17 October 2017
Register now

PayPal to acquire online risk outfit Fraud Sciences

28 January 2008  |  7029 views  |  0 PayPal logo

Person-to-person payments outfit PayPal is acquiring Fraud Sciences, an Israel-based developer of online risk tools, for $169 million.

In a statement PayPal says Fraud Sciences' risk technology will enhance its own proprietary fraud management systems and those operated by its parent company eBay.

"Integrating Fraud Sciences' risk tools with PayPal's sophisticated fraud management system should allow us to be even more effective in protecting eBay and PayPal's hundreds of millions of customers around the world," says Scott Thompson, president of PayPal.

The online auction house says the acquisition of Fraud Sciences fits its plans to "significantly improve trust and safety across its sites in 2008".

Key personnel from Fraud Sciences, including COO Yossi Barak and founders Shvat Shaked and Saar Wilf, will join PayPal's technology and fraud management teams.

The acquisition, which is subject to conditions, is expected to close within the next 30 days.

In a separate move, PayPal has signed up to the Iconix Truemark service, which will be available to all its account holders.

By placing an icon next to legitimate e-mail messages, the Iconix Truemark service helps consumers visually identify legitimate e-mail messages and avoid phishing attacks. The system uses industry-standard technologies such as DKIM, Domain Keys, SPF and SenderID to verify the authenticity of messages. The application then takes the process a step further by checking the identification of the e-mail sender against a list of registered senders with Iconix.

Once an e-mail has passed Authentication and Identification steps, a Truemark Check-lock icon is displayed in the consumer's inbox.

In addition to PayPal, the Iconix service identifies legitimate e-mail messages from nearly 500 other companies, including eBay.

"While there remains no silver bullet solution for protecting consumers against phishing, we continue to explore new technologies to help our consumers stay safer online," says Mike Vergara, director of account protections at PayPal. "Our customers have told us that tools like Iconix help them easily identify legitimate PayPal email, reducing their risk of falling for phishing attacks."

PayPal and eBay are still the brands most spoofed by phishing fraudsters, according to research released by Gartner in December.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Jump in adoption of alternative payment methods

Jump in adoption of alternative payment methods

16 January 2008  |  7588 views  |  0 comments
Phishing losses hit $3.2bn in 2007 - Gartner

Phishing losses hit $3.2bn in 2007 - Gartner

17 December 2007  |  12936 views  |  0 comments
PayPal launches mobile checkout service in Australia

PayPal launches mobile checkout service in Australia

23 November 2007  |  7772 views  |  0 comments
PayPal set to roll out virtual card payments system

PayPal set to roll out virtual card payments system

19 November 2007  |  7689 views  |  0 comments
PayPal and eBay customers top targets for phishers

PayPal and eBay customers top targets for phishers

01 August 2006  |  9900 views  |  0 comments
eBay acquires PayPal in $1.5 billion deal

eBay acquires PayPal in $1.5 billion deal

08 July 2002  |  9362 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.capgemini.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14736 views comments | 12 tweets | 3 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8112 views comments | 15 tweets | 21 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
7371 views 0 | 7 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
6666 views comments | 13 tweets | 7 linkedin
Ex-PayPal boss Thompson backs Canadian fintech Payment RailsEx-PayPal boss Thompson backs Canadian fin...
6050 views comments | 10 tweets | 12 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job