epay selects Fraugster to pilot fraud prevention services for its payment processing

Rhea-AI Summary

Fraugster, a payment intelligence firm, has been chosen by epay to pilot AI-driven payment fraud prevention services. Epay, part of Euronet Worldwide (NASDAQ: EEFT), reported a 30% growth in its worldwide transactions in 2021, exceeding 3 billion. The collaboration aims to enhance payment security and minimize fraud risk using Fraugster's AI Anti-Fraud Engine. This strategic partnership is expected to improve approval decisions and support diverse business models, ensuring secure transaction processes as digital payment demand rises.

Positive

• Epay's worldwide transactions grew 30% in 2021, reaching over 3 billion.
• Partnership with Fraugster aims to enhance payment security and reduce fraud loss.
• Fraugster's AI technology to improve approval decisions for Epay's payment methods.

Negative

• E-commerce fraud losses are significantly higher than pre-pandemic levels, indicating increased risk.

BERLIN, Aug. 10, 2022 /PRNewswire/ -- 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."

About Fraugster

Fraugster is a Berlin based payment intelligence company. Fraugster enables the world's leading merchants, and global payment companies like Worldline and Ratepay to intelligently manage the impact of fraud to minimize the costs of fraud, maximize revenue and improve customer experience. Fraugster has developed one of the most accurate AI fraud prevention solutions in the market and is backed by leading investors Earlybird, Speedinvest, CommerzVentures and Munich Re Ventures. Further information can be found at https://www.fraugster.com.

About epay

epay, a segment of Euronet Worldwide, Inc. (NASDAQ: EEFT), is a leading global provider of payment processing and prepaid solutions that processed more than 3 billion transactions in 2021. The company has built an extensive network of retailer touchpoints with 760,000 point-of-sale terminals in 63 countries that connects brands with consumers all over the world. The company offers a diverse ecosystem of services, products and solutions supporting the distribution of Payment and Branded Payments for more than 1,000 brand partners via Commerce, eCommerce and mCommerce solutions. For more information visit www.epayworldwide.com.

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For further information, please contact: 
Caroline Delvenne
pr@fraugster.com
presse@epay.de
+49 (0)30 555794810

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SOURCE Fraugster

FAQ

What is the recent partnership involving Euronet Worldwide (EEFT)?

Euronet Worldwide's segment epay has selected Fraugster to pilot AI-driven payment fraud prevention services.

What growth did epay report in 2021?

Epay reported a 30% growth in worldwide transactions, reaching over 3 billion.

How does Fraugster's AI technology benefit epay?

Fraugster's AI technology is expected to enhance payment security and improve approval decisions.

What challenges does epay face in payment security?

Epay faces challenges as e-commerce fraud losses are significantly higher than pre-pandemic levels.