5 minutes with Ephraim Rinsky, Product Marketing Manager, Riskified

Tell us a little bit about Riskified.

Riskified was founded in 2012 with the goal to help merchants experience risk-free revenue growth. We do this by identifying legitimate buyers from fraudsters throughout the customer journey, from account creation and login, all the way through to checkout. Our flagship product is the Chargeback Guarantee – we provide an automated and guaranteed decision of approved/declined for each transaction.

What gap in the retail market does Riskified strive to address?

Merchants lose billions in the payment funnel due to underperforming legacy fraud solutions, payment failures, and high-friction verification. We have an unparalleled ability to detect legitimate customers in the shopping journey and keep them moving toward conversion. Merchants can safely approve more orders and ensure a seamless customer journey without taking on new risk.

Riskified has a unique ATO product. Can you tell us a little bit about it?

Riskified’s ATO prevention solution assesses the risk of every login and resulting account event. We then provide a clear “allow”, “notify”, “challenge” or “block” decision. When verification is required, our solution can deploy the notification or challenge on the merchant’s behalf.

What makes Riskified’s ATO product different to others in the same market?

In a nutshell – the fact that we had already invested years in building a world-class solution to stop CNP fraud, gave our ATO product an enormous boost. Why? Two main reasons:

  1. We know what ATOs look like because we’ve seen millions of them already at checkout. We have enough data now for our models to recognize malicious login attempts, even those that look completely legitimate to the human eye.
  2. We already have a robust merchant network. By this point, when a new customer comes to one of our merchants, we’re able to recognize the vast majority of customers. Usually between 80-90%.

What benefits will retailers have when they utilise Riskified’s ATO product?

Rather than scoring solutions – where merchants still need to make rules to decide what to do with this score, we give a clear decision about the ATO risk of the login attempt. And we’re able to do this with high accuracy due to powerful data linking tools.

Thanks to our network of thousands of merchants, we often are able to recognize bad entities we’ve seen before – part of an ATO fraud ring. That allows us to not only easily deny the login attempt – but shut down large-scale attacks. In addition, our chargeback guarantee solution relies on us giving accurate fraud/not fraud answers – so we can feed these back into our login models and improve accuracy at scale.

And finally, we employ selective friction; requesting identity verification only in cases of elevated risk. When a user tries to log in to their account, all data about their device, location, and so on, is cross-checked against their previous site behaviour. Only when something is anomalous, is friction introduced. In this way, online businesses don’t need to inconvenience customers by introducing unnecessary friction to the shopping process.

What are the dangers of ATO attacks?

ATOs cause a great deal of harm and with data breaches and credential stuffing on the rise – they are a threat that merchants can’t ignore. When fraudsters gain access to legitimate customers’ store accounts, they obtain a wealth of high-value information. The fraudulent transactions that follow are harder to detect and stop because they look like they are made by known customers. ATOs are more costly, too. In addition to the lost revenue and the costs associated with chargebacks, these attacks have a devastating impact on brand reputation and the lifetime value of a customer.

Who are some of Riskified’s well-known partners?

Leading merchants in virtually all industries trust Riskified to approve more orders, including brands like Finish Line, Air Europa, Prada, and many more.

What are your role and responsibilities as product marketing manager at Riskified?

As a product marketing manager at Riskified I am in charge of all the go-to-market initiatives of our ATO Prevention product, including marketing campaigns and sales enablement. I also partner closely with our product management team to achieve product-market fit and promote product awareness and adoption.

What did you do before Riskified?

I’ve worn a few hats. I was a professor of statistics and economics in CUNY in New York for a few years. I’m also a novelist – I’ve published three books now.

How has your previous experience helped you at Riskified?

The teaching helps a lot with sales enablement – it’s all about being able to refine complicated concepts and explain them with clarity. And you’d be surprised how much overlap there is between writing fiction, and writing marketing copy.

What role do you think Riskified has in the future of retail?

I think that our role in the future of retail will be to promote:

Adaptability.  Selling online is volatile, merchants need to be able to pivot quickly and adjust to whatever changes lay ahead. Our role will be in helping eCommerce merchants react well and adjust quickly to changing circumstances like new fraud trends, shopping behaviors, and consumer preference.

Trust. As customer expectations become increasingly sophisticated, merchants will inevitably boost their digital channels to stay ahead. But fraudsters will be close behind. Safeguarding customers’ data will be crucial to fostering trust and customer loyalty throughout the shopping journey.

Resilience. Ecommerce will continue to boom, and businesses will need to ensure their digital platforms are analytically and technically sound and scalable. Our solution will continue to help merchants in their efforts to future-proof operations and streamline order review – so that they can maximize growth and capitalize on ecommerce.

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