The luxury jewelry market is a high risk market for fraud, and Ashford's fraud team was kept busy managing their order review and acceptance. The fraud tools they were using forced them to spend time and resources setting the rules manually.
They were spending too much time tweaking and writing the rules, and they were struggling to balance correctly detecting chargeback risks without canceling real orders. Worse, their high ticket merchandise meant that fraud tools that manage the rules and the risk were simply not cost effective.
FraudFix tailored a plan that fit Ashford's needs, managing the bulk of Ashford's orders while giving them the visibility and the tools to manually review the rest. This meant that the solution was cost effective while allowing the fraud team to easily review the remaining orders using the comprehensive FraudFix dashboard.
FraudFix used machine learning to set the fraud rules automatically to approve most of Ashfords orders. These rules have been so accurate that they have brought chargeback rates down to an astonishing 0.04%. The remaining orders are quickly reviewed manually using the FraudFix dashboard. Hundreds of data points are quickly available for every order. Using the FraudFix dashboard, Ashford is able to approve 80% of the remaining orders.
Founded in 1997, Ashford.com is an online, international, luxury watch retailer. The company was listed on NASDAQ and has formed partnerships with large retailers such as Amazon, and in 2012 was ranked #323 on the Internet Retailer Top 500.
Ashford offers a large selection of luxury watches across a wide spectrum of brands and price points, and is known internationally for their product guarantees and extensive warranty.