In this post, we talk about Riskified's new look and how it tracks with our evolution from a fraud management system to a total end-to-end solution that roots out fraud and boosts revenue for our merchants in new and exciting ways.
As you might have noticed, our look is a little different these days. And that’s for many good (and revenue-boosting) reasons.
When Riskified got its start in 2013, the chargeback-guarantee fraud-prevention model wasn’t a thing yet. We believed we had a better way to manage fraud – one that maximized revenue and improved customer experience. The market responded, and, in the few short years since, we’ve gone from a small startup to industry leader, partnering with some of the world’s leading enterprise merchants, including several Fortune 500 companies. Every single day, we help safely process more than a million transactions.
More than ever, it’s important to know how we’re different from our competitors. We created the category in 2013, and we’ve continually built on our lead by investing in R&D and staying true to our belief that we succeed when our merchants succeed. The truth is that the gulf between our capabilities and everyone else’s has never been larger – and it’s still growing. Here’s why.
Riskified is a chargeback-guarantee solution through and through. Some of our competitors have started offering scores as a means to cut costs, but we don’t do that. That’s important. Offering scores rather than guaranteed decisions means that those solutions don’t learn whether their evaluations were correct or not. There’s a reason your teachers gave your graded tests back to you. You can’t become more accurate if you aren’t learning from your decisions. Riskified’s machine learning gets better the more feedback it receives, and providing decisions instead of scores means we receive feedback on every single transaction. We use that data to get better and more accurate.
We’ve used this core competency (recognizing good orders from bad) and our R&D capabilities to develop new products and solutions to maximize revenue at all stages of the path to purchase. We have solutions to help merchants prevent Account Takeover attacks, to salvage risky-seeming orders before they’re declined and to offer legitimate customers an alternate method of payment to avoid bank declines. These capabilities work together and build upon one another. When we’re watching the door – through our ATO solution – we can more confidently approve orders at the register – with our chargeback guarantee. Merchants benefit from a whole that is greater than the sum of the parts. None of our competitors can say the same.
Sadly, the threat of fraud isn’t a fixed beast. It evolves and grows more sophisticated. And business that scale have to adapt to new consumer patterns and new fraud vectors. That’s why it’s so important that models learn. In the past year alone, we have learned how to better counter fraud for merchants who rely on the Buy Online Pick Up in Store (BOPIS) model, who are seeing their mobile customer bases surge like never before, or who are dealing with the growing threat of account takeovers. And, as new shoppers enter the online marketplace each minute, we help merchants meet the frightening parts of these new challenges with minimal cost or friction.
As we’ve grown, so have our customers. Riskified works with more enterprise merchants than any other chargeback-guarantee solution, and that improves our accuracy for all of our clients. Competitors claim more merchants, but when you take a look at their client rosters you see many names that you don’t know. When you look at Riskified you see Wish, Macy’s, and Lastminute.com. We love small businesses – we’ve been one. But the size of the merchants matter, because that directly translates to number of orders. More orders make our models more accurate, as well as increases the number of customers seen, which helps our dynamic linking.
That brings us to our new, award-winning design. We made these changes to our website because our mission is more than just fraud prevention. We’ve been able to grow into an end-to-end solution that helps merchants safely increase revenue and better serve their customers. Our new design reflects that growth and commitment. It probably won’t be the last time we update. We’ll continue finding ways to drive revenue, approve legitimate customers, reduce friction and manage risk.
When it comes to business, it’s true that bigger isn’t always better. But when bigger means more thorough, more experienced and battle-tested, and more technologically advanced, it makes all the difference. Welcome to the new Riskified.com.