GEC NEWS WIRECheckout.com, the cloud-based payments service provider, announces the next evolution in the fight against fraud with Fraud Detection Pro, a fully flexible solution used by businesses such as Delivery Hero, the parent company of talabat, InstaShop and Hungerstation, to solve the rising problem of online payments fraud and optimise revenues.
As the trend of consumers shopping and managing their finances online continues to grow, online fraud is increasingly impacting businesses. In 2021, 75% of consumers in the UAE purchased goods online with total ecommerce in the UAE exceeding $5 billion. Despite increasing digital adoption among consumers, with ecommerce expected to pass $8 billion in the UAE by 2025, 65% of businesses in the UAE are struggling to prevent payments fraud. The problem shows no signs of slowing down with businesses globally expected to lose $206bn by 2025 due to payments fraud, and according to Checkout.com’s State of Retail report, 25% of eCommerce companies around the world are experiencing a significant rise in fraud and chargebacks.
New types of fraud such as bot attacks, account takeover and synthetic identities are continuously emerging and are more sophisticated than ever as they evolve to overcome existing fraud solutions. For businesses who accept online payments, it is critical to have robust systems in place to quickly block fraud, while reducing friction for genuine customers.
Vera Anichkina, Senior Manager at Delivery Hero, talabat, InstaShop & Hungerstation: “Fraud Detection Pro’s machine learning and flexible rules allow us to quickly respond to attacks and find the right balance between lowering fraud and maximising acceptance rates”
Vera Anichkina, Senior Manager at Delivery Hero (talabat, InstaShop & Hungerstation), said “Fraud Detection Pro’s machine learning and flexible rules allow us to quickly respond to attacks and find the right balance between lowering fraud and maximising acceptance rates. It is extremely easy to use. Shadow mode testing allows us to safely experiment with new strategies without impacting customer experience.”
Checkout.com’s Fraud Detection Pro is the next evolution in fraud detection solutions, providing merchants with sophisticated decision strategies, flexible rules and the ability to build unique customer segments for a more granular approach to assessing and routing transactions. Merchants using Fraud Detection Pro are able to leverage Checkout.com’s network effect, as its machine learning sees billions of transactions, enabling merchants to greatly benefit from Checkout.com’s advanced velocity in tackling new and emerging fraud.
“With billions of dollars being spent online every year we are seeing payments fraud becoming increasingly sophisticated, making robust online fraud prevention and identity verification critical,” said Remo Giovanni Abbondandolo, VP of Commercial, MENA at Checkout.com.
“As one of the leading payment service providers to global businesses, we are continuously investing in deep capabilities dedicated to mitigating fraud risk and enhancing authentication. Our innovative solutions allow merchants to take complete control of their customer journeys to deploy either rules-based or dynamic machine-learning authentication strategies. Our recent acquisition of Ubble, a leading identity verification provider and continued investment in this space will add significant value to our fraud management suite over the coming years.”
This announcement follows Checkout.com’s recent update to its Authentication solution, helping merchants combat fraud and optimise their revenues, alongside the launch of Integrated Platforms, a fully flexible, bespoke solution to support marketplaces and sellers in an evolving digital economy.
