Jun 6, 2022
Fraudio will be exhibiting at Money 20/20 ; Visit our booth F132, Hall 7
Netherlands, Money 20/20 – Fraudio, a payment fraud detection and anti-money laundering (AML) solution provider, is partnering with Kipp (formerly known as Kenbi), a developer of an AI platform that helps global merchants and card issuers approve more transactions. The partnership will help solve transaction declines caused by lack of data available in real-time to issuers when approving or declining e-commerce transactions based on fraud risk. The partnership will enable issuer banks and merchants to reduce false positives and maximize conversion rates, all in real-time.
A significant percentage of online purchasing is declined by issuer banks due to the risk of fraud. Although many merchants use advanced anti-fraud monitoring systems utilizing a large data set to eliminate fraud at an earlier stage, those supplementary analytics are not shared with the issuer as part of the transaction details. By accessing AI-enriched merchant data in real time, issuers can make smarter decisions and avoid false declines.
Merchants can sign up to the Kipp AI platform easily and configure their collaboration policy. Fraudio then shares – in real time – the AI enriched transaction data with the issuer through Kipp connect platform. The merchant policy can be updated at any time using the Kipp AI platform.
Chanan Lavi, Kipp CEO and Co-Founder, explains; “We believe in collaboration, in sharing data and connectivity, and in saying ‘yes’ to legitimate transactions. Partnering with Fraudio, who shares our goals, will enable us to provide intelligent data, collected and analyzed by their AI through Kipp’s platform, directly to issuer banks.”
Gadi Erel, Fraudio VP Global Sales, adds: “This partnership unlocks the ability of increasing both the merchant and the issuer acceptance rates using enriched data to make decisions that benefit each business’s bottom line. And of course, this results in providing the consumer a better, more frictionless experience.”