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A new partnership has been announced between Riskified, a company specialising in risk intelligence and combating e-commerce fraud, and Appriss Retail, a provider of return and claim authorisation solutions. The collaboration will concentrate on the issue of omnichannel fraud prevention.
Both parties are aiming to address and combat the increasing issues associated with omnichannel fraud, a form of sophisticated financial crime that is usually carried out with digital technologies and online platforms.
New research commissioned by Riskified and conducted by Opinium and Cebr, discovered returns, refunds, and exchanges cost retailers $394 billion in losses in e-commerce markets. Despite the losses, only 30% of merchants have taken steps to prevent fraudulent returns and refunds, underscoring the need for effective solutions to combat this type of fraud.
Through the partnership, Riskified and Appriss will combine data about how customers shop in different channels, whether in physical stores or online.
The combined data will provide merchants with a platform that helps them better detect and prevent fraud and return policy abuse. The partnership introduces a full and holistic understanding of a consumer’s shopping patterns and identity, providing a better picture of shoppers and the ability to highlight fraudulent activity.
Michael Osborne, CEO of Appriss Retail, highlighted the changing ways retailers handle returns and claims, saying, “The return and claim landscape is evolving quickly, and fraud and abuse continue to be significant challenges for merchants, hitting over $100 billion in losses for retailers, as highlighted in our annual returns report with Deloitte.”
According to Osborne, “achieving a comprehensive omnichannel view” has been a challenge for retailers until Appriss’s partnership with Riskified. She continued, saying, “By combining our individual strengths, Appriss Retail and Riskified have created an unparalleled omnichannel solution for merchants.”
Eido Gal, CEO of Riskified, spoke of the escalation of returns and claims abuse, saying “merchants today face the dual challenge of enhancing customer satisfaction while managing this significant risk.”
Gal said that the partnership offers “true omnichannel fraud and policy abuse protection” for the first time, and the “comprehensive offering seamlessly integrates online and offline channel data, streamlining workflows, reducing overhead costs, stemming losses, and providing a unique, unified view of customer interactions.”
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