Fraud protection will likely be an ongoing task for merchants. This week, German-Israeli payment security company Fraugster debuted its answer to the fraud conundrum.
The new Fraud Free Product fraud prevention solution aims to thwart future fraudulent attacks through the use of artificial intelligence (AI). Max Laemmle, the German-Israeli company’s founder and CEO, commented on the current state of eCommerce fraud and how the new offering will benefit merchants.
“Online merchants are losing on average over 1.5 percent of their annual revenue to fraud,” said Laemmle. “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 event a security attack occurs after Fraud Free Product implementation, Fraugster is prepared to make things right.
“In the off chance our technology gets it wrong, we pay our customers’ losses immediately,” said Laemmle. “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.”