- Online fraud increased by 285%1 in 2021, with businesses over the year losing $20bn2 to online payments fraud globally. By 2025, businesses are expected to lose $206bn to payments fraud
- Checkout.com's Fraud Detection Pro is a state-of-the-art solution, with its machine learning engine studying billions of transactions and enabling merchants to benefit from Checkout.com's global network effect, alongside a set of sophisticated risk tools to block fraud and identify genuine customers
- In 2022 Checkout.com's Fraud Detection solution saved merchants over $1.95bn in potential fraudulent losses
LONDON, Oct. 19, 2022 /PRNewswire/ -- 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.
Fraud Detection Pro is now available for all merchants globally.
To learn more about how Checkout.com is helping businesses combat fraud, visit our Fraud Detection webpage
Checkout.com is a global payments solution provider that helps businesses and their communities thrive in the digital economy. Purpose-built with performance, scalability and speed in mind, our modular payments platform is ideal for enterprise businesses looking to seamlessly integrate better payment solutions. With a global team spread across 19 offices worldwide, we offer innovative solutions that flex to your needs, valuable insights that help you get smart about your payments' performance, and expertise you can count on as you navigate the complexities of an ever-shifting world. Find out more at www.checkout.com.
1 Is fraud outpacing fintech?, Fintech Futures2 Value of e-commerce losses to online payment fraud worldwide in 2020 and 2021, Statista
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