The eCommerce fraud management platform Riskified is extending its three-year-old partnership with the home furnishings company Wayfair.
The two companies joined forces in 2018, with Wayfair partnering with Riskified to scale and automate its payment fraud efforts, a collaboration that Wayfair says has “greatly” reduced fraud losses and false declines.
“Extending their partnership will allow Riskified and Wayfair to continue solving complex problems related to online shopping, checkout and payments,” the companies said in a news release on Wednesday (Sept. 1). “Both are dedicated to using next-generation technology to improve the eCommerce journey.”
For Wayfair, that means finding innovative ways for people to shop for their homes. For Riskified, it means being the only enterprise-focused partner that provides a chargeback model for fraud management as a core service for eCommerce brands.
“Our goal when looking for partners is to make high-ROI investments that deliver the best possible experience for our customers and suppliers,” said Michael Fleisher, CFO at Wayfair. “Throughout our collaboration, Riskified has enabled safe, fast and seamless payments, and we’re excited to see what opportunities we can unlock in the future.”
Peter Elmgren, Riskified’s chief revenue officer, said the company looks forward to building on its relationship with Wayfair. “eCommerce sales accelerated significantly over the last year, and merchants have had to innovate at an unprecedented rate to meet customers’ demands,” Elmgren said in the news release. “The strength of our partnership will enable us to provide consumers with convenient ways to shop without compromising their safety or shopping experience – while also helping Wayfair grow its platform.”
The rise in eCommerce has also led to a rise in fraud related to those transactions, Elad Cohen, vice president of data science at Riskified, told PYMNTS earlier this week.
“As eCommerce has increased in general, we’re seeing fraud increase as well,” he said. “It’s getting much more popular and more lucrative for fraudsters to continue doing this.”