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 minimising false declines.
This unique offering is underpinned by Riskified’s extensive eCommerce, fraud and identity intelligence derived from analysing 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, authorisation 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, optimising 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.”