Worldpay from FIS Helps Crypto Brokers and Exchanges with New Chargeback Indemnification Service from Forter

Worldpay from FIS Helps Crypto Brokers and Exchanges with New Chargeback Indemnification Service from Forter
03.06.2020 12:17 pm

Worldpay from FIS Helps Crypto Brokers and Exchanges with New Chargeback Indemnification Service from Forter

Cryptocurrencies , Security , Fraud Detection

FIS™ (NYSE: FIS), a global leader in financial services technology, today announced Fraud Freedom, a new chargeback indemnification service designed for cryptocurrency brokers and exchanges.

Worldpay’s Fraud Freedom service helps crypto brokers and exchanges optimize payment conversion and authorization rates while providing indemnification from Forter, the leading eCommerce fraud prevention provider.[1]

The cryptocurrency market continues to grow rapidly following a 600 percent increase in crypto-based trading volume in 2019.[2] As the COVID-19 crisis has accelerated consumer trading volumes in the cryptocurrency marketplace, crypto brokers and exchanges are looking to deliver a secure, frictionless experience for their customers while minimizing fraudulent transactions.

Powered by Forter, the new Fraud Freedom service 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. The AI-driven service leverages real-time learning from across Forter’s network to update its fraud models, helping organizations reduce the financial burden associated with fraudulent chargebacks. A highly automated service, Fraud Freedom can also provide cost savings for clients by reducing the need for manual transaction review.

“The cryptocurrency market is growing rapidly, which is exciting to see, but the reality is that it is a high-risk sector for fraud that demands innovative solutions,” said Shane Happach, EVP, Head of Global eCommerce, Worldpay Merchant Solutions, FIS. “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.”

“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.”

Related News

Financial conglomerate SBI to acquire $30MM stake in digital asset firm B2C2

B2C2, the trading firm of choice in the institutional crypto markets, announced that SBI Financial Services (a subsidiary of SBI Holdings, "... Read more »

Zumo becomes latest crypto start-up to partner with Modulr

Zumo, the Edinburgh-based cryptocurrency wallet and exchange platform, has taken its first step towards the creation of a seamless fiat-to-cryptocurrency payments system with... Read more »

Ziglu secures £5.25 million seed funding to provide transparent and simple access to cryptocurrency

Ziglu, the cryptocurrency challenger has today formally completed its seed funding round, having successfully secured £5.25 million from a number of specialist... Read more »

Koine adds cryptocurrency treasury management services from independent service provider Panxora to its digital post-trade ecosystem

Today Koine, the post-trade custody and settlement platform for institutions, and Panxora, the crypto treasury management service, are working... Read more »

Leverage Tokens, The Next Big Trend in Crypto: Amun Study Finds Almost 60% of Traders Neutral or Unsatisfied with Current Leverage Offerings

The research team at Amun Ltd, the short and leverage crypto token issuer, has published one of the most extensive studies (... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel