'Fraugster' Uses AI to Eliminate Payment Fraud
References: fraugster & techcrunch
Fraugster is a German and Israeli start-up that aims to provide more financial security and confidence for businesses that deal with digital payments. In today's economy, virtually all businesses deal with virtual payments in some form or another, so Fraugster's system stands to benefit a huge swath of the economy.
The Fraugster AI software uses machine learning in order to stop fraudulent attacks and even recognize when they're coming before they've struck. The system uses basic transaction data such as the purchaser's name, email address, as well as billing and shipping information. However, it also augments that data with advanced metrics like IP latency (to measure the real distance from the user,) distance between keystrokes and email name match.
According to the founders of Fraugster, this system can reduce fraud by 70 percent and increase conversion rates by 35 percent.
The Fraugster AI software uses machine learning in order to stop fraudulent attacks and even recognize when they're coming before they've struck. The system uses basic transaction data such as the purchaser's name, email address, as well as billing and shipping information. However, it also augments that data with advanced metrics like IP latency (to measure the real distance from the user,) distance between keystrokes and email name match.
According to the founders of Fraugster, this system can reduce fraud by 70 percent and increase conversion rates by 35 percent.
Trend Themes
1. Payment Fraud Prevention - Fraugster's AI system uses machine learning to stop fraudulent attacks before they happen.
2. Advanced Fraud Detection - Fraugster's software analyzes data metrics like IP latency and keystroke distance to recognize and prevent fraudulent activity.
3. Improved Conversion Rates - By reducing fraud by 70 percent, Fraugster's system can increase conversion rates by 35 percent.
Industry Implications
1. E-commerce - Fraugster's AI system provides financial security for businesses that deal with virtual payments.
2. Digital Payments - Fraugster's system stands to benefit the entire digital payments industry by reducing fraud and increasing confidence.
3. Risk Management - Fraugster's advanced fraud detection software offers disruptive innovation opportunities for risk management in various industries.
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