17 Apr My Review of Ravelin
Modern consumers have the power to complete various transactions from their mobile devices, from shopping to paying bills to interacting with brands and other individuals. As digital capabilities evolve, so do fraudulent transactions.
Today, cybercriminals can use digital platforms to embezzle money, forge documents, and manipulate files. While the occurrence of such attempts is rare, successful efforts can lead to massive dollar losses, hefty fines, and brand damage.
One of the most known types of cybercrime protection is using fraud detection software, and Ravelin is one of the most popular ones. Does the brand live up to the hype?
Read on for our honest review of Ravelin.
Ravelin Review
SEON Review
Pros
Many organizations use Ravelin because of the following reasons:
- Ravelin lets you extract valuable information from your big data.
- It uses an automated console to provide you with actionable statistics.
- The software offers unmatched expertise in supplier fraud.
- You can purchase graph network products as a stand-alone API.
- The Ravelin team works with clients to come up with bespoke solutions.
Cons
While Ravelin impressed us, there are still a few things we want to improve, such as:
- Ravelin does not use behavior mapping rules for now, although this feature might be in the works.
- It does not offer free integration or batch trials.
- The software does not provide users with social media lookups.
In a Nutshell
There’s a lot to like about Ravelin. For me, one of the things that I like the most about Ravelin is their track record. At the end of the day, the proof is in the pudding and knowing that they’ve been able to prevent billions of dollars in fraud in just a few years is really remarkable.
I also like their client-focused approach. Having a team of experts that work with you to build a custom solution to detect fraud signals is really reassuring. With that being said, the time to implement and costs associated with this aren’t for the faint of heart. Another thing that I love about Ravelin is that they employ investigation specialists that leverage data science to strengthen your team and support your efforts in fraud prevention.
I have very few negative things to say about Ravelin. The only big thing outside of my cons list that’s worth noting is that this solution is not perfect for all industries. For example, if you’re looking at fraud detection software for banking, I’d consider checking out an alternative like SEON. The features of Ravelin today are just not geared towards serving banks and other financial institutions.
Ravelin Overview
What is Ravelin?
UK-based fraud detection platform Ravelin has been around since 2014, initially overseeing real-time mobile payments. Today, it serves various industries, including e-commerce, food delivery services, and travel.
The software has blocked four million dubious transactions worth $53 billion since 2018. Additionally, its graph network has stopped 1.6 million accounts from running 7.4 million transactions worth $17 billion.
Ravelin’s fraud solution suite includes blackbox artificial intelligence (AI) to simplify operations, a tool that allows customizable rulesets for distinct business needs. Also, the Ravelin Connect feature enables users to use link analysis to identify and block fraudulent transactions. You can purchase this product as an API if you prefer a multi-layered approach.
With a go-signal from leading payments body EMVCo and Visa, it offers 3DS2 payment authentication solutions for its subscribers.
How Does Ravelin Work?
Early on, Ravelin worked as a machine learning (ML)-powered prediction engine that rated the likelihood of transactions being fraudulent. While this technology worked for active transactions, it only provided a partial picture of fraud risks for merchants.
After a while, the company invested in a graph network tool to improve its capabilities, giving rise to Ravelin Connect. This feature enhanced the software’s fraud detection prowess, helping organizations of all sizes and industries end suspicious accounts and save billions of dollars.
Who Uses Ravelin?
If you need a fraud prevention partner to oversee your entire risk management process, we recommend this product for you. Industries dealing with high-risk transactions will appreciate its advanced functionalities, like e-commerce, gaming, and travel organizations.
Ravelin Pricing
The Ravelin software starts at $1,300 per feature monthly and does not offer a free version. However, you can request a free trial to determine if it’s the ideal solution for you.
For this amount, you can enjoy the following features:
- Cloud, SaaS, and web-based deployment
- 24/7 customer support from a live representative
- A combination of in-person, live, and documented training sessions
Ravelin Alternatives
We recommend Ravelin for an extensive range of businesses, but we know it’s not the ideal fraud detection software for everyone. If this solution is not right for you, you can check out the following alternatives:
- Riskified – read our review
- SEON – read our review
- Signifyd – read our review
- Sift – read our review
Frequently Asked Questions
Who Owns Ravelin?
Ravelin has various investors, including Amadeus Capital Partners, Passion Capital, and Playfair Capital. In a series B funding in 2018, BlackFin Capital Partner made it possible for the company to raise a little over $10.4 million.
What Does Ravelin Do?
In a nutshell, Ravelin provides businesses with advanced technologies and dedicated support teams to contain fraud threats confidently.
What Is Ravelin Famous For?
Ravelin has gained the trust of businesses in the on-demand industry, including those in the education, delivery, subscription, transportation, and health and beauty sectors. The fraud detection software helps these organizations detect and prevent cybercrime instances.