Checkout.com, the cloud-based payments service provider, today announces the next evolution in the fight against fraud with Fraud Detection Pro, a fully flexible solution used by businesses such as Curve and Delivery Hero 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 online fraud increased by 285%, with businesses globally losing $20bn and, in the UK alone, £1.3bn was defrauded from businesses over the year. The problem shows no signs of slowing down with businesses 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.
A state-of-the-art solution for a growing problem
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.
Philip Quinn, Senior Product Operations Manager at Curve, said "Fraud is unfortunately an inevitable part of processing payments, as fraudsters continue to evolve their strategies and become increasingly creative. We need to maintain as much control as we can and be fully prepared to respond quickly and with precision.
Checkout.com's Fraud Detection Pro solution is like using a scalpel, compared to some of the other tools in the market that are more like a sledgehammer. Using our own data and specific rules, the solution is fully customisable and can easily adjust to new threats, which means I have one less thing to worry about. It's a tool we really trust."
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 Ido Lustig, VP of Risk and Identity Product 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.