Fraugster

Name of the product or service

Fraugster's Unified AI Platform

Votes: 53

Product or service description

Fraugster is a payment security company setting a new standard for online trust. We support ecommerce businesses and payment companies to intelligently manage the impact of fraud on their business, by reducing false positives, the total cost of fraud and improve checkout experiences. Our AI decision engine is one of the most accurate in the world and can be applied across industries, payment methods and fraud use cases. We are backed by Europe's leading tech investors: Munich Re Ventures, Earlybird, Commerzbank Ventures and Speedinvest. Fraugster offers both outsourced services and in-house solutions, where we lend our AI technology to risk management teams. It is possible to choose between letting Fraugster manage risk – including chargeback protection with full liability shift, doing it yourself using our technology, or a hybrid model. We offer both outsourced services and in-house solutions, where we lend our AI technology to risk management teams.

Distinction from the competition

Globally the e-commerce ecosystem is trying but failing to address a $ 1 Trillion per annum problem across online risk management and fraud prevention, compliance, and false positives. There is the added challenge that data is fragmented and inaccessible as the e-commerce ecosystem continues to operate in data silos that limits the potential for data pooling, network intelligence and the application of AI and Machine Learning. Most machine learning algorithms running off incomplete or missing data are inaccurate meaning some level of human intelligence is still needed, but automation needs to improve drastically as headcount costs continue to increase. The entire vendor ecosystem is highly inflexible, with multiple vendors integrated via multiple APIs that have created a complex and inflexible system that makes it difficult for customers to adapt to a fast-changing e-commerce environment. For this reason, Fraugster is on a mission to unite the payment and cyber security industry by giving third parties access to its Unified AI platform. This platform will bundle the best of breed within the ecosystem and allow world-class technology vendors to join forces across domains, from fraud protection to biometrics, behavioural intelligence to identity verification, and payments. This means that Fraugster is building a true global database that gets smarter with every transaction, the only way to combat fraudsters who are getting more and more sophisticated.

Product or service innovations

In the past 12 months, Fraugster has extended its offering to include a PSD2 Compliance solution for the regulation that was introduced in January 2021. This solution allows merchants to raise exemptions and reduce customer friction. Earlier this year, Fraugster launched is Unified AI Platform to third parties to bundle the best of breed in the ecosystem.

Customer case study

The partnership between IXOPAY and Fraugster will give online merchants easy access to a range of fraud prevention, compliance and revenue uplift solutions via a single API. The rapid growth in e-commerce means merchants demand more flexibility from their payment and fraud prevention partners, with the ability to access new solutions as their businesses expand into new regions and payment methods.

This partnership will enhance the solutions available to a range of merchants and payment companies. BNPL providers addressing complex fraud use cases, like Synthetic Identity Fraud, will have access to device intelligence and linking analysis to mitigate this risk. Similarly, online Marketplaces and iGaming companies will be able to go-live faster without historical data and benefit from full chargeback protection via a no-code integration.

IXOPAY CEO Nathalie Siegl says “Payments are a mission critical part of any business. Our goal is to give clients a streamlined experience and access to the best options available, from the best payments processing options per country to industry leading risk management. Partnering with Fraugster is an organic step; their advanced AI technology provides unparalleled fraud protection without adding complexity or sacrificing user experience”.

Positive feedback & testimonials

Following our announcement titled, Fraugster launches new open platform for a digital world where fraud is under control, a number of partners have joined the mix as they too believe that in order to address fraud, it is better to join forces. Elucidate, eClear and IXOPAY are some of Fraugster's most recent partners. Anne-Katrin Gewohn, Chief Risk Officer at eClear says, “Our promise to customers is to automate services and overcome the complexity of transaction taxes. This partnership provides us with enhanced AML risk management capabilities, without adding complexity to our customer experience or own business processes. We are delighted to be working with an advanced technology partner like Fraugster who makes things simple and seamless”. Filipe Garcia, Elucidate Co-Founder says, “We are delighted to team up with another Berlin deeptech company to address a global, and complex problem. This addition will bring our solution to Fraugster’s customers through a seamless integration and is a step in the right direction in terms of joining up services for end customers.”

Website

https://www.fraugster.com/


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