvement did Gametime see in customer satisfaction after using Riskified's services?

Gametime experienced an eight-point increase in its Net Promoter Score (NPS) due to improved customer experiences.

What challenges in ticketing fraud did Gametime face that led them to Riskified (RSKD)?

Gametime faced unique fraud challenges in ticketing that required fast and accurate transaction legitimacy decisions, especially during high-demand events.