WorldPay FIS Launches a New Forter-Powered Chargeback Fraud Protection Mechanism

Wednesday, June 17th, 2020

CoinGecko Yearly Report for 2019 found a 600 percent surge in crypto-based trading volume last year, which is an encouraging sign the sector is blossoming. But not without challenges like fraud, as you would expect.

The Coronavirus pandemic has further fueled customer trading volumes in the crypto market. That explains why crypto brokers and exchanges are now seeking a smoother, safer experience for their digital currency users while curtailing deceitful transactions.

And financial industry experts are quick to take on the role of security. On June 3, 2020, FIS, a world leader in payment tech, announced a new fraud protection mechanism it calls Fraud Freedom— which it will offer through Worldpay, a sister company.

The newly rolled-out chargeback scrutiny service seeks to ensure safe crypto brokers and exchanges amid the rising threats of fraud as a ripple effect of COVID-19.

Worldpay’s Fraud Freedom, powered by Forter, the number one eCommerce fraud security company, will enhance the rates of payment conversion and authorization under tight protection. It will also help brokers and exchanges spot fraudulent users in all phases of the consumer journey and thwart any malicious attempts to buy items with, distribute, or trade in cryptocurrency.

Fraud Freedom is an artificial-intelligence reliant service that gathers insights through real-time learning from Forter’ Servers to maintain an up-to-the-minute fraud security system. This proactive mechanism will help companies cut the costs tied to fraudulent reverse charges or chargebacks.

Worldpay’s high-end product will review all transactions autonomously, saving companies the cost and hassle of doing everything manually.

“The crypto sector is flourishing at an astonishing rate, which is excellent, but it is visibly risky industry and a soft spot for fraud that calls for advanced security systems,” said Shane Happach, Executive Vice President of Worldpay Merchant Solutions, FIS. “Joining forces with Forter’s world-leading systems will power FIS to help its crypto customers move from smaller markets to the mainstream without compromising on security.

 “Fraud security in risky sectors must be highly agile and adaptive. We can only achieve this by leveraging Artificial Intelligence. These systems can learn from the large count and variety of transactions and use gain useful insights,” said Michael Reitblat, CEO of Forter.