Riskified (NYSE: RSKD) a leader in eCommerce risk intelligence, has been selected by Australia’s largest chain of retail pharmacies, Chemist Warehouse Group, as a trusted partner to protect its online store against fraudulent stolen card attacks and to grow eCommerce revenues by approving more legitimate orders.
After experiencing cart abandonment and false decline issues due to inflexible fraud rules and friction from 3D Secure, Chemist Warehouse Group recognised that Riskified’s real-time decision engine could help them to approve more online orders and first-time customers. Within days of implementing Riskified’s Chargeback Guarantee solution, whose fraud detection accuracy is powered by enriched identity data from its global network of merchants, Chemist Warehouse Group saw their approval rates increase from 94.2% to over 99%, representing a decrease in false fraud declines of 80%.
Chemist Warehouse Group has 550+ stores and employs over 20,000 people across Australia and New Zealand. The group, which includes multiple brands including Chemist Warehouse, Chemist Warehouse New Zealand, My Chemist and My Beauty Spot, offers consumers quality and premium products at affordable prices.
“Prior to working with Riskified we didn’t believe we had an online fraud issue. However we realised that although we were containing online fraud losses, we were declining legitimate shoppers and therefore limiting the full revenue potential of our online business,” said Jack Gance, Managing Director, Chemist Warehouse. “Partnering with Riskified helps Chemist Warehouse provide a best-in-class shopping experience that makes it very easy for consumers to shop with us, with the convenience eCommerce affords.”
“Our platform’s machine learning models, which are trained and managed by an extensive team of fraud experts, help to ensure that merchants like Chemist Warehouse feel confident about growing their online business while accurately keeping fraud out,” said Nicholas Kirtley, ANZ Country Manager, Riskified.
In addition to reviewing all credit card purchases on Chemist Warehouse’s websites, Riskified also enables the pharmacy giant to safely activate digital gift card offerings and help grow the channel. Australia’s gift card industry was projected to surpass $6 billion in 2022 (Global Gift Card Survey), increasing the likelihood of fraud and chargeback costs for merchants.
Kirtley commented, “With fraud constantly and rapidly evolving, leading online merchants from Australia and across the world have shifted from using ‘uncovered’ fraud decisions and 3D Secure to guaranteed performance through Riskified’s Chargeback Guarantee solution. When leveraged to review all online orders, merchants are able to maximise checkout conversion and eliminate the risk and cost impact of sudden fraud spikes. This leads to enhanced fraud operations and ultimately promotes a greater customer lifetime value.”
Riskified’s Chargeback Guarantee solution provides full chargeback protection, empowering merchants with predictable revenue and to minimise the cost of fraud to their business. Riskified operates in the APAC region with a local office in Melbourne, Australia. View more success stories of leading global merchants who are growing their eCommerce business risk free, with Riskified.
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