Fraud Free from SIX offers you as a merchant optimum protection against fraud attempts. While your costs drop due to the reduced chargeback quotas, your turnover increases by up to 15 percent thanks to higher conversion rates. And if you still experience a fraudulent transaction despite Fraud Free, you’re automatically insured.
Losses caused by fraud total no less than 29 billion dollars every year in the global card business, which makes up around 1.5 percent of total turnover. The constant rise of fraud attempts and the increasing ingenuity of the offenders is also one of the biggest challenges faced by trade across the globe. Drastic regulations to prevent suspect transactions have only proved to be suitable to a limited extent: statistics show that 60 percent of customers never return to a retailer who has blocked a transaction. In close cooperation with the German-Israeli startup Fraugster, SIX Payment Services launched a revolutionary product which is based on a completely new approach: Fraud Free from SIX Payment Services uses artificial intelligence (AI) in order to perfectly protect you as a merchant, and to lower the costs incurred as a result of fraud.
Increase in turnover thanks to higher conversion rates
With Fraud Free, SIX Payment Services has expanded its services in e-commerce with the most effective solution around right now for combatting fraud: the highly developed application by software company Fraugster perfectly combines the thinking processes of human analysts with machine scalability. The consistent use of AI enables cases of attempted fraud to be detected before the merchant incurs any damages. Precise decisions are made within 15 milliseconds and guarantee secure and reliable sales processing. Fraud Free enables the rejection rates of ordinary, non-fraudulent transactions to be reduced significantly. The correspondingly higher conversion rate leads to an increase in turnover of up to 15 percent. Since fraud attempts can be detected immediately, your chargeback quotas decline, which further lowers the expense for sales processing in your company. In short: Fraud Free from SIX helps you minimise costs caused by fraud, while at the same time maximising turnover.
Simple processing – seamless integration
Delayed or difficult payment transactions and frustrated customers are finally a thing of the past thanks to Fraud Free. Despite the complex process working in the background, the new service from SIX Payment Services is extremely easy to handle: as soon as a customer has made the decision to purchase something from your web shop, a data collection is sent to Fraud Free via Saferpay, for example, with information on the cardholder and purchase category. Fraud Free augments each transaction with thousands of additional pieces of information. The AI uses this data to analyse the behavioural pattern of the customer and determines whether or not the transaction could be fraudulent. The result is a highly accurate decision guaranteed by Fraugster, which is returned to Saferpay for immediate authorisation. Rejected transactions are forwarded to a second authorisation system upon request – for example 3-D Secure. All this happens in the background within a few milliseconds, meaning your customers don’t experience any delays when shopping. With Fraud Free, SIX offers you a real added-value service without any expense: The new service can be used within a few days as an integrated component of your tried-and-tested payment processing with Saferpay. The new solution is of course certified according to PCI-DSS and meets all the requirements set out in the General Data Protection Regulation (GDPR).
Fraud insurance included
As a merchant you are 100% insured with every payment transaction accepted by Fraud Free: Fraugster will pay out for possible losses incurred; Munich Re, a company firmly established across the world, acts as the reinsurer. As a result of this comprehensive and automatic insurance protection, your profit margins are no longer negatively affected.
Fraugster – the company behind Fraud Free
Fraugster uses artificial intelligence to make all kinds of online payments even more secure. The German-Israeli startup has developed its own AI technology to prevent payment fraud and to enable online merchants to achieve a higher turnover. Fraugster was founded by Max Laemmle and Chen Zamir in September 2014 with the vision of creating a fraud-free, virtual shopping world; the company has been operating on a worldwide basis since 2016. Leading payment providers such as Ingenico and Credorax trust in the products by Fraugster. The company guarantees reliable processing of transactions for its customers amounting to billions of dollars.
Whether you’ve just launched your first web store or are a long-standing e-commerce service provider, SIX Payment Services is your go-to specialist for online payments – it has a broad range of services to help give your business a boost on the world wide web.
At SIX Payment Services, there is no such thing as limitations. Our comprehensive range of services is tailored to meet your exact requirements when it comes to reliable cashless payment processing. Our value-added solutions are designed to make your customers’ shopping experience the best it can be while helping your turnover reach new heights.