According to the press release, the offering will protect corporations from potential losses due to counterfeit activity. The initiative comes as more payment systems convert to operating in the digital marketplace, they become more vulnerable to fraud, with consequences for both merchants and consumers. About 77% of US merchants have been a victim of payment fraud and 54% of consumers have experienced fraudulent attempts to use their credit card or other payment information.
Moreover, Raise Marketplace’s rZero technology is already in use in the Raise, Slide, and GiftCash mobile apps and websites. The service uses artificial intelligence and unique swarming algorithms to analyse whether an impending transaction is fraudulent and differentiates whether an account has been compromised or not.
rZero’s collection of artificial intelligence bots are resistant to adversarial modeling, which is often reverse-engineered by fraudsters in traditional fraud detection systems. Once installed, rZero either automatically rejects or flags potential fraud to team members for review.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now