The cryptocurrency market has grown rapidly over the last year, resulting in higher consumer volumes than ever before and requiring crypto exchanges to provide secure and friction-free experiences for their customers. To combat fraud in this high-growth industry, Worldpay, the world’s largest payments processor, has partnered with Forter, the industry leader in fraud prevention, to offer Fraud Freedom, a best-in-class fraud prevention and chargeback indemnification solution for cryptocurrency brokers and exchanges.
“The cryptocurrency market is growing rapidly, which is exciting to see, but the reality is that it is a high-risk sector for fraud that demands innovative solutions. By combining with Forter’s market-leading network- and AI-based fraud prevention platform, FIS can help its cryptocurrency clients shift from a niche market to the mainstream while maintaining high standards of security.”
EVP, Head of Global eCommerce, Worldpay Merchant Solutions, FIS
As with other currency markets, cryptocurrency trades are extremely time sensitive, with prices fluctuating during the course of a transaction. This places increased pressures on exchanges to verify that transactions are legitimate as quickly as possible. Fraud prevention platforms that deflect seemingly risky transactions to analysts to manually review them can result in disadvantageous pricing for customers, risking losing those traders to other platforms. Real time decisions that accurately distinguish good customers from bad actors are critical to the long-term viability of a trading platform.
Crypto exchanges need to protect their business from fraud that can result in chargebacks, while delivering a trading experience that keeps traders on their platform. This is even more critical in a business in which the goods traded are untraceable, effectively treated as cash. Combined with price fluctuations, losses due to fraud could cripple a trading platform.
Powered by Forter, Fraud Freedom enables Worldpay to nimbly meet the challenges of a dynamic industry, providing seamless experiences while reducing risk of fraud.
Forter’s fully automated, fraud prevention platform accurately distinguishes between fraudsters and legitimate customers in real-time. In doing so, Forter reduces false declines of good customer transactions by as much as 90%, while increasing approvals of legitimate transactions and therefore revenue for clients. Forter’s global data network and ongoing fraud research powers its best-in-class service. Fraud Freedom’s decisions are backed by Forter’s 100% fraud chargeback guarantee, providing exchanges with full fee coverage and risk mitigation through Chargeback Indemnification, should any approved transactions later result in chargebacks.
Through this partnership, Worldpay’s Fraud Freedom will enable exchanges to grow its top line revenue without the fear of fraud or poor trader experience. Read more about the partnership and Fraud Freedom.