Riskified, a eCommerce risk intelligence firm, revealed its Policy Protect product through the addition of “Identity Explore”’ – a capability allowing merchants to visualise customer identities and behaviour, tailor customer experience and customise policy decisions.
What is the product offering of Identity Explore?
After a decade honing its fraud prevention capabilities, Riskified expanded its platform to help merchants stem losses from policy-related abuses. Policy Protect is a groundbreaking solution that uses machine learning to detect and prevent policy abuse in real-time.
Riskified’s Policy Protect 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 visualisation of Riskified’s identity engine, giving merchants the ability to analyse, investigate and interact with customers on a whole new level. In addition, Identity Explore empowers merchants to optimise, and ultimately personalise, their policies with confidence.
Why is Identity Explore a game changer for merchants?
Using Policy Protect, many leading international 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.
Commenting on the product, Kacey Sharrett, VP, eCommerce, GoPro, said, “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.”
“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,” commented Assaf Feldman, Chief Technology Officer & Co-Founder of Riskified.
“Identity Explore takes us an exciting step further, giving merchants instant insight into who is a good client and who is not, so that they can apply the right policy, to the right customer.”
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.”
