Mangopay launches new AI driven fraud prevention solution for online retail and FinTech platforms

Mangopay has announced the launch of its new fraud prevention solution for e-commerce, marketplace and FinTech platforms.

It says that this provides a fully integrated and payment processor agnostic AI driven cybersecurity solution to guard against an evolving range of threats, including account takeover by both bots and humans, reseller fraud, payment fraud, chargebacks, and return abuse.

The customisable product enables platforms to protect themselves from existing and emerging threats, including real-time fraud detection, darknet insights and device fingerprinting.

Platforms can connect to the solution through the Mangopay product ecosystem. They can also connect their existing payment processors through an API.  

The solution leverages a fraud detection engine based on original Nethone technology - the fraud detection and prevention specialist Mangopay acquired last year.

It benefits from years of first hand darknet insights to help guard platforms against techniques and patterns used by the most advanced fraudsters.

Every transaction is screened using signals and trained on billions of data sets from across Mangopay’s merchant network, protecting platforms from similar attempted attacks.

Via an interface, clients remain in full control, with complete visibility of fraud prevention recommendations and actions, with the ability to add their own rules for greater protection.  

In May, Mangopay announced the appointment of former Meta and Forter product leader Ariel Shoham as Vice President of Risk Product to lead the vision, strategy and roadmap for identity and fraud prevention at the company.

He says: "The task of maintaining risk and compliance has become increasingly complex, necessitating not only heuristic rules but also continuous monitoring to adapt to dynamic regulatory changes.’

“This complexity has created the need for adaptive business policies as well as new avenues for fraud at more touchpoints across the user journey, expanding the attack surface for fraudsters.”

"Mangopay is addressing these challenges head on with our new, fully integrated fraud prevention solution, placing it at the forefront of trust and integrity in financial services. Our platform's strength lies in its ability to make data driven decisions using unique financial and behavioural datasets.”

“With our integrity modules seamlessly integrated into our ecosystem, clients can quickly deploy robust fraud prevention and compliance frameworks.”

“This setup offers fully managed services for smaller clients and extends to a studio of both custom and customisable fraud and compliance presets and models tailored to specific needs, usually required by bigger clients with more complex use cases.”

"Mangopay's product suite empowers clients to act on actionable signals and insights, enabling them to effectively manage business risks, compliance requirements, and counteract fraud attempts with minimal disruption to legitimate transactions, and maintaining a delightful experience for good users."