Michaela has been working informally with the Ravelin team in an advisor role more or less since our inception. She is joining the team in a more formal capacity from June this year. She will be at MRC Seville this week also. Here she explains why she’s decided to officially join the team….
I first met some of the team over an informal discussion about the fraud challenges they had experienced at the merchant company where they previously worked. I was intrigued to hear about the new product they were developing to fight online fraud.
I really like their ideas and approach and most importantly that it is built for merchants by merchants with the experience of solving the issues of online fraud. What is key, and different, about the Ravelin approach is the focus to identify and verify the customer, or to identify suspected fraudulent behaviour based on the customer and not on each individual payment transaction every time the customer comes to the site, (as most other comparable fraud detection programs do).
The product is unique as it combines a rule set AND machine learning. For many merchants a small rule set is customised to the merchant’s needs by the Ravelin team while machine learning models begin to educate itself to understand and identify acceptable and risky customers, based on a huge range of linked factors.
Ravelin have had significant early success in the on-demand market where a product or service is immediately delivered, and time for review of potential fraud is very limited. I see great potential for the product expansion into many other e-commerce verticals where repeat but distinct transactions from the same customers are a major part of the business, like travel, subscription services and retail.
I will be helping the company to ensure the product is a right fit for the next markets it moves into, acting a voice of the customer and helping the company go from strength to strength.