Fraugster, a German-Israeli payment security company, has launched a fraud prevention solution, Fraud Free Product, using artificial intelligence technology that it claims is so advanced that it can foresee fraudulent attacks before they actually happen.
Fraud Free Product is connected to the largest payment gateways, requiring no additional integration or setup for online merchants – merchants have full protection within seconds. Some of the world’s largest payment companies such as Ingenico ePayments, Wirecard or Credorax are already successfully using the product.
One of the first PSPs to partner with Fraugster is Ingenico ePayments, the online and mobile commerce division of Ingenico Group. With over 65,000 online businesses from all over the world relying on Ingenico ePayments to accept and process online payments, providing strong fraud detection and management is critical to the company. To that end, Ingenico will be looking to augment its service offering for its customers with Fraugster’s Fraud Free Product and deepening its partnership with Fraugster.
“We are always on the lookout for emerging, disruptive technology companies to partner with, and Fraugster certainly fits that profile,” said Ludovic Houri, VP of Product at Ingenico ePayments. “Their application of artificial intelligence to online fraud detection is very impressive, and we are confident that this technology will bring important benefits to our clients.
“Online merchants are losing on average over 1.5% of their annual revenue to fraud. With our Fraud Free Product they don’t have to care about risk at all, because we’re taking over the full liability for every payment transaction. In the off-chance our technology gets it wrong, we pay our customers losses immediately.” said Max Laemmle, CEO and founder of Fraugster. “Our technology adapts to new fraud trends on the fly so that our merchants can really focus on their core business. But we are not just protecting our clients from the risk of fraud, we are also giving them a heavy revenue uplift because we’re reducing their false positive ratio dramatically.”
Fraugster will present the new product at the NOAH 17 in Berlin from June 22-23, 2017 and again at Money2020 Europe in Copenhagen on June 26-28, 2017.