Cloud-based payments service provider Checkout.com has launched Fraud Detection Pro, a solution aimed at solving the challenge of online payments fraud.
According to the company, new types of fraud such as bot attacks, account takeover and synthetic identities are continuously emerging and are more sophisticated than ever as they evolve to overcome existing fraud solutions.
Checkout.com said its Fraud Detection Pro solution is like ‘using a scalpel’, compared to some of the other tools in the market that are more like a sledgehammer.
The company remarked, “Our Fraud Detection Pro is the next evolution in fraud detection solutions, providing merchants with sophisticated decision strategies, flexible rules and the ability to build unique customer segments for a more granular approach to assessing and routing transactions.
“Merchants using Fraud Detection Pro are able to leverage Checkout.com’s network effect, as its machine learning sees billions of transactions, enabling merchants to greatly benefit from Checkout.com’s advanced velocity in tackling new and emerging fraud.”
Checkout.com VP of risk and identity project Ido Lustig added, “With billions of dollars being spent online every year we are seeing payments fraud becoming increasingly sophisticated, making robust online fraud prevention and identity verification critical.
“As one of the leading payment service providers to global businesses, we are continuously investing in deep capabilities dedicated to mitigating fraud risk and enhancing authentication. Our innovative solutions allow merchants to take complete control of their customer journeys to deploy either rules-based or dynamic machine-learning authentication strategies. Our recent acquisition of Ubble, a leading identity verification provider and continued investment in this space will add significant value to our fraud management suite over the coming years.”
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