European PayTech provider for marketplaces and platforms MangoPay is snapping up AI fraud detection and prevention company Nethone.
According to Finextra, the deal will see MangoPay offer anti-fraud technology designed specifically for marketplaces, which account for over two thirds of e-commerce transactions, making them a prime target for fraudsters.
Nethone machine-learning-powered system incorporates behavioural data collection, hardware, software, network intelligence, as well as behavioural biometrics to help platforms secure every point of the user journey.
Both MangoPay and Nethone claim that the technology will prevent over 95% of account takeovers, reducing fake accounts, fraud rates, unauthorised transactions and chargebacks.
The firms added that this will help increase conversion rates and approval rates as well as reduce false declines due to suspected fraud.
The deal is part of a majority investment in MangoPay from private equity giant Advent International, which was announced over the summer.
MangoPay CEO Romain Mazeries said, ?Every platform must have a deep understanding of its users in real time throughout their entire customer journey to reduce fraudulent activity. Were delighted to welcome Nethone to the group and offer a unique set of anti-fraud capabilities on top of our existing infrastructure.”
UBS recently partnered with identity verification and forensic solutions developer Regula to create a new experience for opening accounts and accessing banking products.
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