The U.K.-based payments service provider Checkout.com on Wednesday (Oct. 19) announced the launch of a new anti-fraud tool, Fraud Detection Pro.
As PYMNTS reported Tuesday (Oct. 18), online fraud is down in the U.K. after surging in 2021.
See more: UK Sees 13% YoY Drop In H1 Fraud Losses As In-Person Scams Surge
Checkout.com noted in a press release that new types of fraud such as bot attacks, account takeover and synthetic identities are continuously emerging and evolving to overcome existing fraud prevention solutions.
Already used by FinTech Curve and meal delivery platform Delivery Hero to help detect and prevent online payment fraud, Fraud Detection Pro is now available for all merchants using the Checkout.com platform.
Commenting on the product, Philip Quinn, senior product operations manager at Curve, said that “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.”
“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,” added Ido Lustig, VP of risk and identity product at Checkout.com.
The payments solution firm said that the new tool provides 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.”
The platform uses machine learning to monitor transactions for suspicious activity, meaning that the more merchants use the solution, the more effective it becomes at identifying fraud.
The latest addition to the Checkout.com tech stack comes on top of recent upgrades to its authentication solution, designed to help merchants combat fraud and optimize their revenues.
Read on: Checkout.com Enhances Authentication Tool to Reduce Abandoned Carts
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