Fintech & Ecommerce

Mastercard Partners With Riskified to Combat eCommerce Fraud

Riskified and the multinational financial corporation Mastercard announced the beginning of cooperation, the purpose of which is to create for companies, operating in the field of e-commerce, the opportunity to increase the level of profitability received from digital business, and at the same time reduce the risk of fraudulent exposure.

Mastercard Partners With Riskified to Combat eCommerce Fraud

The firms announced the implementation of the partnership program last Thursday, August 17. Within the framework of this cooperation, products, and solutions offered by the payment giant Mastercard as security tools in cyberspace will be combined with the Riskified transaction and identification network.

Also, this partnership provides access to a set of mechanisms of a transnational financial corporation, through the use of which consumers receive real-time data on processes related to the return of funds and the automatic settlement of disputes.

Kevin Sprake, Riskified’s vice president for global partner channels, says that cooperation with the payment giant underscores the high level of influence of the company he represents on the revenues and profitability indicators of retail chains.

The press release published on the occasion of the launch of the partnership contains information that the Riskified machine learning platform offers anti-fraud teams a highly accurate automated algorithm when making decisions about the likelihood of risk factors influencing trading processes in the e-commerce space.

Currently, the sphere of multi-channel commerce is in a state of active development and scaling. Against this background, it expands the space of opportunities that can be used not only by sellers but also by scammers, as Adam Gunther, senior vice president and product director of Kount, Equifax, said last month during a conversation with the media. He also noted an increase in the number of cases of disputes and chargebacks. According to him, this trend is the result of the fact that fraudsters are trying to sell goods that they have obtained illegally.

Separately, Adam Gunther stressed that the situation is complicated by the presence of a significant number of sellers for whom e-commerce is, in a certain sense, uncharted territory. Sometimes these traders act on the basis of algorithms that do not correspond to the specifics of the digital business dimension.

Kevin Sprake says that sellers should never make a choice between countering fraudulent encroachments and offering trouble-free customer service, but often this problem is present.

As we have reported earlier, Mastercard Partners With MTN, Acquiring Minority Stake in Its Fintech Business.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.