Fraud management platform, Riskified has welcomed JB Hi-Fi and David Jones as partners to coincide with its expansion into the Asia Pacific region with the opening of a Melbourne office.

The Israeli-founded company has identified Australia as a key growth market and will double down on its local expansion strategy by assisting online retailers to eliminate fraud and enable safe ecommerce without creating friction at checkout.

Riskified country manager for Australia, Nathan Joel (pictured) said the Covid-19 induced surge in online shopping created fulfillment and fraud challenges for Australian retailers, with legacy anti-fraud systems unable to keep up.

“Ecommerce growth comes with an increase in fraud, which is not usually managed efficiently with the current tools available to merchants,” he said.

“Due to legacy fraud tools, payment failures, and high-friction verification methods, ecommerce merchants lose billions to false declines, chargebacks, and cart abandonment. Given our ongoing work with leading global online players we know we can change that.

“Riskified has created a solution to maximise revenue while also managing fraud, and without compromising the customer shopping experience, which is key to conversion.”

For one Australian retailer, Riskified delivered a 6% uplift on their online approval rate, enabling more customers to complete checkout, generating extra revenue for the retailer.  

In the last six months, Riskified detected multiple groups of fraudsters targeting Australian ecommerce retailers. These fraudsters attempted to use stolen credit cards to make online purchases from retailers, and then sell the stolen products on third-party websites such as eBay. In addition to saving retailers millions in lost revenues, detection of the fraudulent transactions also helped them protect their customers and their brand reputation.

The establishment of Riskified into Melbourne was made possible with support from Invest Victoria, the Victorian Government’s investment attraction agency, which fosters long-term prosperity by enabling business opportunities and providing facilitation support.