The aim of this collaboration is to provide businesses worldwide with a new solution that enables them to grow their online revenues and profit while minimising the potential for fraudulent activities and instances of chargebacks.
To make this possible, the partnership brings together Mastercard’s cybersecurity capabilities and Riskified’s transaction and identity network. Moreover, the collaboration also provides access to the global payments company’s set of solutions that allow for instant notifications regarding chargeback occurrences and facilitate the process of automated dispute settlement.
When commenting on the latest development, an official from Riskified stated that they were enthusiastic about collaborating with Mastercard to provide merchants with the capability to sustain their investments in ecommerce, fostering growth worldwide. They further emphasised that this was particularly important in emerging markets with increased vulnerability to fraudulent activities and misuse.
In 2023, Mastercard, the global payment company, has launched additional products and services with the similar goal of meeting the needs of businesses.
For instance, in response to the trend towards the digitalisation of payment processes, the company revealed the introduction of the Receivables Manager, a product that sought to enable businesses to accept and process virtual card payments.
In a similar bid to help mitigate fraud, Mastercard announced that it is leveraging AI capabilities to actively counter real-time payment fraud through its 'Consumer Fraud Risk' solution, currently operational in the UK.
Riskified is an ecommerce risk intelligence company that extends an AI-powered fraud and risk intelligence platform that examines the individual behind each interaction in an effort to deliver instant decisions and identity-centred insights. Wayfair, Booking.com, and Prada are, reportedly, among the companies leveraging its solutions.
What is more, the company has also secured a series of strategic partnerships. For instance, Riskified partnered with Deloitte to offer merchants visibility into how their chargebacks, approval rates, and fraud expenses stack up against similar businesses within their industry.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now