The Universum Group has partnered with Risk Ident, a software supplier for fraud prevention in the European market.
Risk Ident’s anti-fraud technology, FRIDA, will enable Universum to better protect its retailers from online fraud, evaluating every incoming transaction for various fraud patterns.
By automatically linking and interpreting data in real time, transactions suspected of fraud are identified based on accountable evaluations and can be stopped immediately according to the company.
It employs self-learning algorithms to detect new fraud scenarios before they become a threat to the online merchant, therefore helping stopping fraud before it happens.
The Universum Group will also be deploying DEVICE IDENT, which deploys fingerprinting technology, to identity each end device used to place orders.
As Roberto Valerio, CEO of Risk Ident, explains, “By using our FRIDA software, the Universum Group has the ability to prevent fraud even more efficiently and identify significantly more cases of fraud in real time. We very much look forward to working together to detect fraudulent activities at an early stage and to protect online merchants from fraud and loss of revenue.”
Founded by Roberto Valerio in 2012, Risk Ident specialises in supporting large e-commerce, telecommunication and financial enterprises in identifying and preventing criminal activity like payment fraud, account takeovers and identity theft. Its three fraud solutions are: DEVICE IDENT Device Fingerprinting, FRIDA Fraud Manager and EVE Evaluation Engine.
DEVICE IDENT identifies customers’ devices through their unique characteristics and analyses them independently of their personal data. Its ur self-learning anti-fraud software FRIDA supports fraud managers by linking a wide range of input sources. Incoming transactions are automatically compared and evaluated, allowing fraudulent connections to be quickly detected.
Its third product, EVE, is a new stand-alone software application from Risk Ident. It provides intelligent risk management based on highly scalable machine learning techniques. EVE is designed to fulfill the needs of a number of industries including helping banks to fight account takeovers and reduce fraud during loan application processes.
In 2017, the Hamburg-based company secured more than €50bn in transaction volume and also expanded to the US by opening up a headquarters at Cambridge Innovation Center (CIC) in Boston.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
