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Riskified Ltd. (New York, NY), an e-commerce fraud management platform, has announced a new partnership with Irvine, CA-based iHerb, an online natural products retailer. iHerb is utilizing Riskified’s platform to increase approval rates and revenues, streamline its manual review processes, and minimize fraud losses, according to the company.
Founded in 1996, iHerb conducts business in more than 180 countries. The company stated that in the past year, more 10 million customers have purchased from it. However, its rapid expansion, according to the company, has exposed it to threats of fraud on a global scale, resulting in internal teams having to manually review nearly 10 percent of all orders.
Riskified’s machine learning platform now automates the review of all iHerb transactions, improving the speed and accuracy of fraud detection and decision-making. As a result, only 1.5 percent of transactions require additional manual review, a reduction of over 90 percent. iHerb also expects to benefit from the liability shift of Riskified’s Chargeback Guarantee product, which absorbs any chargeback costs while delivering a 99 percent+ approval rate, according to the company
“Customer loyalty has always been important to us, but as our business expanded, it felt like we might have to compromise. Losing growth momentum and good orders to manual fraud review, along with the threat false declines pose to the customer experience, were a real concern,” said Jordan Harris, senior director of fraud prevention at iHerb. “With Riskified we don’t have to compromise, thanks to a smart platform and an expert team behind it that makes us so much more effective and efficient. It’s a testament to our great partnership with Riskified that we’re exploring additional innovative approaches to loss prevention.”
For more information, visit www.iherb.com or www.riskified.com.
Riskified Ltd. (New York, NY), an e-commerce fraud management platform, has announced a new partnership with Irvine, CA-based iHerb, an online natural products retailer. iHerb is utilizing Riskified’s platform to increase approval rates and revenues, streamline its manual review processes, and minimize fraud losses, according to the company.
Founded in 1996, iHerb conducts business in more than 180 countries. The company stated that in the past year, more 10 million customers have purchased from it. However, its rapid expansion, according to the company, has exposed it to threats of fraud on a global scale, resulting in internal teams having to manually review nearly 10 percent of all orders.
Riskified’s machine learning platform now automates the review of all iHerb transactions, improving the speed and accuracy of fraud detection and decision-making. As a result, only 1.5 percent of transactions require additional manual review, a reduction of over 90 percent. iHerb also expects to benefit from the liability shift of Riskified’s Chargeback Guarantee product, which absorbs any chargeback costs while delivering a 99 percent+ approval rate, according to the company
“Customer loyalty has always been important to us, but as our business expanded, it felt like we might have to compromise. Losing growth momentum and good orders to manual fraud review, along with the threat false declines pose to the customer experience, were a real concern,” said Jordan Harris, senior director of fraud prevention at iHerb. “With Riskified we don’t have to compromise, thanks to a smart platform and an expert team behind it that makes us so much more effective and efficient. It’s a testament to our great partnership with Riskified that we’re exploring additional innovative approaches to loss prevention.”
For more information, visit www.iherb.com or www.riskified.com.
