Risk intelligence specialist Riskified has teamed up with Deloitte to provide merchants with real-time insight into how their chargebacks, approval rates and fraud costs compare to industry benchmarks.
The firm said in a statement that the benchmarking service with Deloitte, a provider of fraud and financial crime advisory services, was an industry first. It allows retailers to make a scorecard which can then be used to streamline parts of the business whether that means reduced operational costs, lower chargeback and fraud losses, or minimising false declines.
“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.
Benchmark analysis is used for a wide range of industries including fashion, ticketing, travel, luxury and digital goods. Several key metrics are considered including approval rates, authorization rates, fraud losses, false declines, chargebacks and the cost of policy abuses surrounding returns, refunds, promotions and resellers. The service is currently available via Deloitte Canada, with plans to extend into new regions in the future, the company said.
Kevin Sprake, VP of Global Channel Partnerships at Riskified added: “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. 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.”
Image from Riskified
