Security & Fraud

Riskified Accelerates Fraud Prevention Services

Riskified’s chargeback guarantee has earned it further investment.

The eCommerce fraud prevention company announced yesterday (Feb. 10) that it has secured $25 million in financing in a round led by Qumra Capital. The Phoenix Insurance Company, NTT DOCOMO Ventures and existing investors Genesis Partners and Entrée Capital also participated in the growth investment, which brings Riskified’s funding total to date to $31 million.

Commenting in a press release on Riskified’s year-over-year growth of 400 percent, Erez Shachar, managing partner at Qumra, said: “Riskified’s exponential growth is indicative of the eCommerce industry’s need for a fraud prevention platform that uncovers new revenue opportunities. Leveraging its experienced team, proven technology and unwavering focus on their global retail customers, we’re confident Riskified is positioned to build the world’s best fraud prevention solution.”

“Riskified continues to experience unprecedented growth within the online fraud prevention industry, showing immediate improvement to retailers’ bottom line and customer experience,” Eido Gal, cofounder and CEO of Riskified, stated in the release. “It’s a win-win for global retailers. They’re recouping millions in revenue from fraud loss, while gaining customers that would have otherwise been rejected. Not only do we approve 66 percent of orders retailers plan to decline, but we also guarantee every order we approve to provide assurance and peace of mind.”

“We founded Riskified with the retailer in mind,” Gal continued, “and have grown adept at servicing the needs global retailers have as they expand their eCommerce and mCommerce operations to provide more personalization to consumers. Our adoption rates continue to validate the incredible global demand for a flexible fraud prevention solution for enterprise brands. We look forward to expanding on our customer success and continuing our rapid pace in the future.”

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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