by Matthew Hughes
— 3 hours ago
in Artificial Intelligence I’m loath to use the term, but Stripe is a revolutionary product. It allows pretty much anyone to accept card payments just by adding a few lines of code to their site, without having to deal with the hassle of compliance and security.
As you might expect, Stripe has gotten really good at identifying legitimate transactions from ones that aren’t exactly kosher. Now, it’s bundled its experience into a new product it’s calling Radar 2.0, which allows large businesses to take their fraud protections into their own hands.
A component of Radar 2.0, called Radar for Fraud Teams, is aimed at large enterprises. Overall, Stripe reckons this can help businesses reduce fraud by up to 25 percent.
This is huge, especially when you consider the cost of card fraud is overwhelmingly borne by businesses, who have to deal with lost inventory and the steep cost of chargebacks. Radar for Fraud Teams lets companies take a closer look at the transactions they’ve received.
So, for example, they can identify where a card was issued, and where a payment took place. They can then use this data to create rules, like “block all transactions above $1,000 when the IP country does not match the card’s country.” Overall, it offers a more granular approach to fraud prevention. Read more from thenextweb.com…
thumbnail courtesy of thenextweb.com