Wayfair Renews Partnership with Fraud Management Platform, Riskified

September 6, 2021  by Laurie Northington in Business Strategy, Industry   

In 2018, Wayfair partnered with Riskified to automate and scale its approach to payment fraud. Since then, Wayfair has gained a significant return on investment, greatly reducing fraud losses and false declines while minimizing customer friction. Riskified enables a frictionless e-commerce experience through its proprietary machine learning platform that reviews every transaction in order to accurately approve legitimate purchases while protecting the merchant from fraud.

“Our goal when looking for partners is to make high ROI investments that deliver the best possible experience for our customers and suppliers,” said Michael Fleisher, chief financial officer at Wayfair. “Throughout our collaboration, Riskified has enabled safe, fast and seamless payments and we’re excited to see what opportunities we can unlock in the future.”

Extending their partnership will allow Riskified and Wayfair to continue solving complex problems related to online shopping, checkout and payments. Both are dedicated to using next-generation technology to improve the e-commerce journey.

“We have developed a strong relationship with Wayfair over the last three years and look forward to deepening our collaboration even more,” said Peter Elmgren, chief revenue officer at Riskified. “e-commerce sales accelerated significantly over the last year, and merchants have had to innovate at an unprecedented rate to meet customers’ demands. The strength of our partnership will enable us to provide consumers with convenient ways to shop without compromising their safety or shopping experience – while also helping Wayfair grow their platform.”