Digital payments provider epay has selected payment intelligence firm Fraugster to bolster its fraud prevention services.
Adding epay to its list of clientele, which includes Worldline and Ratepay, Fraugster will utilise its AI anti-fraud engine in a bid to mitigate fraud attempts to epay’s payment processing systems, totalling to more than 3 billion in 2021.
Increasing its worldwide transactions by 30% last year, epay has enlisted Fraugster’s fraud specialist system to manage an increased level of fraud risks that comes with the growing demand and engagement of the company.
“With Fraugster’s AI data enrichment and custom data points we will gain deep insights into end-user behaviour for our offered payment methods, which will strengthen our existing payment security strategy,” stated Dr. Markus Landrock, epay’s Managing Director of DACH and Global Issuing, Payments & Rewards.
“It will also enable us to make more accurate approval decisions as we continue to grow our business, whilst giving us the flexibility we need to cater for different business models within the Euronet group. This way, our retail and brand partners as well as their end customers can continue to rely on secure processes at epay in the future.”
Fraugster stated that ecommerce fraud losses are significantly higher than pre-pandemic levels, resulting in heavy costs for online merchants which, in turn, places more emphasis on the need for more payment security and intelligence measures.
Revealed in its Payment Intelligence Report 2022, Fraugster found that credit card fraud was the most common cause of fraud last year with 88,354 cases.
Christian Mangold, Fraugster CEO, spoke to Payment Expert recently on the new and emerging fraud types that could affect payment providers such as epay this year and beyond, particularly ‘man in the middle attacks’ and ‘social engineering attacks’.
He commented on the new partnership: “We are delighted to be working so closely with another well-established financial technology company that is operating in a high-risk vertical, offering their customers a range of payment methods without compromising on payment security.
“A combination of our expertise and AI technology will ensure that epay continues to see an increase in payment acceptance and reduction in fraud losses.”