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Fraugster is a German fintech offering tools to make e-commerce more fluid and secure. It provides access to several solutions designed with the specific goal of making online commerce a reliable practice.
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The multifunctional plateform from Frausgter
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Fraugster’s platform can be seen as the foundation of the German fintech proposals. It consists of 3 main elements:
· A single layer of data: Fraugster has put in place an infrastructure built to collect and then store large amounts of data. This data will naturally be analyzed and validated by the fintech.
· An Artificial Intelligence engine, which is a crucial part of the proper functioning of the tools offered by Fraugster. It allows basic data collection to provide intelligent information, with live network analysis. Fragster also uses machine learning tools to ensure that its AI engine stays on top of things.
· An interface designed specifically for risk management teams. The integration of this interface is very easy. It will allow users to receive detailed reports and alerts to facilitate their decision making.
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Once these three elements were considered, Fraugster was able to offer a range of services to protect e-retailers against fraud. For example, it provides its customers with a software service (SaaS) dedicated to fraud management. Still using AI for its operation, it allows the teams in charge to identify more quickly the risky transactions from those to be approved.
E-merchants using Fraugster will also be covered in case of unapproved fraud. In other words, Fraugster will cover any fraudulent transactions that have not been validated by the user. It promises full protection on chargebacks, reimbursing affected merchants monthly.
Incidentally, the German fintech offers a PSD2 compliant transaction approval tool. It gives a view and score of the transaction the merchant is about to approve.
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Two important partnerships in 2022
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Fraugster has made two significant partnerships in 2022: the first with Worldline, a leader in secure digital payments, and the second with the next-generation payments platform Yuno.
In the case of Worldline, the debit reversal protection tool mentioned above was chosen. The idea for the partnership came from an observation about the effect of Covid on refund requests.
Indeed, the latter has logically led to a massive wave of cancellations and requests for refunds for people who have booked trips (thus also affecting hotels, car rentals and airlines to name a few examples).
Fraudsters would have taken advantage of this chaotic moment to hit the weak points in the system. Even some customers frustrated with the cancellation would have made excessive requests for refunds.
These elements have obviously made life difficult for affected merchants, hence the need for a secure and automated solution like Fraugster’s. Taking care of fraudulent transactions, the German fintech reassures users that they can focus on their business rather than constantly worrying about potential chargebacks and other transaction issues.
In the case of Colombian fintech Yuno, Fraugster will accompany the next-generation digital platform in its ambition to offer e-retailers solutions for fraud prevention, compliance and even revenue enhancement.
According to a report by the MRC (Merchant Risk Council), Latin American merchants are exposed to the highest rates of chargebacks and order rejections. Yuno therefore called on Fraugster’s services to reduce this phenomenon and to accompany the digital platform in its desire to offer a reliable and secure tool to merchants.
Fraud is a field that is constantly evolving and rapidly adapting to new technologies. The fact that Fraugster offers an AI and an entire platform dedicated to the automatic analysis of anomalies resulting from this fraud makes Fraugster’s solutions attractive and above all reassuring for e-retailers.
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