Worldpay from FIS launches chargeback indemnification for crypto services

Source: IBS Intelligence 2020-06-04

Worldpay from FIS has announced chargeback indemnification service Fraud Freedom, launched with Forter, designed for cryptocurrency brokers and exchanges.

Fraud Freedom will help crypto brokers and exchanges optimise payment conversion and authorisation rates while at the same time providing indemnification for fraud-related chargebacks from the e-commerce fraud prevention provider.

Shane Happach, EVP, Head of Global eCommerce, Worldpay Merchant Solutions at FIS, said the cryptocurrency market is growing rapidly, following a 600 per cent increase in trading volume in 2019. But, in reality, it is a high-risk sector for fraud that demands innovative solutions.

“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,” Happach said.

Moreover, the COVID-19 crisis has accelerated consumer trading volumes in the cryptocurrency marketplace, which has increased the pressure on crypto brokers and exchanges who are looking to deliver a secure, frictionless experience for their customers while minimising fraudulent transactions.

Fraud Freedom 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. Using AI, it leverages real-time learning from across Forter’s network to update its fraud models, helping organisations 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.

“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.”

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Worldpay from FIS launches chargeback indemnification for crypto services

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