Yandex.Checkout, a payment system for online stores and services, has launched a multipurpose fraud and scam protection product.
FraudDetector detects both behavioral and payment fraud, scam attempts, and abnormal patterns. Initially, the platform was used as an internal system to protect 90,000 Yandex.Checkout partners from payment fraud while reducing their financial risks and maintaining payment conversion.
The same system was then extended to 35 million Yandex.Money users; However, it is now widely available, with no installation or investment in IT infrastructure required.
Yulia Gorelova, head of payment business at Yandex.Checkout, said: “Online business in Russia is rapidly evolving, while simultaneously becoming more vulnerable to fraudsters. FraudDetector has been successful in protecting a considerable number of Yandex’s users and partners.
“Now that we have opened up the platform, anyone can leverage FraudDetector to prevent online fraud, scams, or hacks in all their different forms, and we can adjust the product to meet the demands of any business, in any sector.”
FraudDetector can be applied to different business sectors, including e-commerce platforms, online games, payment and financial services, telcos, e-travel, logistics and subscription services, among others.
It uses big data collected by Yandex and powered by its machine learning algorithms, with unique fingerprints for each user. It automatically analyses risks and detects fraudulent behaviour and suspicious patterns, and assigns a FraudDetector score to help users take action. The company said the platform was designed to ‘customise the learning process’, triggering to monitor specific scenarios relevant to individual businesses.
Yandex.Money is the joint venture of search engine Yandex, and Sberbank, the largest bank in Russia. Yandex.Checkout enables global merchants to offer Russian consumers the online payment methods most popular among Russians and CIS-citizens: bank cards, e-wallets, mobile phones, cash via mobile retailers and payment kiosks. Currently, more than 90,000 online stores across the globe use Yandex.Checkout.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
