Prevention Riskified and Applis Retail Unveil Advanced Solution for Omnichannel Returns Fraud

Prevention Riskified and Applis Retail Unveil Advanced Solution for Omnichannel Returns Fraud

Addressing a $100 Billion Challenge

The retail sector is grappling with mounting losses due to returns and claims fraud, a problem that costs retailers over $100 billion annually, as revealed in a joint report by Applis Retail and Deloitte. This collaboration aims to mitigate these losses by offering retailers a 360-degree view of consumer purchasing behavior across both online and in-store channels.

“The returns and claims landscape is rapidly evolving. Fraud and abuse remain a significant challenge for retailers,” said Michael Osborne, CEO of Applis Retail. “The challenge was to achieve a comprehensive omnichannel view, which did not exist until we partnered with Riskified. Together, we’re providing retailers with tools to combat fraud while delivering an exceptional customer experience.”The ever-changing landscape of returns and claims in retail has brought new challenges for businesses, particularly in addressing fraud and abuse. Michael Osborne, CEO of Applis Retail, highlights the gravity of the issue: “Fraud and abuse remain a significant challenge for retailers.”

Traditionally, retailers struggled to gain a comprehensive omnichannel view of customer interactions, making it difficult to combat fraudulent activities effectively. This gap in visibility often led to significant financial losses and operational inefficiencies. However, a groundbreaking partnership between Applis Retail and Riskified is set to revolutionize how retailers address these issues.

By combining their expertise, the two companies have created an innovative solution that offers retailers real-time tools to identify and prevent fraud across all channels. This unified approach integrates online and offline data, providing a 360-degree view of customer behavior. Such insights not only enable fraud detection but also empower retailers to implement stronger policies without compromising the customer experience.

“This collaboration ensures that retailers can combat fraud while delivering an exceptional customer experience,” Osborne emphasized. The joint solution aims to balance the need for security with seamless shopping experiences, helping businesses retain customer trust while minimizing financial losses.

As the retail industry continues to evolve, partnerships like this underscore the importance of leveraging advanced technology and data-driven insights. By addressing the dual challenges of fraud prevention and customer satisfaction, Applis Retail and Riskified are setting new standards for operational excellence and innovation in retail.

This collaboration marks a significant step forward in the fight against retail fraud, equipping businesses with the tools needed to thrive in a dynamic and competitive market.

A New Era in Fraud Prevention

This partnership leverages advanced AI-driven fraud prevention technology and extensive retail data to deliver an omnichannel solution. By integrating data from online and offline transactions, retailers gain a holistic view of customer behavior, enabling consistent decision-making and better fraud prevention.

Eid Gul, CEO of Riskified, emphasized, “As return and refund fraud escalates, retailers face the dual challenge of mitigating risk while enhancing customer satisfaction. Our partnership with Applis Retail delivers the first truly omnichannel fraud prevention solution, reducing losses and streamlining operations.”

Key Benefits of the Collaboration

  1. Omnichannel Protection: The solution ensures fraud prevention for both online and in-store transactions, minimizing unwarranted charges and fraudulent returns.
  2. 360-Degree Customer Insight: A comprehensive view of customer identity and purchasing patterns enables consistent and informed decision-making across all channels.
  3. Enhanced Customer Experience: By understanding customers’ true identities, retailers can implement stronger policies and deliver superior experiences, ultimately driving sales and profitability.

The Cost of Policy Abuse

A recent study commissioned by Riskified revealed that fraudulent returns, refunds, and exchanges cost retailers $394 billion annually. Alarmingly, only 30% of retailers have strategies to address these issues. The partnership aims to fill this gap with a robust and actionable solution.

Looking Ahead

The Riskified and Applis Retail partnership sets a new standard in omnichannel fraud prevention. Their combined expertise and innovative technologies promise to empower retailers to combat fraud effectively while fostering customer loyalty.

About Riskified

Riskified (NYSE: RSKD) enables businesses to accelerate e-commerce growth by addressing risks such as chargebacks, fraud, and policy abuse. Trusted by global brands, Riskified’s AI-powered platform provides real-time fraud prevention and identity-based insights. Named one of CNBC’s “Top Fintech Companies in the World” for 2024, Riskified continues to redefine e-commerce security. Learn more at riskified.com.

About Applis Retail

Applis Retail leverages over 20 years of retail data science to provide fraud prevention and operational intelligence for retailers worldwide. Serving over 60 of the top 100 U.S. retailers and powering one-third of U.S. omnichannel sales, Applis Retail’s solutions drive measurable results across 150,000 locations globally. For more, visit apprissretail.com.

For further details on this partnership, visit Riskified & Applis Retail Partnership.

Source link

Share your love

Newsletter Updates

Enter your email address below and subscribe to our newsletter