Payment infrastructure provider, Mangopay, has launched its new AI-driven Fraud Prevention solution.
In a statement, the firm said the tool has been introduced to guard against an evolving range of threats, including account takeover by both bots and humans, reseller fraud, payment fraud, chargebacks, and return abuse.
The customisable product offers enhanced protection for platforms to protect themselves from existing and emerging threats, including real-time fraud detection, darknet insights and device fingerprinting, Mangopay added.
Platforms can connect to the solution through the Mangopay product ecosystem, removing the need for additional integration. They can also connect their existing payment processors through a simple API.
Mangopay’s Fraud Prevention solution leverages a fraud detection engine based on original Nethone technology – the fraud detection and prevention specialist Mangopay acquired last year. Through the engine, every transaction is screened using signals and trained on billions of data sets from across Mangopay’s merchant network Among the beenfits, users get full control, with complete visibility of fraud prevention recommendations and actions, as well as the ability to add their own rules for greater protection, Mago said.
Global Online Fraud Losses
Global losses from online fraud were reported to be worth more than $38 billion in 2023 and are forecast to rise to $91 billion in 2028. According to the 2023 Global Ecommerce Payments & Fraud Report, merchants reported 2.9% of e-commerce revenue was lost to payment fraud.
Mangopay also recently announced the appointment of former Meta and Forter product leader Ariel Shoham as Vice President of Risk Product to lead the vision, strategy and roadmap for identity and fraud prevention at Mangopay.
Shoham said: “The task of maintaining risk and compliance has become increasingly complex, necessitating not only heuristic rules but also continuous monitoring to adapt to dynamic regulatory changes. This complexity has created the need for adaptive business policies as well as new avenues for fraud at more touch points across the user journey, expanding the attack surface for fraudsters.”
He added: “Mangopay is addressing these challenges head-on with our new, fully integrated Fraud Prevention solution, placing it at the forefront of trust and integrity in financial services. Our platform’s strength lies in its ability to make data-driven decisions using unique financial and behavioural datasets. With our integrity modules seamlessly integrated into our ecosystem, clients can quickly deploy robust fraud prevention and compliance frameworks. This setup offers fully managed services for smaller clients and extends to a studio of both custom and customisable fraud and compliance presets and models tailored to specific needs, usually required by bigger clients with more complex use cases.”
