UK-based cloud-driven payments service provider Checkout.com has introduced a new solution to help merchants fight online payments fraud and increase revenues.
The solution, called Fraud Detection Pro, is designed to use machine learning to monitor billions of transactions.
It also allows merchants to use Checkout.com’s global network as well as a range of risk tools to combat fraud and recognise genuine clients.
Using Fraud Detection Pro, merchants can draw improved decision-making plans and categorise clients for evaluating and routing transactions.
The solution is currently in use by various businesses, including Curve and Delivery Hero.
According to Checkout.com, online fraud jumped by 285% last year and businesses across the globe lost $20bn. In the UK, £1.3bn was tricked from businesses during the same year.
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Businesses are estimated to lose $206bn by 2025 as a result of payments fraud.
Checkout.com VP of risk and identity product Ido Lustig said: “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.
“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.”
Last month, a Bloomberg report stated that Checkout.com will axe nearly 100 jobs to concentrate on ‘priorities’.