Notable Recognition: Riskified & Facia
Riskified and Facia are at the forefront of developing innovative AI-based solutions for fraud prevention and identity verification, filling a crucial gap in the fight against the increasing risks associated with online transactions and e-commerce.
Riskified’s AI-driven platform is specifically built to safeguard online retailers from fraud, chargebacks, and policy misuse, while also boosting customer retention.
By utilizing extensive datasets from merchants around the globe, the platform provides real-time decisions, fostering a secure environment for smooth e-commerce transactions.
With its Chargeback Guarantee, Riskified assumes full responsibility for chargebacks caused by fraudulent activities, enabling merchants to concentrate on boosting sales instead of managing risks.
Features such as Policy Protect and Account Secure defend against first-party fraud and account takeovers by examining customer behavior and detecting irregularities.
In practical terms, the company has helped Ring stop over $4 million in fraudulent returns and raised Lorna Jane’s authorization rates from 82% to 98%, enhancing both revenue and customer satisfaction.
Riskified’s dedication to enhancing machine learning models, including deep learning components, ensures that they continuously adapt to new threats.
Facia, focusing on biometric security, tackles the increasing issue of account takeover fraud through its real-time liveness detection technology.
With a 0% false acceptance rate certified by NIST, Facia guarantees that only authorized users can complete transactions, verifying identities in less than a second.
Facia’s commitment to user experience is evident in its ability to conduct precise verifications without requiring users to change their appearance or surroundings, making it highly effective even in complex environments.
Processing over 10 million verifications each year and collaborating with prominent banks and KYC providers, Facia aims to achieve 100 million checks within the next two years.
Supported by comprehensive research and development, Facia constantly refreshes its algorithms to stay ahead of spoofing tactics, establishing a new benchmark for biometric fraud prevention.
Together, both companies illustrate how cutting-edge AI and machine learning are transforming fraud detection, identity verification, and building customer trust in the digital landscape.