As Cryptocurrency Use Grows, Worldpay from FIS Helps Crypto Brokers & Exchanges with New Chargeback Indemnification Service f...
June 03 2020 - 4:00AM
Business Wire
Key facts
- Fraud-related challenges in the cryptocurrency industry
expected to rise amid the global COVID-19 pandemic.
- Cryptocurrency brokers and exchanges using Worldpay’s Fraud
Freedom service, powered by Forter, will receive indemnification
for fraud-related chargebacks.
FIS™ (NYSE: FIS), a global leader in financial services
technology, today announced Fraud Freedom, a new chargeback
indemnification service designed for cryptocurrency brokers and
exchanges.
Worldpay’s Fraud Freedom service helps crypto brokers and
exchanges optimize payment conversion and authorization rates while
providing indemnification from Forter, the leading eCommerce fraud
prevention provider.1
The cryptocurrency market continues to grow rapidly following a
600 percent increase in crypto-based trading volume in 2019.2 As
the COVID-19 crisis has accelerated consumer trading volumes in the
cryptocurrency marketplace, crypto brokers and exchanges are
looking to deliver a secure, frictionless experience for their
customers while minimizing fraudulent transactions.
Powered by Forter, the new Fraud Freedom service helps
cryptocurrency brokers and exchanges identify malicious actors
throughout all points of the customer journey and prevent them from
making fraudulent purchases, trades, or distributions of
cryptocurrency. The AI-driven service leverages real-time learning
from across Forter’s network to update its fraud models, helping
organizations reduce the financial burden associated with
fraudulent chargebacks. As a highly automated service, Fraud
Freedom can also provide cost savings for clients by reducing the
need for manual transaction review.
“The cryptocurrency market is growing rapidly, which is exciting
to see, but the reality is that it is a high-risk sector for fraud
that demands innovative solutions,” said Shane Happach, EVP, Head
of Global eCommerce, Worldpay Merchant Solutions, FIS. “By
combining with Forter’s market-leading network- and AI-based fraud
prevention system, FIS can help its cryptocurrency clients shift
from a niche market to the mainstream while maintaining high
standards of security.”
“Fraud protection in general, and especially in high-risk
industries, must be highly adaptive and nimble. This can only be
achieved when an AI-based system, which is able to learn from a
vast number and diversity of transactions, is combined with
proactive research and expert insights,” said Michael Reitblat, CEO
of Forter. “Working with Worldpay to bring Fraud Freedom to the
cryptocurrency market lets us leverage the strength of our system
in a potent arena for fraud, which, in turn strengthens our system
with a broader array of payments data insights with a continuous
feedback loop.”
About FIS
FIS is a leading provider of technology solutions for merchants,
banks and capital markets firms globally. Our more than 55,000
people are dedicated to advancing the way the world pays, banks and
invests by applying our scale, deep expertise and data-driven
insights. We help our clients use technology in innovative ways to
solve business-critical challenges and deliver superior experiences
for their customers. Headquartered in Jacksonville, Florida, FIS is
a Fortune 500® company and is a member of Standard & Poor’s
500® Index. To learn more, visit www.fisglobal.com. Follow FIS on
Facebook, LinkedIn and Twitter (@FISGlobal).
About Forter
Forter is the leader in e-commerce fraud prevention, protecting
over $150 billion in online commerce transactions for over 750
million consumers globally from credit card fraud, account
takeover, identity theft, and more. The company’s identity-based
fraud prevention solution detects fraudulent activity in real-time,
throughout all digital consumer experiences and interactions.
Forter’s integrated fraud prevention platform is fed by its
rapidly growing Global Merchant Network, underpinned by predictive
fraud research and modelling, and the ability for customers to
tailor the platform for their specific needs. As a result, Forter
is trusted by Fortune 500 companies and rapidly growing tech
startups to deliver exceptional accuracy, a smoother user
experience, and elevated sales at a much lower cost. Forter was
recently named the Leader in e-Commerce Fraud Prevention by Frost
& Sullivan.
Forter is backed by $100M of capital from top-tier VCs including
Sequoia, NEA, and Salesforce.
1 Top ranking in Frost and Sullivan “Frost Radar in the U.S.
E-commerce Fraud Prevention Market.”
https://l.forter.com/frost-radar
2 CoinGecko Yearly Report for 2019.
https://assets.coingecko.com/reports/2019-Year-End-Report/CoinGecko-2019-Report.pdf
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version on businesswire.com: https://www.businesswire.com/news/home/20200603005022/en/
Kim Snider, +1 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
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