Powered by AI, the service helps in optimizing payment conversion and authorization rates while minimizing fraud and indemnifying chargebacks.
The cryptocurrency market continues to grow rapidly following a 600% increase in crypto-based trading volume in 2019. As the COVID-19 crisis has accelerated consumer trading volumes in the cryptocurrency marketplace, crypto brokers and exchanges are looking to deliver a secure, frictionless experience for their customers while minimizing fraudulent transactions.
Such services—including cryptocurrency brokers and exchanges—will now have access to a new chargeback indemnification service designed to help optimize payment conversion and authorization rates while providing indemnification from e-commerce fraud prevention provider Forter.
The new Fraud Freedom service helps cryptocurrency brokers and exchanges identify malicious actors throughout all points of the customer journey, and prevents fraudulent purchases, trades, or distributions of cryptocurrency.
The AI-driven service leverages real-time learning from across Forter’s network to update its fraud models, helping organizations reduce the financial burden associated with fraudulent chargebacks. A highly automated service, the service can also provide cost savings for clients by reducing the need for manual transaction review.
Said Shane Happach, EVP, Head of Global eCommerce, Worldpay Merchant Solutions, FIS, the financial services technology company behind Fraud Freedom: “The cryptocurrency market is growing rapidly, which is exciting to see, but the reality is that it is a high-risk sector for fraud that demands innovative solutions. By combining with Forter’s market-leading network- and AI-based fraud prevention system, FIS can help its cryptocurrency clients shift from a niche market to the mainstream while maintaining high standards of security.”
According to Michael Reitblat, Forter’s CEO: “Fraud protection in general, and especially in high-risk industries, must be highly adaptive and nimble. This can only be achieved when an AI-based system, is combined with proactive research and expert insights… which, in turn strengthens our system with a broader array of payments data insights with a continuous feedback loop.”