As fraud continues to become more sophisticated, business globally face losses of over USD 20 billion in revenue. Altogether, by 2025, businesses are expected to lose USD 206 billion to payments fraud, with fraudsters effectively breaching existing defenses and finding new ways to go around merchants’ online security protocols.
The latest tool from Checkout.com equips businesses with the necessary features to efficiently balance fighting fraud, maximising acceptance rates, and reducing friction for legitimate customers. The tool deploys a combination of machine learning and advanced rules, leveraging billions of completed transactions and allowing merchants to identify security alerts in real-time and, therefore, tailor their fraud response.
According to Checkout.com’s latest State of Retail report, 25% of the global ecommerce companies are facing rises in fraud attempts and chargebacks, which urges for more powerful solutions to deter fraudsters.
New types of fraud, including bot attacks, account takeovers (ATOs), and synthetic identity fraud are not only emerging but evolving into more sophisticated schemes that target all verticals. Businesses who accept online payments should invest in robust systems to quickly identify and fight fraud, while reducing friction for well-intended customers.
The Fraud Detection Pro solution uses a scalpel and its own data and specific set of rules that turns into a fully customisable mechanism in the favour of merchants who can adjust to new threats in real-time. Moreover, merchants can build unique customer segments for an in-depth approach to assess and route transactions.
The announcement follows the company’s recent update to its Authentication solution which helps merchants fight fraud and optimise revenues, as well as the launch of Integrated Platforms, a flexible solution that supports both marketplaces and sellers in an evolving digital economy.
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