Riskified Ltd, a leader in eCommerce fraud and risk intelligence, today announced that Gametime, a popular marketplace for sports, concerts, theater and comedy show tickets, has implemented its Chargeback Guarantee solution to provide real-time fraud decisions and increase purchase approval rates and revenues.
“Riskified’s ability to provide a solution that scales to our growth objectives has proven to be incredibly valuable in helping to expand our business and bring on new customers”
Faced with fraud challenges unique to ticketing providers, coupled with a post-pandemic surge in demand, Gametime found that fast, accurate decision-making around the legitimacy of transactions was critical for it to remain competitive in the ticket marketplace.
Gametime selected Riskified’s machine-learning platform to review all of their transactions, with special attention to higher-risk circumstances like major sporting events such as playoffs, and concert on-sale dates. With its identity-cluster technology and extensive knowledge of fraud trends, Riskified is able to accurately identify and approve legitimate orders, creating a frictionless customer experience for good customers while blocking fraud and protecting Gametime against chargebacks.
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“Prior to deploying Riskified, Gametime was relying on a manual fraud review process that required a lot of time and effort from a small team. As a result, too many good customers were subjected to prolonged wait times, lost opportunities to purchase, and declined transactions,” said Ravi Kumaraswami, President of Field Operations, Riskified. “It is rewarding to work with an innovator like Gametime to strike the right balance between fighting fraud and creating a great customer experience.”
Due in part to the partnership with Riskified, Gametime has reported a 1.5% increase in transaction success rates. The company also recorded an eight-point increase in its Net Promoter Score (NPS), a measure of customer satisfaction, from customers who were able to seamlessly purchase high-value tickets (greater than $1,000 per ticket).
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“Riskified’s ability to provide a solution that scales to our growth objectives has proven to be incredibly valuable in helping to expand our business and bring on new customers,” said Pete DeiTos, VP of Product at Gametime. “After assessing other vendors and seeing Riskified’s winning performance, we felt their team is a true partner with a strong commitment to our success.”