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May 11, 2023

Riskified vs. Formica: Which One to Choose?

Trying to decide a fraud detection solution for your business? Go on and check our comparison of Riskified and Formica Fraud to learn which one’s the best fit for your specific needs!

Disclaimer: This article is based on various sources, including user reviews and comments, acquired through online research. Please feel free to get in touch with us if you demand an update or a correction.

Get to Know: Riskified

Riskified was founded in 2012 by Eido Gal and Assaf Feldman as a response to the increasing demand for eCommerce. Israeli company Riskified is known for its fraud solutions specific for eCommerce merchants. They have their headquarters in New York and Tel Aviv. In July 2021, the company went public on NYSE (The New York Stock Exchange) and was valued at $3.3 billion. Among their well-known clients, there are Prada, Wish, Trip.com and Finish Line.  

Products of Riskified

Riskified offers five products to their customers, each one with a different function, including:

  • Policy Protect, which is used to prevent policy abuses.
  • Account Secure, which is designed specifically to fight with ATOs (Account Take Over).
  • Deco, which helps merchants overcome transaction failures, hence reducing false positives.  

Feature Comparison List of Riskified and Formica Fraud


Formica Fraud 


Risk Analysis 


Custom rules 



Machine learning suggestions 



Industry preset rules 



Risk score 




API calls Yes Yes
Modular APIs  Yes No
Custom API fields Yes Yes
GUI  Yes Yes
Graph visualization Yes No
List management  Yes, via cache N/A


Yes N/A
Modular structure Yes N/A
Chrome Extension No No

Data Aggregation

IP analysis No Yes
Email data enrichment   No No
Phone data enrichment  No No
Device fingerprinting   No Yes
User authentication Yes, via cookies and browser hash Yes, via account secure


Real-time reporting Yes No
Mobile reporting Yes No
Team Management  Yes Yes
Integration with other tools Yes, via API Call No


Chargeback guarantee No Yes
Free integration  Yes Yes
Free support Yes Yes
Free trial Yes No
Cost per month Flexible N/A

Why You Should Choose Formica Fraud

  1. To have advanced real-time mobile reporting and alarm services  

Formica's mobile reporting application provides you reports and alarms in real-time. You can monitor all your business reports and receive real-time alerts against risky situations wherever you are. By staying on alert against fraudsters 24/7, you can prevent risky situations before they could harm your business.

  1. To easily discover hidden connections between historical and real-time data with graph analytics

Thanks to the graph visualization features that Formica possesses, you can manage large amounts of data a lot more easily. To see the repeating patterns and connections between different types of data clearly, graph visualization is what you need.  

  1. To reduce the technical knowledge requirement of your risk team and increase working efficiency

Formica has a clean and easy to use/understand interface. For most fraud detection tools which process billions of data, complex interfaces may cause trouble for the user. With Formica’s customizable, user-friendly and no-code interface, your risk teams can focus on critical cases and not struggle with technical details.

Why You Should Choose Riskified

  1. If your firm is a high-volume eCommerce enterprise

Since Riskified has provided its services to large scale enterprise merchants only since day one, it owns strong experience in this field. However, if you own a small or medium scale eCommerce business, it may be a good idea to decide your needs wisely.  

  1. If you don’t want to focus on dealing with disputes

Riskified promises to its users chargeback guarantee, which may be a strong suit in various cases. Although chargeback guarantee might be a good fit for certain merchants, it can cause problems about false positive rates because of the inclination to declining ambigious transactions directly.  

  1. If you have a clear understanding of your needs

Riskified has seperate products for seperate needs. There is a clear distinction between the functions of their each product which is great if you’re already aware of what your business needs.  

Formica Fraud Highlights in a Nutshell

Formica is a solution that easily integrates into any service or application that your company uses with an API gateway. Especially real-time data analysis, graph analysis, and mobile reporting capabilities always make you ready for the increasing data volume. AI (artificial intelligence) models, with the ability to learn from your historical and real-time data, provide you with deep insights into risk scenarios that haven't happened yet. Thanks to AI-powered big data analytics, your false-positive rates are greatly minimized. You can gain more consistent insights for each transaction.