The partnership, announced Thursday (Nov. 2), leverages Riskified’s fraud and risk intelligence capabilities and CellPoint’s payment orchestration offering to help airlines and other travel merchants increase transaction approval rates while lowering costs.
“The partnership enables both companies to increase the value created for their joint customers by optimizing their fraud detection capabilities and enabling the utilization of multiple payment providers,” the companies said in a news release.
According to the release, Riskified’s eCommerce fraud management platform uses artificial intelligence (AI) and machine learning algorithms to study and verify whether transactions are legitimate, ensuring secure shopping for customers while preventing fraud.
“Businesses should never have to choose between preventing fraud and providing a cohesive customer experience,” said Ravi Kumawasrami, president of Riskified’s worldwide field operations. “Our partnership with CellPoint Digital enables airlines and travel merchants to avoid this dilemma while simultaneously streamlining their operations, increasing their revenue and creating a secure shopping environment.”
Businesses, she said, need to invest in cyberdefense strategies that can both detect and prevent fraud while also authenticating consumers’ digital identities in real time.
“With the world that we live in, digital identities are becoming more used than physical driver’s licenses or physical passports,” said Dietrich.
As the world grows more and more digital, scammers are able to exploit the amount of existing data to fashion synthetic personas, upping the stakes for businesses to ensure effective, yet secure, authentication processes.
“If you are using the older rails and anti-fraud methodologies, you are going to have a higher level of friction with higher decline rates, and you’re going to have more liability on the merchant or the bank,” Dietrich said.
“The authentication pain is causing consumers to move to alternative payment methods like digital wallets and more, so if there’s an application, either on the merchant side or banking acquired side, that doesn’t have the capabilities to use these new payment methods or securely call for them,” she added.