database design – which isolation levels have a serialization failure?

The quote below from wiki says that read committed doesn’t have serialization failure, can you please explain the reason? Which isolation levels have serialization failure?

Under multiversion concurrency control, at the SERIALIZABLE isolation
level, both SELECT queries see a snapshot of the database taken at the
start of Transaction 1. Therefore, they return the same data. However,
if Transaction 2 then attempted to UPDATE that row as well, a
serialization failure would occur and Transaction 1 would be forced to
roll back.

At the READ COMMITTED isolation level, each query sees a snapshot of
the database taken at the start of each query. Therefore, they each
see different data for the updated row. No serialization failure is
possible in this mode (because no promise of serializability is made),
and Transaction 1 will not have to be retried.