Riskified updates tool to increase payment authorisation rates

Wednesday 5 May 2021 10:37 CET | News

US-based fraud prevention solution provider Riskified has launched its latest version of Deco, a real-time solution for recovering orders lost to card-not-present payment authorisation failures. 

Deco converts up to 20% of those declined transactions into immediate sales, delivering a significant ROI to merchants and boosting customer satisfaction, according to the company press release. Riskified developed Deco with design partners including The Level Group, an ecommerce partner that builds and manages end-to-end online experiences for luxury, design, and fashion brands.

Deco uses Riskified's AI-powered decisioning platform and the breadth of its merchant network to identify the legitimacy of the shopper behind the transaction. Once confirmed as legitimate in real-time, the transaction is intelligently submitted for payment authorisation to increase the overall approval for the merchant. Deco is currently available from Riskified for US merchants and non-US merchants that have a significant amount of US-based sales.

Payments need to be authorised by multiple financial institutions in order to be successfully completed. Many of these institutions have not kept pace with the rapid changes in online shopping and consumers' purchasing behaviour, making payment authorizations an especially hard challenge for ecommerce merchants. According to Riskified's research, as many as 72% of online shoppers whose payments fail authorisation are actually legitimate customers who should have been approved.

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Keywords: product upgrade, product launch, authorisation rate, fraud prevention
Categories: Fraud & Financial Crime
Countries: United States
This article is part of category

Fraud & Financial Crime