Fraugster, a payment intelligence company, has been selected by epay to pilot AI payment fraud prevention services. epay is a full-service payment provider and the digital payments processing business segment of the global financial technology solutions and payments provider Euronet Worldwide, Inc. (NASDAQ: EEFT).
epay’s worldwide transactions for payment and branded payment processing across all channels grew 30% in 2021 to more than 3 billion. Because the full-service payment provider continues to expand its engagement in web-based and in-app channels, it is important to continuously develop the overall ecosystem protection that minimizes risk from the outset using Fraugster’s AI Anti-Fraud Engine.
“With Fraugster’s AI data enrichment and custom data points we will gain deep insights into end-user behavior for our offered payment methods, which will strengthen our existing payment security strategy,” said Dr. Markus Landrock, epay’s Managing Director of DACH and Global Issuing, Payments & Rewards. “It will also enable us to make more accurate approval decisions as we continue to grow our business, whilst giving us the flexibility we need to cater for different business models within the Euronet group. This way, our retail and brand partners as well as their end customers can continue to rely on secure processes at epay in the future.”
Because the demand for digital and branded payments are constantly increasing, these payment methods require ongoing development in fraud prevention within the risk system. In addition, e-commerce fraud losses are significantly higher now than pre-pandemic levels, costing online merchants heavily and making payment security and intelligence more important than ever.
“We are delighted to be working so closely with another well-established financial technology company that is operating in a high-risk vertical, offering their customers a range of payment methods without compromising on payment security,” said Fraugster CEO Christian Mangold. “A combination of our expertise and AI technology will ensure that epay continues to see an increase in payment acceptance and reduction in fraud losses.”