SIX Payment Services has strengthened its package of of e-commerce services with what it says is the most effective solution in the industry: Fraud Free by SIX – powered by Fraugster.
AI is helping merchants manage the cost of fraud. While most payment providers use conventional built-in fraud engines, SIX Payment Services has launched what it describes as a revolutionary product based on AI.
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Merchants across the globe consider the increase of fraud – both in terms of number and sophistication – as one of their main concerns. Across the industry, they lose an average of 1.5% of annual revenue or $29bn to fraud. Applying strict rules to block suspicious transactions is not the right answer says SIX, as it may backfire: 6 out of 10 consumers never return to a merchant who blocked their transactions.
“We help our merchants to minimise their (cost of) fraud and maximise sales: Fraud Free by SIX is a perfect addition to our range of value added services. Merchants that ‘ensure’ their transactions can expect to have less worry about fraud and chargebacks as Fraugster is taking over the liability.
Plus: significantly fewer rejections of non-fraudulent transactions results in an improved conversion rate, generating a revenue uplift of up to 15%“, says Roger Niederer, Head Merchant Services at SIX Payment Services.
Fraud Free from SIX stems from the co-operation with the German-Israeli payment security start-up Fraugster. The highly sophisticated solution uses AI and combines the thought processes of human analysts with machine scalability, identifying new fraud patterns as they emerge, in real time, making it possible to detect fraud before it causes damage.
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By GlobalDataPrecise decisions, in as little as 15 milliseconds, ensure the highest conversion rate for merchants. Chargeback rates drop immediately says SIX, resulting in reduced operational cost.
